Mortgage recast calculator
Our Mortgage Recast Calculator helps you estimate your new monthly payments and loan balance after making a large lump-sum payment toward your mortgage. A recast can lower your monthly payment without refinancing, saving you money while keeping your interest rate and loan terms intact.
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Our Services
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📊 Loan Information
📈 Recast Analysis Results
Before vs. After Recast
Current Loan
Monthly Payment:
$0
Principal Balance:
$0
Total Interest:
$0
Payoff Date:
--
After Recast
New Monthly Payment:
$0
New Principal Balance:
$0
Total Interest:
$0
Payoff Date:
--
$0
Total Interest Savings
Monthly Payment Reduction
Current Monthly Payment:
$0
New Monthly Payment:
$0
Monthly Savings:
$0
Key Metrics
Interest Saved
$0
Monthly Reduction
$0
Break-even Time
-- months
ROI on Payment
--%
Important Considerations:
- Most lenders require a minimum payment (usually $5,000-$10,000)
- Not all loan types are eligible for recasting
- Lender fees typically range from $150-$500
- Your loan term remains the same
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What Is a Mortgage Recast?
A mortgage recast is when you make a large payment toward your loan principal and your lender recalculates (or “recasts”) your monthly payment based on the lower balance. Unlike refinancing, there are no changes to your loan’s interest rate or term.
This makes it an attractive option for homeowners who receive a windfall (bonus, inheritance, property sale) and want to reduce their monthly mortgage obligations without going through refinancing costs.
Benefits of Using a Recast Mortgage Calculator
- Lower monthly payments without refinancing.
- No credit checks or appraisals (in most cases).
- Keeps your current interest rate intact.
- Helps manage cash flow while paying down debt faster.
Many lenders, including tools like the Rocket Mortgage Recast Calculator, offer similar estimates, but this calculator is quick, free, and easy to use.
Example: Recasting vs. Not Recasting
Suppose you have a $250,000 mortgage with 20 years left at 5% interest. If you make a $50,000 lump-sum payment and recast, your monthly payments could drop by hundreds of dollars while keeping the same loan term. Our Recast a Mortgage Calculator shows the difference instantly.
Try the Calculator Now
Use our free Mortgage Recast Calculator 2024 to see your savings potential. Whether you’re paying down your loan early or simply lowering monthly expenses, this tool will give you clarity.