Calculate 401k Loan app for iPhone and iPad
Developer: Dr Falkenberg Technology Consulting Inc.
First release : 13 Aug 2015
App size: 3.17 Mb
Did you ever consider to take a loan out of your 401k ? There are some financial advisors who recommend strictly against it, while others give you some obscure answers. This tool finally helps you to calculate for yourself if it makes sense in your specific situation. It includes the risks involved and the volatility of your portfolio.
You can put in three portfolio positions with the volatility. The tool allows you to compare other loan options against taking a 401k loan. It considers your contribution and your tax bracket.
Again this may not cover all the details but it gets very close to provide you a comprehensive overview of your options.
Your total monthly net payments are shown allowing you to see what you can contribute in either case.
It is recommended that you adjust the contribution such that monthly payments are the same allowing you to see a fair comparison.
With this little tool you protect your assets while still optimizing your financial future. You are independent of financial advisors who mostly advise what is best for them.