401k loan repayment question

[Schlegdog13]

Hi, I'm allowed two loans under my current plan. If I have two open loans and pay them both off, would that open up a new maximum loan? Or would the new loan amount be calculated using the highest balances over the last 12 months. Any help with be appreciated. Thanks

[Mike Preston]

Over the last 12 months.

[ESOP Guy]

You might want to see if you can get help from someone who knows the plan in your company or plan service provider to help you model what the maximum is if you pay 1 or both of the loans off.  The rules can be a bit quirky and if you can get good help (the good part can sometimes be the hard part) regarding this it will help you make a better decision.