 |
| Loan | Mortgage | Car | Commercial | Student | Biweekly | Extra Payments | Payoff | Excel |
Recast Calculator
Recast Calculator to calculate how much money you can save by recasting your current mortgage. By making an lump sum extra payment, you may save money in the long term on interest payments for your home mortgage.
Loan Recast Calculator |
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Recast Mortgage Balance: |
$143,000.00 | |||||
Monthly Payment: |
$1,055.74 | |||||
Total # Of Payments: |
178 | |||||
Start Date: |
Apr, 2024 | |||||
Payoff Date: |
Jan, 2039 | |||||
Total Interest Paid: |
$44,921.10 | |||||
Total Payment: |
$187,921.10 | |||||
Original Mortgage Vs. Mortgage Recast |
||||||
| Comparison | Monthly Payment | Total Interest | ||||
|---|---|---|---|---|---|---|
| Original | $1,256.45 | $53,317.85 | ||||
| Recast | $1,055.74 | $44,921.10 | ||||
| Fees | $0 | $450 | ||||
| Savings | $200.71 | $7,946.75 | ||||
Mortgage Amortization Schedule |
||||||
| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
| Apr, 2024 | 1 | $458.79 | $596.94 | $1,055.74 | $142,403.06 | |
| May, 2024 | 2 | $456.88 | $598.86 | $1,055.74 | $141,804.20 | |
| Jun, 2024 | 3 | $454.96 | $600.78 | $1,055.74 | $141,203.41 | |
| Jul, 2024 | 4 | $453.03 | $602.71 | $1,055.74 | $140,600.70 | |
| Aug, 2024 | 5 | $451.09 | $604.64 | $1,055.74 | $139,996.06 | |
| Sep, 2024 | 6 | $449.15 | $606.58 | $1,055.74 | $139,389.48 | |
| Oct, 2024 | 7 | $447.21 | $608.53 | $1,055.74 | $138,780.95 | |
| Nov, 2024 | 8 | $445.26 | $610.48 | $1,055.74 | $138,170.47 | |
| Dec, 2024 | 9 | $443.30 | $612.44 | $1,055.74 | $137,558.03 | |
| Jan, 2025 | 10 | $441.33 | $614.40 | $1,055.74 | $136,943.63 | |
| Feb, 2025 | 11 | $439.36 | $616.38 | $1,055.74 | $136,327.25 | |
| Mar, 2025 | 12 | $437.38 | $618.35 | $1,055.74 | $135,708.90 | |
| Apr, 2025 | 13 | $435.40 | $620.34 | $1,055.74 | $135,088.56 | |
| May, 2025 | 14 | $433.41 | $622.33 | $1,055.74 | $134,466.23 | |
| Jun, 2025 | 15 | $431.41 | $624.32 | $1,055.74 | $133,841.91 | |
| Jul, 2025 | 16 | $429.41 | $626.33 | $1,055.74 | $133,215.58 | |
| Aug, 2025 | 17 | $427.40 | $628.34 | $1,055.74 | $132,587.24 | |
| Sep, 2025 | 18 | $425.38 | $630.35 | $1,055.74 | $131,956.89 | |
| Oct, 2025 | 19 | $423.36 | $632.37 | $1,055.74 | $131,324.52 | |
| Nov, 2025 | 20 | $421.33 | $634.40 | $1,055.74 | $130,690.11 | |
| Dec, 2025 | 21 | $419.30 | $636.44 | $1,055.74 | $130,053.67 | |
| Jan, 2026 | 22 | $417.26 | $638.48 | $1,055.74 | $129,415.19 | |
| Feb, 2026 | 23 | $415.21 | $640.53 | $1,055.74 | $128,774.66 | |
| Mar, 2026 | 24 | $413.15 | $642.58 | $1,055.74 | $128,132.08 | |
| Apr, 2026 | 25 | $411.09 | $644.65 | $1,055.74 | $127,487.43 | |
| May, 2026 | 26 | $409.02 | $646.71 | $1,055.74 | $126,840.72 | |
| Jun, 2026 | 27 | $406.95 | $648.79 | $1,055.74 | $126,191.93 | |
| Jul, 2026 | 28 | $404.87 | $650.87 | $1,055.74 | $125,541.06 | |
| Aug, 2026 | 29 | $402.78 | $652.96 | $1,055.74 | $124,888.10 | |
| Sep, 2026 | 30 | $400.68 | $655.05 | $1,055.74 | $124,233.05 | |
| Oct, 2026 | 31 | $398.58 | $657.16 | $1,055.74 | $123,575.89 | |
| Nov, 2026 | 32 | $396.47 | $659.26 | $1,055.74 | $122,916.63 | |
| Dec, 2026 | 33 | $394.36 | $661.38 | $1,055.74 | $122,255.25 | |
| Jan, 2027 | 34 | $392.24 | $663.50 | $1,055.74 | $121,591.75 | |
| Feb, 2027 | 35 | $390.11 | $665.63 | $1,055.74 | $120,926.12 | |
| Mar, 2027 | 36 | $387.97 | $667.77 | $1,055.74 | $120,258.35 | |
| Apr, 2027 | 37 | $385.83 | $669.91 | $1,055.74 | $119,588.44 | |
| May, 2027 | 38 | $383.68 | $672.06 | $1,055.74 | $118,916.39 | |
| Jun, 2027 | 39 | $381.52 | $674.21 | $1,055.74 | $118,242.17 | |
| Jul, 2027 | 40 | $379.36 | $676.38 | $1,055.74 | $117,565.80 | |
| Aug, 2027 | 41 | $377.19 | $678.55 | $1,055.74 | $116,887.25 | |
| Sep, 2027 | 42 | $375.01 | $680.72 | $1,055.74 | $116,206.53 | |
| Oct, 2027 | 43 | $372.83 | $682.91 | $1,055.74 | $115,523.62 | |
| Nov, 2027 | 44 | $370.64 | $685.10 | $1,055.74 | $114,838.52 | |
| Dec, 2027 | 45 | $368.44 | $687.30 | $1,055.74 | $114,151.23 | |
| Jan, 2028 | 46 | $366.24 | $689.50 | $1,055.74 | $113,461.73 | |
| Feb, 2028 | 47 | $364.02 | $691.71 | $1,055.74 | $112,770.01 | |
| Mar, 2028 | 48 | $361.80 | $693.93 | $1,055.74 | $112,076.08 | |
| Apr, 2028 | 49 | $359.58 | $696.16 | $1,055.74 | $111,379.92 | |
| May, 2028 | 50 | $357.34 | $698.39 | $1,055.74 | $110,681.53 | |
| Jun, 2028 | 51 | $355.10 | $700.63 | $1,055.74 | $109,980.89 | |
| Jul, 2028 | 52 | $352.86 | $702.88 | $1,055.74 | $109,278.01 | |
| Aug, 2028 | 53 | $350.60 | $705.14 | $1,055.74 | $108,572.88 | |
| Sep, 2028 | 54 | $348.34 | $707.40 | $1,055.74 | $107,865.48 | |
| Oct, 2028 | 55 | $346.07 | $709.67 | $1,055.74 | $107,155.81 | |
| Nov, 2028 | 56 | $343.79 | $711.94 | $1,055.74 | $106,443.86 | |
| Dec, 2028 | 57 | $341.51 | $714.23 | $1,055.74 | $105,729.64 | |
| Jan, 2029 | 58 | $339.22 | $716.52 | $1,055.74 | $105,013.12 | |
| Feb, 2029 | 59 | $336.92 | $718.82 | $1,055.74 | $104,294.30 | |
| Mar, 2029 | 60 | $334.61 | $721.13 | $1,055.74 | $103,573.17 | |
| Apr, 2029 | 61 | $332.30 | $723.44 | $1,055.74 | $102,849.73 | |
| May, 2029 | 62 | $329.98 | $725.76 | $1,055.74 | $102,123.97 | |
| Jun, 2029 | 63 | $327.65 | $728.09 | $1,055.74 | $101,395.88 | |
| Jul, 2029 | 64 | $325.31 | $730.42 | $1,055.74 | $100,665.46 | |
| Aug, 2029 | 65 | $322.97 | $732.77 | $1,055.74 | $99,932.69 | |
| Sep, 2029 | 66 | $320.62 | $735.12 | $1,055.74 | $99,197.57 | |
| Oct, 2029 | 67 | $318.26 | $737.48 | $1,055.74 | $98,460.09 | |
| Nov, 2029 | 68 | $315.89 | $739.84 | $1,055.74 | $97,720.25 | |
| Dec, 2029 | 69 | $313.52 | $742.22 | $1,055.74 | $96,978.03 | |
| Jan, 2030 | 70 | $311.14 | $744.60 | $1,055.74 | $96,233.43 | |
| Feb, 2030 | 71 | $308.75 | $746.99 | $1,055.74 | $95,486.44 | |
| Mar, 2030 | 72 | $306.35 | $749.38 | $1,055.74 | $94,737.06 | |
| Apr, 2030 | 73 | $303.95 | $751.79 | $1,055.74 | $93,985.27 | |
| May, 2030 | 74 | $301.54 | $754.20 | $1,055.74 | $93,231.07 | |
| Jun, 2030 | 75 | $299.12 | $756.62 | $1,055.74 | $92,474.45 | |
| Jul, 2030 | 76 | $296.69 | $759.05 | $1,055.74 | $91,715.40 | |
| Aug, 2030 | 77 | $294.25 | $761.48 | $1,055.74 | $90,953.92 | |
| Sep, 2030 | 78 | $291.81 | $763.93 | $1,055.74 | $90,189.99 | |
| Oct, 2030 | 79 | $289.36 | $766.38 | $1,055.74 | $89,423.62 | |
| Nov, 2030 | 80 | $286.90 | $768.84 | $1,055.74 | $88,654.78 | |
| Dec, 2030 | 81 | $284.43 | $771.30 | $1,055.74 | $87,883.48 | |
| Jan, 2031 | 82 | $281.96 | $773.78 | $1,055.74 | $87,109.70 | |
| Feb, 2031 | 83 | $279.48 | $776.26 | $1,055.74 | $86,333.44 | |
| Mar, 2031 | 84 | $276.99 | $778.75 | $1,055.74 | $85,554.69 | |
| Apr, 2031 | 85 | $274.49 | $781.25 | $1,055.74 | $84,773.44 | |
| May, 2031 | 86 | $271.98 | $783.76 | $1,055.74 | $83,989.69 | |
| Jun, 2031 | 87 | $269.47 | $786.27 | $1,055.74 | $83,203.42 | |
| Jul, 2031 | 88 | $266.94 | $788.79 | $1,055.74 | $82,414.63 | |
| Aug, 2031 | 89 | $264.41 | $791.32 | $1,055.74 | $81,623.30 | |
| Sep, 2031 | 90 | $261.87 | $793.86 | $1,055.74 | $80,829.44 | |
| Oct, 2031 | 91 | $259.33 | $796.41 | $1,055.74 | $80,033.03 | |
| Nov, 2031 | 92 | $256.77 | $798.96 | $1,055.74 | $79,234.07 | |
| Dec, 2031 | 93 | $254.21 | $801.53 | $1,055.74 | $78,432.54 | |
| Jan, 2032 | 94 | $251.64 | $804.10 | $1,055.74 | $77,628.44 | |
| Feb, 2032 | 95 | $249.06 | $806.68 | $1,055.74 | $76,821.76 | |
| Mar, 2032 | 96 | $246.47 | $809.27 | $1,055.74 | $76,012.50 | |
| Apr, 2032 | 97 | $243.87 | $811.86 | $1,055.74 | $75,200.64 | |
| May, 2032 | 98 | $241.27 | $814.47 | $1,055.74 | $74,386.17 | |
| Jun, 2032 | 99 | $238.66 | $817.08 | $1,055.74 | $73,569.09 | |
| Jul, 2032 | 100 | $236.03 | $819.70 | $1,055.74 | $72,749.38 | |
| Aug, 2032 | 101 | $233.40 | $822.33 | $1,055.74 | $71,927.05 | |
| Sep, 2032 | 102 | $230.77 | $824.97 | $1,055.74 | $71,102.08 | |
| Oct, 2032 | 103 | $228.12 | $827.62 | $1,055.74 | $70,274.46 | |
| Nov, 2032 | 104 | $225.46 | $830.27 | $1,055.74 | $69,444.19 | |
| Dec, 2032 | 105 | $222.80 | $832.94 | $1,055.74 | $68,611.25 | |
| Jan, 2033 | 106 | $220.13 | $835.61 | $1,055.74 | $67,775.65 | |
| Feb, 2033 | 107 | $217.45 | $838.29 | $1,055.74 | $66,937.36 | |
| Mar, 2033 | 108 | $214.76 | $840.98 | $1,055.74 | $66,096.38 | |
| Apr, 2033 | 109 | $212.06 | $843.68 | $1,055.74 | $65,252.70 | |
| May, 2033 | 110 | $209.35 | $846.38 | $1,055.74 | $64,406.32 | |
| Jun, 2033 | 111 | $206.64 | $849.10 | $1,055.74 | $63,557.22 | |
| Jul, 2033 | 112 | $203.91 | $851.82 | $1,055.74 | $62,705.39 | |
| Aug, 2033 | 113 | $201.18 | $854.56 | $1,055.74 | $61,850.84 | |
| Sep, 2033 | 114 | $198.44 | $857.30 | $1,055.74 | $60,993.54 | |
| Oct, 2033 | 115 | $195.69 | $860.05 | $1,055.74 | $60,133.49 | |
| Nov, 2033 | 116 | $192.93 | $862.81 | $1,055.74 | $59,270.68 | |
| Dec, 2033 | 117 | $190.16 | $865.58 | $1,055.74 | $58,405.10 | |
| Jan, 2034 | 118 | $187.38 | $868.35 | $1,055.74 | $57,536.75 | |
| Feb, 2034 | 119 | $184.60 | $871.14 | $1,055.74 | $56,665.61 | |
| Mar, 2034 | 120 | $181.80 | $873.93 | $1,055.74 | $55,791.68 | |
| Apr, 2034 | 121 | $179.00 | $876.74 | $1,055.74 | $54,914.94 | |
| May, 2034 | 122 | $176.19 | $879.55 | $1,055.74 | $54,035.39 | |
| Jun, 2034 | 123 | $173.36 | $882.37 | $1,055.74 | $53,153.01 | |
| Jul, 2034 | 124 | $170.53 | $885.20 | $1,055.74 | $52,267.81 | |
| Aug, 2034 | 125 | $167.69 | $888.04 | $1,055.74 | $51,379.77 | |
| Sep, 2034 | 126 | $164.84 | $890.89 | $1,055.74 | $50,488.87 | |
| Oct, 2034 | 127 | $161.99 | $893.75 | $1,055.74 | $49,595.12 | |
| Nov, 2034 | 128 | $159.12 | $896.62 | $1,055.74 | $48,698.50 | |
| Dec, 2034 | 129 | $156.24 | $899.50 | $1,055.74 | $47,799.01 | |
| Jan, 2035 | 130 | $153.36 | $902.38 | $1,055.74 | $46,896.63 | |
| Feb, 2035 | 131 | $150.46 | $905.28 | $1,055.74 | $45,991.35 | |
| Mar, 2035 | 132 | $147.56 | $908.18 | $1,055.74 | $45,083.17 | |
| Apr, 2035 | 133 | $144.64 | $911.09 | $1,055.74 | $44,172.07 | |
| May, 2035 | 134 | $141.72 | $914.02 | $1,055.74 | $43,258.06 | |
| Jun, 2035 | 135 | $138.79 | $916.95 | $1,055.74 | $42,341.11 | |
| Jul, 2035 | 136 | $135.84 | $919.89 | $1,055.74 | $41,421.21 | |
| Aug, 2035 | 137 | $132.89 | $922.84 | $1,055.74 | $40,498.37 | |
| Sep, 2035 | 138 | $129.93 | $925.80 | $1,055.74 | $39,572.57 | |
| Oct, 2035 | 139 | $126.96 | $928.77 | $1,055.74 | $38,643.79 | |
| Nov, 2035 | 140 | $123.98 | $931.75 | $1,055.74 | $37,712.04 | |
| Dec, 2035 | 141 | $120.99 | $934.74 | $1,055.74 | $36,777.29 | |
| Jan, 2036 | 142 | $117.99 | $937.74 | $1,055.74 | $35,839.55 | |
| Feb, 2036 | 143 | $114.99 | $940.75 | $1,055.74 | $34,898.80 | |
| Mar, 2036 | 144 | $111.97 | $943.77 | $1,055.74 | $33,955.03 | |
| Apr, 2036 | 145 | $108.94 | $946.80 | $1,055.74 | $33,008.23 | |
| May, 2036 | 146 | $105.90 | $949.84 | $1,055.74 | $32,058.40 | |
| Jun, 2036 | 147 | $102.85 | $952.88 | $1,055.74 | $31,105.51 | |
| Jul, 2036 | 148 | $99.80 | $955.94 | $1,055.74 | $30,149.57 | |
| Aug, 2036 | 149 | $96.73 | $959.01 | $1,055.74 | $29,190.57 | |
| Sep, 2036 | 150 | $93.65 | $962.08 | $1,055.74 | $28,228.48 | |
| Oct, 2036 | 151 | $90.57 | $965.17 | $1,055.74 | $27,263.31 | |
| Nov, 2036 | 152 | $87.47 | $968.27 | $1,055.74 | $26,295.05 | |
| Dec, 2036 | 153 | $84.36 | $971.37 | $1,055.74 | $25,323.67 | |
| Jan, 2037 | 154 | $81.25 | $974.49 | $1,055.74 | $24,349.18 | |
| Feb, 2037 | 155 | $78.12 | $977.62 | $1,055.74 | $23,371.57 | |
| Mar, 2037 | 156 | $74.98 | $980.75 | $1,055.74 | $22,390.81 | |
| Apr, 2037 | 157 | $71.84 | $983.90 | $1,055.74 | $21,406.92 | |
| May, 2037 | 158 | $68.68 | $987.06 | $1,055.74 | $20,419.86 | |
| Jun, 2037 | 159 | $65.51 | $990.22 | $1,055.74 | $19,429.64 | |
| Jul, 2037 | 160 | $62.34 | $993.40 | $1,055.74 | $18,436.24 | |
| Aug, 2037 | 161 | $59.15 | $996.59 | $1,055.74 | $17,439.65 | |
| Sep, 2037 | 162 | $55.95 | $999.78 | $1,055.74 | $16,439.87 | |
| Oct, 2037 | 163 | $52.74 | $1,002.99 | $1,055.74 | $15,436.87 | |
| Nov, 2037 | 164 | $49.53 | $1,006.21 | $1,055.74 | $14,430.66 | |
| Dec, 2037 | 165 | $46.30 | $1,009.44 | $1,055.74 | $13,421.23 | |
| Jan, 2038 | 166 | $43.06 | $1,012.68 | $1,055.74 | $12,408.55 | |
| Feb, 2038 | 167 | $39.81 | $1,015.93 | $1,055.74 | $11,392.62 | |
| Mar, 2038 | 168 | $36.55 | $1,019.19 | $1,055.74 | $10,373.44 | |
| Apr, 2038 | 169 | $33.28 | $1,022.46 | $1,055.74 | $9,350.98 | |
| May, 2038 | 170 | $30.00 | $1,025.74 | $1,055.74 | $8,325.25 | |
| Jun, 2038 | 171 | $26.71 | $1,029.03 | $1,055.74 | $7,296.22 | |
| Jul, 2038 | 172 | $23.41 | $1,032.33 | $1,055.74 | $6,263.89 | |
| Aug, 2038 | 173 | $20.10 | $1,035.64 | $1,055.74 | $5,228.25 | |
| Sep, 2038 | 174 | $16.77 | $1,038.96 | $1,055.74 | $4,189.29 | |
| Oct, 2038 | 175 | $13.44 | $1,042.30 | $1,055.74 | $3,146.99 | |
| Nov, 2038 | 176 | $10.10 | $1,045.64 | $1,055.74 | $2,101.35 | |
| Dec, 2038 | 177 | $6.74 | $1,048.99 | $1,055.74 | $1,052.36 | |
| Jan, 2039 | 178 | $3.38 | $1,052.36 | $1,055.74 | $0.00 | |
What is a mortgage recast?
A mortgage recast is when your lender recalculates the monthly payments on your current loan balance. When you purchase a home, an amortization schedule is generated that shows your monthly payments, current balance, interest, and principal payments that you will make throughout the loan. A mortgage recast will generate a new amortization schedule based on the outstanding balance and term.
How does a mortgage recast work?
To recast a mortgage, the borrower must make a one-time lump sum payment to reduce the remaining balance of the mortgage. Most lenders have a minimum requirement on how much the borrower will pay as a one-time payment for a mortgage recast. There will also be a mortgage recast fee the lender will charge. The fee varies from lender to lender but is usually around $250 to $500. Recasting a mortgage will reduce your current balance, lower your monthly payments, and save money on interest over the life of the loan. The interest rate and the loan term remain the same.
Mortgage Recast Example
For example, you have a mortgage balance of $300,000 at a 6% interest rate and a monthly payment of $1,800 on a 30-year fixed interest rate mortgage. If you make a lump sum payment of $70,000 to recast your loan, your outstanding balance will be reduced to $230,000, and your monthly payment will be lowered to around $1,380. The mortgage recast will save you up to $80,000 in interest savings. The exact savings will depend on the remaining term. If you have already made 10 years of payments for your mortgage, the savings will be less than if you were only 5 years into the mortgage. Not only does the size of the lump sum payment determine how much you can save, but also the number of remaining years on your loan term will impact the result.
Benefits and Drawbacks of Mortgage Recast
There are benefits and drawbacks of a mortgage recasting compared to other alternatives such as mortgage refinance, or making extra payments to reduce principal without a recast.
Pros of mortgage recast
- Save money - the main advantage of a mortgage recast is that it allows borrowers to save money on interest payments throughout the remaining term.
- Lower monthly payment - recasting your mortgage will lower your monthly payments than what you are currently paying.
- No credit check - for those who have a low or bad credit score, this is good news. There won't be any credit or income checks because it is not a new loan. Your mortgage rate won't be affected by a mortgage recast.
Despite the benefits, mortgage recast does come with some downsides and limitations.
Cons of mortgage recast
- Large lump sum payment - for a mortgage recast to work effectively in reducing your monthly payments and overall interest savings, you will need a large one-time lump sum payment.
Unfortunately, not many people have that kind of spare money in their hands. If you don't have a large lump sum but still want to save some interest payments, you can make extra payments towards your principal instead of a mortgage recast. - The interest rate doesn't change - if the mortgage rate is declining and your credit score is improving, refinancing your mortgage gives you the opportunity to lower your interest rate. Unfortunately, you can't lower your mortgage rates with a recast.
- Loan term doesn't change - if you want to shorten your mortgage term, you can't do it with a mortgage recast. In that case, refinancing your mortgage may be a better option.
- Can't convert an ARM to fixed interest - if you have an adjustable-rate mortgage and want to convert it into a fixed-rate mortgage, you can't do that with a mortgage recast. Refinancing may be your only option.
- Tie up cash - if you have other investment opportunities, a mortgage recast will tie up your cash as a lump sum payment is required. If you need this case for other ventures, a mortgage recast might not be the best option.
Mortgage Recast vs. Refinance
There are many differences and similarities between a mortgage recast and refinance, the following tables show which is the better option for you.
Mortgage Recasting Vs. Mortgage Refinancing |
||
| Recasting | Refinancing | |
|---|---|---|
| Lump Sum Payment | Yes | No |
| Lower monthly payments | Yes | Maybe, depending on the new loan term and interest rate. |
| Credit Check | No | Yes |
| Income Check | No | Yes |
| Closing Costs | No, only pay a $250-$500 recasting fee | Yes, just like a mortgage, refinance has closing costs that may include application fee, appraisal fee, attorney fees, credit check fees, title search & insurance fees. |
| ARM to fixed interest mortgage | No | Yes |
| Lower interest rate | No | Yes, if your credit score has improved and mortgage rates have declined since you got your mortgage, you may qualify for a lower interest rate. |
| Shorten loan terms | No | Yes, you can shorten the existing term. For example, if you have 23 years remaining on your 30-year fixed mortgage, you can refinance to a 15-year mortgage. This will likely result in higher monthly payments, but you will save money overall. |
Mortgage Recast FAQs
Does the interest rate change on a mortgage recast?
No, the interest rate does not change on a mortgage recast.
Does the loan term change on a mortgage recasting?
No, your loan term does not change on a mortgage recasting.
Does the monthly payment change when I recast my mortgage?
Yes, your monthly payments will be lowered after a mortgage recast. Mortgage recast means you will pay a lump sum to reduce your loan balance. Since the loan terms and interest rate are unchanged, a mortgage recast effectively reduces your monthly payments moving forward.
Will mortgage recast save me money?
Yes, a mortgage recast will save you money on interest payments. Depending on the size of your lump sum payment and the remaining payment terms, a mortgage recast could save you thousands in interest payments.
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