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Tuesday November 24, 2009 8:03 AM ET
SmartMoney
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Personal Finance

How Much Second Home Can You Afford?

WE ALL DREAM of that ski cabin at Lake Tahoe or the beach house on the Cape. But are you financially ready to take the plunge? Lenders are tough on second-home loans. And, chances are, that weekend retreat will come with some added expenses that you may not have considered yet — like maintenance and travel costs.

Our worksheet will tell you whether you're ready to start living the good life or if you still have a few years (and a raise or two) to wait. We'll help you evaluate your overall financial situation, including the income you could receive from renting the property part-time.

Home Buying Worksheet

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