Renting (or owning income property) is nice if the rental amount can cover most of your mortgage. Unfortunately, it normally won't. This means you will have some money to pay every month on the condo..as well as the new mortgage. Keep in mind also that you will have to pay the HOA fees as well, the tenant won't pay for those. You have to really look at the figures to see if this will make sense for you or not. If you can hang on to the condo, once it is paid off it will be nice to have that additional income, it just depends upon your own financial situation.