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.

Comparison		Monthly Payment		Total Interest
Mortgage Recast Results
Recast Mortgage Balance:			$143,000.00
Monthly Payment:			$1,055.74
Total # Of Payments:			178
Start Date:			Mar, 2023
Payoff Date:			Dec, 2037
Total Interest Paid:			$44,921.10
Total Payment:			$187,921.10
Original Mortgage Vs. Mortgage Recast
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
Mar, 2023	1	$458.79	$596.94	$1,055.74	$142,403.06
Apr, 2023	2	$456.88	$598.86	$1,055.74	$141,804.20
May, 2023	3	$454.96	$600.78	$1,055.74	$141,203.41
Jun, 2023	4	$453.03	$602.71	$1,055.74	$140,600.70
Jul, 2023	5	$451.09	$604.64	$1,055.74	$139,996.06
Aug, 2023	6	$449.15	$606.58	$1,055.74	$139,389.48
Sep, 2023	7	$447.21	$608.53	$1,055.74	$138,780.95
Oct, 2023	8	$445.26	$610.48	$1,055.74	$138,170.47
Nov, 2023	9	$443.30	$612.44	$1,055.74	$137,558.03
Dec, 2023	10	$441.33	$614.40	$1,055.74	$136,943.63
Jan, 2024	11	$439.36	$616.38	$1,055.74	$136,327.25
Feb, 2024	12	$437.38	$618.35	$1,055.74	$135,708.90
Mar, 2024	13	$435.40	$620.34	$1,055.74	$135,088.56
Apr, 2024	14	$433.41	$622.33	$1,055.74	$134,466.23
May, 2024	15	$431.41	$624.32	$1,055.74	$133,841.91
Jun, 2024	16	$429.41	$626.33	$1,055.74	$133,215.58
Jul, 2024	17	$427.40	$628.34	$1,055.74	$132,587.24
Aug, 2024	18	$425.38	$630.35	$1,055.74	$131,956.89
Sep, 2024	19	$423.36	$632.37	$1,055.74	$131,324.52
Oct, 2024	20	$421.33	$634.40	$1,055.74	$130,690.11
Nov, 2024	21	$419.30	$636.44	$1,055.74	$130,053.67
Dec, 2024	22	$417.26	$638.48	$1,055.74	$129,415.19
Jan, 2025	23	$415.21	$640.53	$1,055.74	$128,774.66
Feb, 2025	24	$413.15	$642.58	$1,055.74	$128,132.08
Mar, 2025	25	$411.09	$644.65	$1,055.74	$127,487.43
Apr, 2025	26	$409.02	$646.71	$1,055.74	$126,840.72
May, 2025	27	$406.95	$648.79	$1,055.74	$126,191.93
Jun, 2025	28	$404.87	$650.87	$1,055.74	$125,541.06
Jul, 2025	29	$402.78	$652.96	$1,055.74	$124,888.10
Aug, 2025	30	$400.68	$655.05	$1,055.74	$124,233.05
Sep, 2025	31	$398.58	$657.16	$1,055.74	$123,575.89
Oct, 2025	32	$396.47	$659.26	$1,055.74	$122,916.63
Nov, 2025	33	$394.36	$661.38	$1,055.74	$122,255.25
Dec, 2025	34	$392.24	$663.50	$1,055.74	$121,591.75
Jan, 2026	35	$390.11	$665.63	$1,055.74	$120,926.12
Feb, 2026	36	$387.97	$667.77	$1,055.74	$120,258.35
Mar, 2026	37	$385.83	$669.91	$1,055.74	$119,588.44
Apr, 2026	38	$383.68	$672.06	$1,055.74	$118,916.39
May, 2026	39	$381.52	$674.21	$1,055.74	$118,242.17
Jun, 2026	40	$379.36	$676.38	$1,055.74	$117,565.80
Jul, 2026	41	$377.19	$678.55	$1,055.74	$116,887.25
Aug, 2026	42	$375.01	$680.72	$1,055.74	$116,206.53
Sep, 2026	43	$372.83	$682.91	$1,055.74	$115,523.62
Oct, 2026	44	$370.64	$685.10	$1,055.74	$114,838.52
Nov, 2026	45	$368.44	$687.30	$1,055.74	$114,151.23
Dec, 2026	46	$366.24	$689.50	$1,055.74	$113,461.73
Jan, 2027	47	$364.02	$691.71	$1,055.74	$112,770.01
Feb, 2027	48	$361.80	$693.93	$1,055.74	$112,076.08
Mar, 2027	49	$359.58	$696.16	$1,055.74	$111,379.92
Apr, 2027	50	$357.34	$698.39	$1,055.74	$110,681.53
May, 2027	51	$355.10	$700.63	$1,055.74	$109,980.89
Jun, 2027	52	$352.86	$702.88	$1,055.74	$109,278.01
Jul, 2027	53	$350.60	$705.14	$1,055.74	$108,572.88
Aug, 2027	54	$348.34	$707.40	$1,055.74	$107,865.48
Sep, 2027	55	$346.07	$709.67	$1,055.74	$107,155.81
Oct, 2027	56	$343.79	$711.94	$1,055.74	$106,443.86
Nov, 2027	57	$341.51	$714.23	$1,055.74	$105,729.64
Dec, 2027	58	$339.22	$716.52	$1,055.74	$105,013.12
Jan, 2028	59	$336.92	$718.82	$1,055.74	$104,294.30
Feb, 2028	60	$334.61	$721.13	$1,055.74	$103,573.17
Mar, 2028	61	$332.30	$723.44	$1,055.74	$102,849.73
Apr, 2028	62	$329.98	$725.76	$1,055.74	$102,123.97
May, 2028	63	$327.65	$728.09	$1,055.74	$101,395.88
Jun, 2028	64	$325.31	$730.42	$1,055.74	$100,665.46
Jul, 2028	65	$322.97	$732.77	$1,055.74	$99,932.69
Aug, 2028	66	$320.62	$735.12	$1,055.74	$99,197.57
Sep, 2028	67	$318.26	$737.48	$1,055.74	$98,460.09
Oct, 2028	68	$315.89	$739.84	$1,055.74	$97,720.25
Nov, 2028	69	$313.52	$742.22	$1,055.74	$96,978.03
Dec, 2028	70	$311.14	$744.60	$1,055.74	$96,233.43
Jan, 2029	71	$308.75	$746.99	$1,055.74	$95,486.44
Feb, 2029	72	$306.35	$749.38	$1,055.74	$94,737.06
Mar, 2029	73	$303.95	$751.79	$1,055.74	$93,985.27
Apr, 2029	74	$301.54	$754.20	$1,055.74	$93,231.07
May, 2029	75	$299.12	$756.62	$1,055.74	$92,474.45
Jun, 2029	76	$296.69	$759.05	$1,055.74	$91,715.40
Jul, 2029	77	$294.25	$761.48	$1,055.74	$90,953.92
Aug, 2029	78	$291.81	$763.93	$1,055.74	$90,189.99
Sep, 2029	79	$289.36	$766.38	$1,055.74	$89,423.62
Oct, 2029	80	$286.90	$768.84	$1,055.74	$88,654.78
Nov, 2029	81	$284.43	$771.30	$1,055.74	$87,883.48
Dec, 2029	82	$281.96	$773.78	$1,055.74	$87,109.70
Jan, 2030	83	$279.48	$776.26	$1,055.74	$86,333.44
Feb, 2030	84	$276.99	$778.75	$1,055.74	$85,554.69
Mar, 2030	85	$274.49	$781.25	$1,055.74	$84,773.44
Apr, 2030	86	$271.98	$783.76	$1,055.74	$83,989.69
May, 2030	87	$269.47	$786.27	$1,055.74	$83,203.42
Jun, 2030	88	$266.94	$788.79	$1,055.74	$82,414.63
Jul, 2030	89	$264.41	$791.32	$1,055.74	$81,623.30
Aug, 2030	90	$261.87	$793.86	$1,055.74	$80,829.44
Sep, 2030	91	$259.33	$796.41	$1,055.74	$80,033.03
Oct, 2030	92	$256.77	$798.96	$1,055.74	$79,234.07
Nov, 2030	93	$254.21	$801.53	$1,055.74	$78,432.54
Dec, 2030	94	$251.64	$804.10	$1,055.74	$77,628.44
Jan, 2031	95	$249.06	$806.68	$1,055.74	$76,821.76
Feb, 2031	96	$246.47	$809.27	$1,055.74	$76,012.50
Mar, 2031	97	$243.87	$811.86	$1,055.74	$75,200.64
Apr, 2031	98	$241.27	$814.47	$1,055.74	$74,386.17
May, 2031	99	$238.66	$817.08	$1,055.74	$73,569.09
Jun, 2031	100	$236.03	$819.70	$1,055.74	$72,749.38
Jul, 2031	101	$233.40	$822.33	$1,055.74	$71,927.05
Aug, 2031	102	$230.77	$824.97	$1,055.74	$71,102.08
Sep, 2031	103	$228.12	$827.62	$1,055.74	$70,274.46
Oct, 2031	104	$225.46	$830.27	$1,055.74	$69,444.19
Nov, 2031	105	$222.80	$832.94	$1,055.74	$68,611.25
Dec, 2031	106	$220.13	$835.61	$1,055.74	$67,775.65
Jan, 2032	107	$217.45	$838.29	$1,055.74	$66,937.36
Feb, 2032	108	$214.76	$840.98	$1,055.74	$66,096.38
Mar, 2032	109	$212.06	$843.68	$1,055.74	$65,252.70
Apr, 2032	110	$209.35	$846.38	$1,055.74	$64,406.32
May, 2032	111	$206.64	$849.10	$1,055.74	$63,557.22
Jun, 2032	112	$203.91	$851.82	$1,055.74	$62,705.39
Jul, 2032	113	$201.18	$854.56	$1,055.74	$61,850.84
Aug, 2032	114	$198.44	$857.30	$1,055.74	$60,993.54
Sep, 2032	115	$195.69	$860.05	$1,055.74	$60,133.49
Oct, 2032	116	$192.93	$862.81	$1,055.74	$59,270.68
Nov, 2032	117	$190.16	$865.58	$1,055.74	$58,405.10
Dec, 2032	118	$187.38	$868.35	$1,055.74	$57,536.75
Jan, 2033	119	$184.60	$871.14	$1,055.74	$56,665.61
Feb, 2033	120	$181.80	$873.93	$1,055.74	$55,791.68
Mar, 2033	121	$179.00	$876.74	$1,055.74	$54,914.94
Apr, 2033	122	$176.19	$879.55	$1,055.74	$54,035.39
May, 2033	123	$173.36	$882.37	$1,055.74	$53,153.01
Jun, 2033	124	$170.53	$885.20	$1,055.74	$52,267.81
Jul, 2033	125	$167.69	$888.04	$1,055.74	$51,379.77
Aug, 2033	126	$164.84	$890.89	$1,055.74	$50,488.87
Sep, 2033	127	$161.99	$893.75	$1,055.74	$49,595.12
Oct, 2033	128	$159.12	$896.62	$1,055.74	$48,698.50
Nov, 2033	129	$156.24	$899.50	$1,055.74	$47,799.01
Dec, 2033	130	$153.36	$902.38	$1,055.74	$46,896.63
Jan, 2034	131	$150.46	$905.28	$1,055.74	$45,991.35
Feb, 2034	132	$147.56	$908.18	$1,055.74	$45,083.17
Mar, 2034	133	$144.64	$911.09	$1,055.74	$44,172.07
Apr, 2034	134	$141.72	$914.02	$1,055.74	$43,258.06
May, 2034	135	$138.79	$916.95	$1,055.74	$42,341.11
Jun, 2034	136	$135.84	$919.89	$1,055.74	$41,421.21
Jul, 2034	137	$132.89	$922.84	$1,055.74	$40,498.37
Aug, 2034	138	$129.93	$925.80	$1,055.74	$39,572.57
Sep, 2034	139	$126.96	$928.77	$1,055.74	$38,643.79
Oct, 2034	140	$123.98	$931.75	$1,055.74	$37,712.04
Nov, 2034	141	$120.99	$934.74	$1,055.74	$36,777.29
Dec, 2034	142	$117.99	$937.74	$1,055.74	$35,839.55
Jan, 2035	143	$114.99	$940.75	$1,055.74	$34,898.80
Feb, 2035	144	$111.97	$943.77	$1,055.74	$33,955.03
Mar, 2035	145	$108.94	$946.80	$1,055.74	$33,008.23
Apr, 2035	146	$105.90	$949.84	$1,055.74	$32,058.40
May, 2035	147	$102.85	$952.88	$1,055.74	$31,105.51
Jun, 2035	148	$99.80	$955.94	$1,055.74	$30,149.57
Jul, 2035	149	$96.73	$959.01	$1,055.74	$29,190.57
Aug, 2035	150	$93.65	$962.08	$1,055.74	$28,228.48
Sep, 2035	151	$90.57	$965.17	$1,055.74	$27,263.31
Oct, 2035	152	$87.47	$968.27	$1,055.74	$26,295.05
Nov, 2035	153	$84.36	$971.37	$1,055.74	$25,323.67
Dec, 2035	154	$81.25	$974.49	$1,055.74	$24,349.18
Jan, 2036	155	$78.12	$977.62	$1,055.74	$23,371.57
Feb, 2036	156	$74.98	$980.75	$1,055.74	$22,390.81
Mar, 2036	157	$71.84	$983.90	$1,055.74	$21,406.92
Apr, 2036	158	$68.68	$987.06	$1,055.74	$20,419.86
May, 2036	159	$65.51	$990.22	$1,055.74	$19,429.64
Jun, 2036	160	$62.34	$993.40	$1,055.74	$18,436.24
Jul, 2036	161	$59.15	$996.59	$1,055.74	$17,439.65
Aug, 2036	162	$55.95	$999.78	$1,055.74	$16,439.87
Sep, 2036	163	$52.74	$1,002.99	$1,055.74	$15,436.87
Oct, 2036	164	$49.53	$1,006.21	$1,055.74	$14,430.66
Nov, 2036	165	$46.30	$1,009.44	$1,055.74	$13,421.23
Dec, 2036	166	$43.06	$1,012.68	$1,055.74	$12,408.55
Jan, 2037	167	$39.81	$1,015.93	$1,055.74	$11,392.62
Feb, 2037	168	$36.55	$1,019.19	$1,055.74	$10,373.44
Mar, 2037	169	$33.28	$1,022.46	$1,055.74	$9,350.98
Apr, 2037	170	$30.00	$1,025.74	$1,055.74	$8,325.25
May, 2037	171	$26.71	$1,029.03	$1,055.74	$7,296.22
Jun, 2037	172	$23.41	$1,032.33	$1,055.74	$6,263.89
Jul, 2037	173	$20.10	$1,035.64	$1,055.74	$5,228.25
Aug, 2037	174	$16.77	$1,038.96	$1,055.74	$4,189.29
Sep, 2037	175	$13.44	$1,042.30	$1,055.74	$3,146.99
Oct, 2037	176	$10.10	$1,045.64	$1,055.74	$2,101.35
Nov, 2037	177	$6.74	$1,048.99	$1,055.74	$1,052.36
Dec, 2037	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.

	Recasting	Refinancing
Mortgage Recasting Vs. Mortgage 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.

Recasting Calculator
Remaining Balance	$
Interest Rate
Current Monthly Payment	$
Recasting Payment	$
Recasting Cost	$