> -----Original Message----- > From: Kevin Graeme [mailto:[EMAIL PROTECTED] > Sent: Thursday, January 05, 2006 6:24 PM > To: CF-Community > Subject: Re: Mortgage Suggestions? > > 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?
The loan is the principle plus 6% interest paid back into my 401k account via payroll deduction. We had the option to "keep" the money (permanent withdrawal as a taxable capital gain) but (I think you'll agree, wisely) decided not to. ;^) > 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. We've been talking about that but so far the numbers work out ever so slightly better this way (in the range of $3-$6 per month). Jim Davis ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Message: http://www.houseoffusion.com/lists.cfm/link=i:5:190698 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=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
