How do I calculate my 401k loan payment?

Begin by entering your 401k loan amount, the interest rate, and the period of time it will take to payback the loan. By entering these fields, they will calculate your 401k loan payment. The first row of fields will calculate your basic loan information. The second row of fields provide supplemental functionality for special cases.

What is 401k interest rate?

Interest Rate - The interest rate that you will pay for taking the 401k loan. In the case of a 401k loan, you are borrowing money from yourself so you will actually be paying money back into your 401k account both in the form of principal and interest....yes, the interest is paid into the 401k account as well as the principal.

How do I take out a 401(k) loan?

Instead, you contact your 401 (k) plan administrator and let them know that you’d like to take out a loan, along with how much you’d like to borrow. When taking a 401 (k) loan, you can generally borrow the lesser of 50% of your vested balance or $50,000.