Mortgage Recast Calculator
A mortgage recast re-amortizes your loan after a lump-sum payment — lowering the monthly payment while keeping your rate and payoff date. See the new payment and monthly savings.
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Learn moreRecast vs refinance
A recast keeps your existing rate and remaining term but re-amortizes the balance after a lump-sum principal payment, lowering the monthly payment. Unlike a refinance, there is no new loan, no credit check, and only a small fee (often $150 to $500) instead of thousands in closing costs — but it will not lower your interest rate. Recasting shines when rates today are higher than the rate you already have.
How it’s calculated & sources
New payment re-amortizes (balance minus lump sum) over the remaining term at the same rate. The rate and payoff date are unchanged.
Benchmark: vs a refinance — a recast typically costs a $150 to $500 fee and keeps your rate, where a refinance runs about 2 to 5 percent of the balance in closing costs.
Results update as you type and are general estimates, not personalized advice. Verify with a professional.
Worked example
Putting $50,000 toward a $300,000 balance at 6.5% with 25 years left cuts the payment from about $2,025 to $1,687 — roughly $338/month lower, with no refinance.
Frequently asked questions
Does recasting lower my interest rate?
No — it keeps your current rate and term. It only lowers the payment by reducing the balance. To change the rate you would refinance.
How much does a recast cost?
Usually a flat fee around $150 to $500, far less than refinance closing costs. Not all loans allow recasting.
Recast or just pay extra?
Extra payments shorten the term but keep the same payment; a recast lowers the required payment while keeping the payoff date.