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how to use 401k for down payment on house

Some people do make use of their retirement funds to come up with a down payment on a home. IRAs, for example, generally allow this. However, not all retirement savings vehicles allow you to tap.

Using Your IRA for a Down Payment on a House One of the many advantages associated with the IRA is that there is a penalty exemption when you use money withdrawn to help with the purchase of your first home.

How to Use a 401k for a Down Payment. Use the money for the down payment on your home. To qualify for the longer repayment period, the money must be used for your down payment. If it is not, you must repay the loan over five years. Repay the loan in monthly installments, with interest, over no more than 10 years. The interest rate is set by your 401k plan’s rules.

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How to Use a 401k for a Down Payment. Use the money for the down payment on your home. To qualify for the longer repayment period, the money must be used for your down payment. If it is not, you must repay the loan over five years. Repay the loan in monthly installments, with interest, over no more than 10 years. The interest rate is set by your 401k plan’s rules.

Total for Down Payment: $10,000. 401(k) Loan Option: The following rule is strict. You may take a loan of the lesser of these two options: 50% of the vested 401(k) balance or a maximum of $50,000. The next important factors to consider will vary with each employer: loan period (typically five years).

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 · The mortgage payment would be $1,288. In this scenario, your 401(k) loan will be for $45,000. If your 401(k) loan is also at 5 percent interest, on a typical five year repayment, your payments to yourself will be $850. This makes for a total monthly payment in the first five years of $2,138.

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