Mortgage Recast Calculator
See your new monthly payment after recasting your mortgage with a lump-sum payment, and the interest you'll save — without refinancing.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter your current balance, rate and remaining term.
- 2Enter the lump sum and the lender's recast fee.
How it's calculated
New payment = payment on (balance − lump sum) over the same remaining term at the same rate.
Frequently asked questions
What is a mortgage recast?
You pay a large lump sum toward principal and the lender recalculates your payment over the remaining term. The rate and term stay the same.
Recast or refinance?
Recasting is cheap (often $150–$500) and keeps your rate. Refinancing can lower your rate but costs thousands in closing costs.
Can every loan be recast?
Most conventional loans can; FHA, VA and USDA loans usually can't. There's often a minimum lump sum, like $5,000–$10,000.