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A 401k loan feels painless because the 'interest' goes back to you — but you are paying it with after-tax dollars while your money misses years of market growth, and if you leave the job, the balance can come due within months. The double cost — taxes plus lost compounding — is real and often larger than the sticker rate suggests. This calculator shows the repayment, the total interest, and the growth you forfeit so 'borrowing from myself' looks like what it is.
cost + risk verdict
Rarely — short-term, small, and only when the alternative is high-interest debt. The lost compounding on 10+ years usually dwarfs the interest saved.
The remaining balance typically comes due within 60-90 days — if you can't pay, it becomes an early distribution with tax and penalties.
Yes — repayments come from after-tax income, and the interest is taxed again when withdrawn in retirement. It is not as free as it looks.
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