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Reply to "Taking out a 401k loan for larger down payment "
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[quote=Anonymous][quote=Anonymous]To minimize our monthly payments on a 30 year mortgage we are considering taking out a 50k loan from my 401k. From my understanding if we make additional payments on the mortgage AFTER closing, it won’t actually reduce the minimum payment (this is how it worked with my student loans) but instead reduce the amount of time you have left. So even if we throw 100k into it after we close we will simply have 27 years left vs 30 but still have high minimum payments every month. I want our monthly payments to be as low as possible so I’d rather take 50k from my 401k and aggressively pay it back (all interest goes to myself). I’m 34 and have a 450k 401k balance. [/quote] Not a bad idea. However, consider that interest rates are more likely to go down than up from here and you'll likely refinance a few times as the rates go down anyways.. [/quote]
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