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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Anyone who borrows money is always looking for the cheapest
source of funding. That makes sense; no one wants to pay more in
interest than is absolutely necessary. And anyone with a
sizeable amount of debt, such as credit card debt or a student
loan, would be wise to consolidate their debt with a lower
interest loan. One source of such a loan is a 401(K) account,
which many consumers may have through their employer. Since the
interest rate on Federal student loans rose on July 1, many
students who missed that deadline may be wondering if
consolidating through a 401(K) loan is a good alternative. Is
it?
In a previous article, we have outlined several
reasons why borrowing against a 401(K) account may be less
favorable than using a home equity loan instead. The reasons
include the fact that the interest on a 401(K) loan is not tax
deductible, and that the borrower loses the ability for his or
her investment to compound over time. If you have borrowed the
money, it can’t earn interest and the cost over twenty or thirty
years could be dear. In addition to those, there are other
reasons why a home equity loan would be a better source of
consolidation funds.
The 401(K) loan is tempting. There
is no credit check, the interest rate is usually favorable, and
you are paying the interest back to yourself. The additional
disadvantages are considerable, though. The money you borrow
from your retirement account was money invested before taxes.
The money you pay back is after-tax money, effectively
increasing the amount that has to be paid back. Worse, should
you lose your job, the 401(K) loan must be paid back
immediately, in full. Should this not be possible, the loan is
treated as a distribution, requiring the payment of a 10%
penalty in addition to state and Federal taxes. With the job
market still rather volatile, the additional risk of borrowing
against a retirement account is substantial.
Borrowing
against a tax-deferred retirement fund is rarely a good debt
consolidation option. The tax disadvantages, the threat of
penalties and immediate repayment and loss of compounding
generally make such a loan a bad idea. Those with existing
student loans should probably keep them; the interest is tax
deductible and the rate is still lower than with most other
consumer loans. For most anyone else, a home equity loan would
be a better choice, offering deductible interest, fewer risks,
and a fixed repayment schedule. Anyone considering a
consolidation loan should consider all of these options
carefully, as the cost of choosing poorly could be great.
About the author:
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including End-Your-Debt.com, a site devoted to debt
consolidation and credit counseling, and HomeEquityHelp.com, a
site devoted to information regarding mortgages and home equity
lending .