I am looking at paying off the two 401K loans that I have, but I am concerned that if something came up and I needed to borrow again that I would be able to access enough cash. I have been reading through information on this forum as well as other sites and I am not certain of the calculation formula when you have two loans. Here are the specifics:
Total Vested Balance = $73,870
Loan 1 Balance = $10,508
Loan 2 Balance = $15,180
Prior to borrowing Loan #2, I paid a loan off on 2/23/18 with an outstanding balance of $17,679. Assuming that I payoff the two outstanding loans on 2/15/19 and wait until 3/15/19 to borrow again what would my loan availability be? My assumption is that it is about $34,000. Does that sound right?
