Smart Home Improvement, Secure Retirement Planning.
Eleanor desired to renovate her kitchen for $50,000, enhancing her quality of life in retirement. She was hesitant to draw directly from her taxable accounts or, especially, her $1.8M Traditional IRA due to potential tax implications and the need to preserve long-term retirement income. She needed a cost-effective way to finance the project without jeopardizing her financial security.
Using the HELOC calculator, we analyzed various scenarios, comparing the interest costs of a HELOC against potential IRA withdrawals and personal loans. The calculator revealed that a HELOC, with its lower interest rate compared to a personal loan, and managed payments against IRA withdrawals, was the most efficient option. We also used the PITI calculator to determine if Eleanor could comfortable afford the monthly repayments on top of existing expenses.
We inputted Eleanor's home value, mortgage balance, and potential HELOC interest rates into the calculator. Then, we varied the loan amount to determine the impact on her monthly budget, as well as the long-term cost of borrowing against her home equity.
$7,500 saved in interest compared to a personal loan; protected Eleanor's IRA from unnecessary early withdrawals reducing her tax liability.
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