At least part of the interest may be deductible depending on how you used the proceeds. According to IRS Publication 936, mortgage interest is deductible on loan amounts used to buy, build, or substantially improve your main or second home. Your main or second home must be used to secure the loan (collateral).
The amount of the loan that you used to pay off the mortgage on the second home could be deductible if the home is a rental property or investment property for example.
The interest on that part of the proceeds is deductible on the applicable schedules for those property types.
[edited 2/25/2021 3:21pm EST]
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