A one-dimensional (1D) numerical model for studying enhanced terahertz (THz) radiation generation by mixing of ordinary and extraordinary modes of two-color laser pulses propagating in magnetized plasma has been presented. The direction of the static external magnetic field is such that one of the two laser pulses propagates in the extraordinary mode, while the other pulse propagates in the ordinary mode, through homogeneous plasma. A transverse electromagnetic wave with frequency in the THz range is generated due to the presence of the external magnetic field. It is observed that larger amplitude THz radiation can be generated by mixing of the ordinary and extraordinary modes of the two-color laser pulses as compared with the single laser pulse propagating in the extraordinary mode. Further, 2D simulations using the XOOPIC code show that the fields obtained via simulation study are compatible with those obtained from the numerical model.