Finance category
Mortgage, loan, investing, tax, and money calculators.
Mortgage Recast Calculator
Model what happens when you apply a lump-sum payment to your mortgage and have the lender re-amortize it. See the new payment at the same rate and term, plus how much faster you could pay off the loan by keeping the old payment instead.
New monthly payment
$2,508.48
Monthly savings
$264.05
Lifetime interest saved
$43,968.20
New balance after lump
$380,000.00
Recast: lower payment path
Current payment
$2,772.53
New payment
$2,508.48
Interest before recast
$461,666.08
Interest after recast
$417,697.89
A recast re-amortizes the loan at the same rate and term on a smaller balance, which is why the payment drops but the payoff date does not move.
Keep the old payment: faster payoff path
Months saved
5 years, 6 months
Interest saved
$145,534.61
Recast fee
$250.00
Remaining term
26 years, 6 months
Working rule
A recast lowers the monthly payment without resetting the loan. Keeping the old payment instead can shave years off the loan with no refinance.
How to Use
- Enter your current mortgage balance, interest rate, and remaining term.
- Add the lump sum you plan to put toward the loan and any recast fee your servicer charges.
- Review the new monthly payment after the recast, the lifetime interest saved, and the new balance.
- Compare against keeping your old payment on the smaller balance to see how many months early the loan would pay off instead.
Frequently Asked Questions
What is a mortgage recast?
A recast keeps your existing loan, rate, and remaining term but re-amortizes the balance after a lump-sum principal payment. That lowers the scheduled payment without refinancing or resetting the loan.
How is a recast different from refinancing?
Refinancing replaces the loan with a new rate, term, and closing costs. A recast keeps everything the same except the balance and payment, so there is usually just a small processing fee and no full underwriting.
When is a recast better than just prepaying the loan?
If cash flow is the priority, a recast lowers the required monthly payment. If paying off the loan faster is the priority, making the lump-sum prepayment but keeping the old payment usually saves more interest and shortens the loan.
Do all mortgages allow recasting?
No. Most conventional conforming loans permit recasting once or twice, but many government-backed loans, jumbo programs, and some servicers do not. Check with your servicer before planning a recast around a specific cash event.
Does a recast reset my term or change my rate?
No. The rate and remaining term are unchanged. Only the scheduled monthly payment drops because the smaller balance is re-amortized over the same remaining months.
Related Calculators
Mortgage Payoff Calculator
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Refinance Break-Even Calculator
See whether replacing the loan beats a lump-sum recast on the same mortgage.
Mortgage Calculator
Build the base payment estimate that a recast is updating over time.
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