IBKR vs M1 - Fees for hold strategy and margin

[wildatheart]

Hello,
I'm a 2020 FIRE grad and would like to take advantage of some of these cheap (for now) margin rates to make some extra bank as the market rolls back.
As I'm only 55, I'm working off of a taxable savings account which holds mutual funds. I'd like to borrow on margin about $80k of a $400K holding to use as operational expenses throughout the year rather than selling shares and absorbing capital gains tax.
What I can't figure out is how the fees will be assessed at IBKR or M1.
Today, the IBKR Pro blended margin rate is 1.58% for "Pro" and 2.58% for "Lite". My Schwab rep did quote me 5% rather than the usual 7% on margin. That's an ez calc, but the fees page is crazy to understand.

If I simply make no trades, and just hold my mutual fund shares there and take out the $80K margin loan, can anyone tell me what my fees would be for opening the account, transferring my fund shares over and moving cash to my Chase checking account each month?

Thanks in advance to anyone who can help with experience at IBKR or M1.

[HeadedWest2029]

I use IBKR Pro with margin and I've never paid any extra fees.  Are you talking about transaction fees for ACATS transfer?  If so, there was no fee from the IBKR side of things.  In fact, there's a big incentive for transferring over to IBKR.  I got $1,000 in free IBKR stock by using a referral link. I can direct message you my referral link if you want.  You max out the $1,000 with a minimum of $100,000 transferred in (or $1 for every $100 transferred in).  https://www.interactivebrokers.com/en/index.php?f=45764

In terms of mutual fund transaction fees, I've transferred in several mutual funds via inheritance and immediately sold them at no cost.  The list of no transaction fee funds is quite extensive https://www.interactivebrokers.com/en/index.php?f=13654&exch=&showcategories=&p=&cc=&page=A.  It doesn't sound like you plan on selling anything though.

Now, there can be transfer fees from the brokerage you are transferring from, but I transferred from Vanguard and they charged nothing as well. 
Also, there's no fee for transferring cash to and from checking accounts.
Does that answer your question?

[ChpBstrd]

Yea you shouldn't have any fees as long as you do ACH transfers instead of wire transfers.

Margin interest paid appears as a deduction from profits on your 1099.

[MustacheAndaHalf]

I think IBKR has one free wire transfer per month.

As to the stock market, Morningstar shows Vanguard Total Market (VTI) down -9% YTD.  That's not much of a roll back.  You will see a couple more of those in the next 5 years, most likely - they're very normal and ordinary.
https://www.morningstar.com/etfs/arcx/vti/performance

Maybe you're looking at the news and thinking bad news means the stock market is doing badly.  In the midst of the pandemic year 2020, the stock market performed very well.  It's better to check the performance yourself than rely solely on the news.