How is the 401k loan interest compounded?
mishatim asked:
I want to understand if the 401k loan interest schedule is different from a mortgage interest schedule. For example, in a mortgage payment the interest is the most of it. Is it the same with 401k loan?
Reason for asking is to see if it makes financial sense to use 401k loan to pay off a mortgage on a property. Thanks!
This entry was posted
on Wednesday, January 28th, 2009 at 12:00 am and is filed under Personal Finance.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
I want to understand if the 401k loan interest schedule is different from a mortgage interest schedule. For example, in a mortgage payment the interest is the most of it. Is it the same with 401k loan?
Reason for asking is to see if it makes financial sense to use 401k loan to pay off a mortgage on a property. Thanks!
Leave a Reply