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Mortgage Recast Calculator

New monthly payment after a lump sum, same payoff date.

New monthly payment
$2,026
$338 less per month

Before recast

Balance: $350,000
Payment: $2,363
Years left: 25

After recast

Balance: $300,000
Payment: $2,026
Years left: 25 (same)
Total saved over remaining term: $101,281

Recasting drops your payment but keeps the same payoff date. To pay off faster instead, just apply the lump sum as principal-only and keep your original payment. Recast usually costs $250–$500 in fees. Not all lenders allow it; FHA, USDA, and most VA loans cannot recast.

About

Enter your current balance, rate, years remaining, and the lump sum you'd pay down. Get the new monthly payment after recasting (re-amortizing the lower balance over the same remaining term) and total savings.

How to use

  1. Enter balance and rate.
  2. Enter years remaining.
  3. Enter lump sum amount.

FAQ

Recast vs extra payment?+

Recast lowers your payment, keeps payoff date. Extra payment keeps payment, moves payoff up. If you want lower fixed costs, recast. If you want to pay off faster, just send the principal-only payment.

Are there fees?+

Usually $250–$500. Most conventional loans allow it. FHA, VA, and USDA loans don't. Confirm with your servicer; some require a minimum lump sum.