What is the financial impact on a mortgage if I sell some of my land?

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A neighbor who owns adjoining property mentioned that should I ever want so sell some of my land he would like right of first refusal.

I bought the house on 28 acres in Jan 2006 – purchase price 390,000, down payment 140,000, mortgage 250,000 with a current balance of 211,000.

If I were to sell 10 acres at 7,000 per acre would I have to do a new mortgage or pay down the existing one or ???

I don’t have a need to bring in any cash but also don’t need the full 28 acres that came with the place so I figured it was worth at least looking in to the ramifications

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Buying & Renting Real Estate : Buying Vacant Land
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