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Reduced Retirement Assets: Paying off your mortgage with your 401(k) can significantly eat into your retirement assets, especially if you have a large balance left to pay. For instance, if you ...
Is it smart to pay off my mortgage with money from my 401(k) and save $800 more per month? The mortgage balance is $60,000. – Robert Many people consider paying off their mortgage to be a "must ...
Using your 401(k) is not generally the best way to pay off your house. But if you're thinking of going in that direction, you'll have to know what the pros and cons are of using your retirement ...
Withdrawing your retirement early to pay for home projects has both pros and ... You can borrow up to 50 percent — or up to $50,000 — of your 401(k) for home improvements. ... Cash-out refinance.
You may be able to just pull it off if you reduce your 401(k) contributions. But there are consequences that come with taking on such an expensive mortgage and halting your 401(k) contributions.
[For example, you can] pay off other higher cost debt such as credit cards or personal loans, increase your retirement savings by putting more into your workplace 401(k) or contributing to an IRA ...