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using 401k loan to pay off mortgage

using 401k loan to pay off mortgage

This is a discussion on using 401k loan to pay off mortgage within the Mortgage Problems and Solutions forums, part of the Mortgage and Loans Forum category; I have a question. My wife and I are 46 years old. Plan on retiring about 20 years from now. ...

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07-14-2008, 08:05 AM

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using 401k loan to pay off mortgage

I have a question. My wife and I are 46 years old. Plan on retiring about 20 years from now. If we each borrow $50 k from our 401k and pay off our $100k mortgage, what would we lose or gain? I have about $320K in 401 and she has about $180K. My interest is the interest we are paying the mortgage company now goes into our 401k, thereby offsetting the tax deductions for interest and actually gaining. Any pitfalls???????

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