Re-Pay 401K Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 8% |
| Lender Rate: | 9% | Borrower: | lca13 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-16 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jun 14, 2008 | Current |
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Purpose of loan: Re-pay existing $10K 401K loan. I divorced a couple of years ago and gave the ex-wife my Roth IRA valued at about $14K in the deal. She never did get around to converting the account into her name and recently asked if I just wanted to pay her cash for it and take it back. Naturally I jumped at it (thus keeping my original $14K in an tax free investment). So I gave her the $14K, $10K of which I borrowed from my company 401K account. Now with the market down, however, I'd rather have that money back in there since my investment track record has been pretty darn good over the 20 year life of the 401K. I could simply borrow the money from a $15K personal line of credit I have, but I thought I'd try here first and see if I can get a little better deal than the standard signature loan. I am already paying the loan amounts back to my 401K, so the payment is not an issue. I'd just rather have the lump sum back in there now for increase capital appreciation My financial situation: Between me and my spousal unit (the live in girlfriend), our household income is well over $10K a month The house pmt is $3500, and includes a $350,000 second mortgage (shown in my revolving use of credit above) I am carrying $25K on two credit cards, but that is at 1.9% interest (for life.... don't want to pay that off any too soon ;-) House is worth $1.2 million and my area is still going up in value, not down (SF Bay Area on the Peninsula) Some alimony goes the ex's way No car pmts or anything else though |
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