- Household equity mortgage: 8.5% fixed rates, 15-season title, $494 payment per month
- 401(k) loan: 9.5% repaired rates, 5-seasons label, $step one,049 payment per month
not, the new 401(k) loan try decreased with respect to complete notice paid back, costing $several,940 when you look at the attract money than the $38,920 to your household guarante