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gerardo gala programmer | Am building a house. Which is better? Withdraw $65K from 401K & pay penalty or take a mortgage & pay fees? |
I'm in the 28% tax bracket. |
 |
 
aecruiser
|
Get a mortgage, I don't know what fees you are talking about associated with getting a mortgage.
Do not withdraw from your 401(k)! Thre reason this is is because of the taxes and penalties you will face. You will be charged 10% for drawing on it prior to retirement and then you will face ordinary income tax. This means you will be taking a 38% hit. Leave this money alone if you possibly can, you will need it more at retirement.
Hope this helps! |
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Kristiin Knows
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Never ever ever withdraw from your 401k. Especially a triple NO if your employer has matched your dollar in some way. |
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Rick B
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A motgage! You would pay taxes plus a 10% fee on your 401(k) and you'd lose that growth. You should NEVER take money out of your 401(k) unless itis a life and death situation. |
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digdowndeepnseattle
 |
Mortgage by far.
First, to get that 65k you would have to actually take out 100k. 28% taxes plus 10% penalty.
Assuming your 35 years old that 100k would have grown to 1 million dollars over the next 30 years.
Yes, you'll get appreciation on the house too but not at the same rate (the market has always outperformed housing in the long run).
Most importantly...you'll get that appreciation whether it's leveraged (loan) or not. So you may as well get the appreciation with someone elses money.
And no..taking a loan from your 401k isn't any better. Yes, on the surface it seems better because you pay yourself the interest. But, it locks you into your job for 20 years. You may not be considering changing jobs now but what if the company goes bust? or it gets sold and the new owner is a putz...don't put your future in someone elses hands like that. |
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Big Bear
 |
Suze Orman will tell you to NEVER borrow from your 401 because you're being double taxed when you pay it back. you can catch her on XM satellite radio, or I think she also has a website if you want to ask her yourself.
It's much cheaper to do the mortgage and do it without escrow and a PITI. |
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wind
 |
to me.. take a mortgage is better , a house is a big project.. |
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oliver1010
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Mortgage is better option. You would also have to pay taxes on the 401k withdrawal. |
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Rumpy
|
Take out the mortgage. You can deduct the mortgage interest on your taxes. There is no benefit to borrowing against your 401K. |
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justhefacts
|
The easiest way to think about it is the following.
The interest rate on the mortgage will be approximately 7.25% depending upon credit, etc....
The interest rate on the 401K loan will be ~ 38%, since you have to pay it back with post tax dollars and the 10% penalty. |
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Frank
 |
They will charge you a 10% withdrawal penalty plus 28% taxes plus loss of future growth and interest. On the other hand, you might have to pay 6% mortgage interest.
It is a no-brainer, take out the mortgage. If you are thinking about the security of paying off your debt, the 401K will still be there as a last resort if you lose your job and run out of cash. |
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Uncle John
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Take a mortgage and pay the fees. Worst case, your 401K remains as an asset. Start biting into that and you could get yourself into seriou trouble. |
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Anthony
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Get a mortgage from a direct lender that doesn't charge fees. The interest should be deductible and getting the mortgage should save you from the 401k penalty (which I believe would be 10%, plus they often take taxes out, so you may have to take out a larger amount to get the 65k you need) |
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Emily E
 |
Some retirement plans let you pull money out without a penalty for buying a house. IT IS NOT A GOOD IDEA!!! The only reason you would want to do that is if your other choice was living on the street! The interest off the mortgage is tax deductible on your schedule A |
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