How To Use 401K For Down Payment On House

Last week, a long-time reader e-mailed a superb question: If you must choose, should you save first for retirement or save for a down payment on your first home? Obviously, both are important. The younger you are when you start contributing to a 401(k) or IRA, the longer compounding interest will work its magic.

If you absolutely need to take a distribution towards putting a down payment on a home, the first account you should target is your Roth IRA, followed by your traditional IRA, and then a loan from your 401 (k). The option of last resort would be to take a hardship distribution from your 401 (k).

How to Withdraw from Your 401k or IRA for the Down Payment on a House. We' ll discuss which accounts don't penalize you when you use the money to buy a.

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The mortgage payment would be $1,288. In this scenario, your 401(k) loan will be for $45,000. If your 401(k) loan is also at 5 percent interest, on a typical five year repayment, your payments to yourself will be $850. This makes for a total monthly payment in the first five years of $2,138.

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If you borrow the money from your 401K loan, though, they will need to include that payment as well since it’s a debt you have to pay back. If your debt ratio isn’t close to the maximum allowed for each loan program, you may not have anything to worry about.

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Using Your 401(k) for a Down Payment on a House. The 401(k) is a ubiquitous retirement account. There is no provision to take money out from 401(k) for a down payment, but you still have a few options. 401(k) Withdrawal. You can withdraw money from your 401(k), but you need to be prepared to pay a 10% penalty if you are under age 59½. Regardless of your age, you will need to pay income.

Just because you can borrow from your 401(k) to purchase a home doesn’t mean you should. Here’s why: You may think you need to borrow from your 401(k) to have enough for a large down payment.