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Using 401k for Down Payment Costs: A. – Student Loan Hero – Borrowing from 401k for down payment costs Another option is to take out a 401k loan for home purchase payments. You can withdraw up to $50,000 or half the value of the account, whichever is less.

Borrow From a 401(k) for a House: Getting a 401(k) Loan. If you’d like to borrow from your 401(k) to cover your down payment or closing costs, there are two ways to do it: a 401(k) loan or a withdrawal. It’s important to understand the distinction between the two and the financial implications of each option.

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About 20% of workers who have the option to borrow from their 401(k) do so each year, according to the Investment Company Institute. Consider a 30-year-old employee, Zoe, who borrows $20,000 from her.

Using a 401(k) for a Home Down Payment – SmartAsset – If you have a 401(k) worth at least $90,000, you can borrow up to 50 percent of it. This allows you to only take a mortgage loan of $240,000 (80 percent of the purchase price) and avoid mortgage insurance. The mortgage payment would be $1,288. In this scenario, your 401(k) loan will be for $45,000.

How a 401 (k) loan works. With a 401 (k) loan, you can borrow up to half of your account balance or $50,000, whichever value is smaller. So if you had a balance of $70,000 you could borrow up to $35,000; with a balance of $170,000, you could borrow up to $50,000.

Not everyone agrees that borrowing from a 401(k) even for a down payment makes sense. Matthew Carbray, managing partner with Ridgeline Financial Partners in Avon, Connecticut, said that when buyers remove a big chunk of money from their 401(k) plans they reduce the power of the compounding that helps their retirement accounts grow faster.

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Can I Use Money From My 401(k) for a Down Payment? – Some 401(k) plans do allow you to borrow from your existing account – you will need to check with the plan administrator to discuss their specific rules regarding borrowing, repayment, etc. However, I don’t recommend this as a viable route for your down payment.

You should think twice before taking advantage of this retirement plan perk – People who borrow from their retirement accounts one time may also be tempted. Read more: How to save a down payment for a home Why it got way harder to buy a house over the past year How to buy a.