I recently left a temp job (2 years) and have about 25k in the 401k. While I know that the smart move is to roll the 401k into an IRA, I could actually use the money for some home expenses. I am in the 28% tax bracket. How much of the 25k could I expect to see after taxes/penalties?

Quite a bit, 10 % immediately then you pay income taxes on the proceeds just as if they were earned income when you file your tax return for 2007. I suggest another alternative such as a loan or better yet a part time job or overtime to pay the home expenses.

Agree with Richard.

You could end up paying about 35-40% total in taxes and penalties on that early 401K distribution.

DO NOT DO IT!