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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.

Recasting Calculator

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


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

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
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.

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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