On 1/5/06, Jim Davis <[EMAIL PROTECTED]> wrote: > We're buying a house at $145,000 and am borrowing the 20% down payment from > my 401k (that loan will be paid back in 10 years via payroll deduction) and > we're looking for a 15 year mortgage.
That bit would scare the willies out of me and I'd need to see the numbers run to know if the interest benefit from paying a 20% down makes up for the loss of interest in the 401k. Is the loan you're planning on paying back just the initial 20% amount or the amount after 10 years accrual had you left it there? Are you required to pay the full 20%? I know when we got our loan we only paid a little more than 10% and with an accelerated payment schedule got rid of the PMI in less than a year. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Message: http://www.houseoffusion.com/lists.cfm/link=i:5:190656 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
