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The Water Cooler
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Any Tax professionals here?
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<blockquote data-quote="dubs chops" data-source="post: 2719788" data-attributes="member: 7582"><p>Yes, </p><p></p><p>It was not growing, It was a dormant account of my wifes, I will put all of the money I end up with on the house. </p><p></p><p>say I borrow $260k for the house. </p><p></p><p>@ 4% interest I would pay back a total of $446,860.72 over 30 years. </p><p>Now say I borrow 240k I would pay back $412,486.82 </p><p></p><p>I had 31K in 401K </p><p>assuming I end up with $20k Paying it all on the house will save me a total of $34,374 over the life of the loan. </p><p></p><p>All this not to mention, "The .gov will eventually get to your 401k just like they did social security." I am building up equity with it now instead of over the next 35 years until I retire.</p></blockquote><p></p>
[QUOTE="dubs chops, post: 2719788, member: 7582"] Yes, It was not growing, It was a dormant account of my wifes, I will put all of the money I end up with on the house. say I borrow $260k for the house. @ 4% interest I would pay back a total of $446,860.72 over 30 years. Now say I borrow 240k I would pay back $412,486.82 I had 31K in 401K assuming I end up with $20k Paying it all on the house will save me a total of $34,374 over the life of the loan. All this not to mention, "The .gov will eventually get to your 401k just like they did social security." I am building up equity with it now instead of over the next 35 years until I retire. [/QUOTE]
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