Loan Calculator

Loan Amount and Time Frame

For how many years would loan? (Typically not to exceed five years)

How much money are you seeking to borrow? (Typically cannot exceed 50% of vested account balance with $1000 minimum and $50,000 maximum limits)

401(k) Account Data

What is your 401(k) account balance as of today (approximately)

What is your projected rate of return (%) on your 401(k) assets?

What annualized interest rate (%) would you charge yourself to borrow from your 401(k) account?

What is the dollar amount of any administrative fees (in total dollars) you must pay for a 401(k) loan?

Lending Institution Loan Data

What annualized interest rate (%) would you be charged to borrow from a lending institution?

What is the dollar amount of any administrative fees in total dollars) you must pay for a lending institution loan?

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Answer :

The solution is based on comparing your total cost of borrowing from either entity. We have taken into consideration actual costs and opportunity costs. As we believe this to be an accurate assessment based on the assumptions provided, ultimately, you must make the final determination as to the most practical use of your money. This is purely for educational purposes only.

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