Mortgage Recast Calculator

Mortgage Recast Calculator

See how much you could lower your monthly payments by recasting your mortgage. Results update automatically as you change the inputs.

Recast Payment

$
USD

Most lenders require a minimum payment of $5,000 or more for a recast.

Current Mortgage Details

$
$

Significant pre-payments may affect accuracy.

%

Mortgage Recast Results

Current monthly payment

$1,996

New monthly payment

$1,925

Monthly savings

$71

Total savings

$21,203

Impact on Interest Paid

Remaining interest (current)

$316,377

Remaining interest (recast)

$305,173

Interest Savings

By recasting your mortgage, you will save $11,203 in total interest over the remaining term of your loan.

What You Need to Know About Mortgage Recasting

A mortgage recast is different from mortgage refinancing or making extra payments. Here are the key things to understand:

How a Recast Works

  • You make a large lump-sum payment toward your principal
  • Your lender recalculates (re-amortizes) your monthly payments
  • Your loan term and interest rate stay the same
  • Most lenders charge a small fee ($250-$500)

Mortgage Recast Requirements

  • Not all lenders offer recasting
  • Minimum principal payment ($5,000-$10,000+)
  • Usually only for conventional loans
  • Must be current on payments

Advantages

  • Lower monthly payments
  • Less paperwork than refinancing
  • Keep your existing interest rate
  • Small fee compared to refinancing

Disadvantages

  • Requires a large lump sum payment
  • Doesn't lower your interest rate
  • Not available from all lenders
  • Doesn't shorten your loan term

Who Should Consider a Recast?

A mortgage recast might be right for you if:

You're receiving a large sum of money
You want lower monthly payments
You want to avoid refinancing costs
You're planning to stay long-term
Scroll to Top