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Reply to "Cashing out 401K to payoff mortgage"
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[quote=Anonymous]Actually, allow me to clarify. $100,000 early withdrawal in the 25% bracket. Total taxes and penalties due: $35,000. So, you buy $10,000 in points on a new mortgage. Because you are in the 25% bracket, the actual tax savings of that is only $2,500. Result is the same: You pay the $10,000 penalty, then you spend $10,000 in points. The tax savings is $2,500 and you still owe $32,500 in taxes PLUS you paid the $10,000 for the points. Dumb.[/quote]
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