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
Loan Recast Calculator
Recast Mortgage Balance:			$143,000.00
Monthly Payment:			$1,055.74
Total # Of Payments:			178
Start Date:			Dec, 2023
Payoff Date:			Sep, 2038
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
Dec, 2023	1	$458.79	$596.94	$1,055.74	$142,403.06
Jan, 2024	2	$456.88	$598.86	$1,055.74	$141,804.20
Feb, 2024	3	$454.96	$600.78	$1,055.74	$141,203.41
Mar, 2024	4	$453.03	$602.71	$1,055.74	$140,600.70
Apr, 2024	5	$451.09	$604.64	$1,055.74	$139,996.06
May, 2024	6	$449.15	$606.58	$1,055.74	$139,389.48
Jun, 2024	7	$447.21	$608.53	$1,055.74	$138,780.95
Jul, 2024	8	$445.26	$610.48	$1,055.74	$138,170.47
Aug, 2024	9	$443.30	$612.44	$1,055.74	$137,558.03
Sep, 2024	10	$441.33	$614.40	$1,055.74	$136,943.63
Oct, 2024	11	$439.36	$616.38	$1,055.74	$136,327.25
Nov, 2024	12	$437.38	$618.35	$1,055.74	$135,708.90
Dec, 2024	13	$435.40	$620.34	$1,055.74	$135,088.56
Jan, 2025	14	$433.41	$622.33	$1,055.74	$134,466.23
Feb, 2025	15	$431.41	$624.32	$1,055.74	$133,841.91
Mar, 2025	16	$429.41	$626.33	$1,055.74	$133,215.58
Apr, 2025	17	$427.40	$628.34	$1,055.74	$132,587.24
May, 2025	18	$425.38	$630.35	$1,055.74	$131,956.89
Jun, 2025	19	$423.36	$632.37	$1,055.74	$131,324.52
Jul, 2025	20	$421.33	$634.40	$1,055.74	$130,690.11
Aug, 2025	21	$419.30	$636.44	$1,055.74	$130,053.67
Sep, 2025	22	$417.26	$638.48	$1,055.74	$129,415.19
Oct, 2025	23	$415.21	$640.53	$1,055.74	$128,774.66
Nov, 2025	24	$413.15	$642.58	$1,055.74	$128,132.08
Dec, 2025	25	$411.09	$644.65	$1,055.74	$127,487.43
Jan, 2026	26	$409.02	$646.71	$1,055.74	$126,840.72
Feb, 2026	27	$406.95	$648.79	$1,055.74	$126,191.93
Mar, 2026	28	$404.87	$650.87	$1,055.74	$125,541.06
Apr, 2026	29	$402.78	$652.96	$1,055.74	$124,888.10
May, 2026	30	$400.68	$655.05	$1,055.74	$124,233.05
Jun, 2026	31	$398.58	$657.16	$1,055.74	$123,575.89
Jul, 2026	32	$396.47	$659.26	$1,055.74	$122,916.63
Aug, 2026	33	$394.36	$661.38	$1,055.74	$122,255.25
Sep, 2026	34	$392.24	$663.50	$1,055.74	$121,591.75
Oct, 2026	35	$390.11	$665.63	$1,055.74	$120,926.12
Nov, 2026	36	$387.97	$667.77	$1,055.74	$120,258.35
Dec, 2026	37	$385.83	$669.91	$1,055.74	$119,588.44
Jan, 2027	38	$383.68	$672.06	$1,055.74	$118,916.39
Feb, 2027	39	$381.52	$674.21	$1,055.74	$118,242.17
Mar, 2027	40	$379.36	$676.38	$1,055.74	$117,565.80
Apr, 2027	41	$377.19	$678.55	$1,055.74	$116,887.25
May, 2027	42	$375.01	$680.72	$1,055.74	$116,206.53
Jun, 2027	43	$372.83	$682.91	$1,055.74	$115,523.62
Jul, 2027	44	$370.64	$685.10	$1,055.74	$114,838.52
Aug, 2027	45	$368.44	$687.30	$1,055.74	$114,151.23
Sep, 2027	46	$366.24	$689.50	$1,055.74	$113,461.73
Oct, 2027	47	$364.02	$691.71	$1,055.74	$112,770.01
Nov, 2027	48	$361.80	$693.93	$1,055.74	$112,076.08
Dec, 2027	49	$359.58	$696.16	$1,055.74	$111,379.92
Jan, 2028	50	$357.34	$698.39	$1,055.74	$110,681.53
Feb, 2028	51	$355.10	$700.63	$1,055.74	$109,980.89
Mar, 2028	52	$352.86	$702.88	$1,055.74	$109,278.01
Apr, 2028	53	$350.60	$705.14	$1,055.74	$108,572.88
May, 2028	54	$348.34	$707.40	$1,055.74	$107,865.48
Jun, 2028	55	$346.07	$709.67	$1,055.74	$107,155.81
Jul, 2028	56	$343.79	$711.94	$1,055.74	$106,443.86
Aug, 2028	57	$341.51	$714.23	$1,055.74	$105,729.64
Sep, 2028	58	$339.22	$716.52	$1,055.74	$105,013.12
Oct, 2028	59	$336.92	$718.82	$1,055.74	$104,294.30
Nov, 2028	60	$334.61	$721.13	$1,055.74	$103,573.17
Dec, 2028	61	$332.30	$723.44	$1,055.74	$102,849.73
Jan, 2029	62	$329.98	$725.76	$1,055.74	$102,123.97
Feb, 2029	63	$327.65	$728.09	$1,055.74	$101,395.88
Mar, 2029	64	$325.31	$730.42	$1,055.74	$100,665.46
Apr, 2029	65	$322.97	$732.77	$1,055.74	$99,932.69
May, 2029	66	$320.62	$735.12	$1,055.74	$99,197.57
Jun, 2029	67	$318.26	$737.48	$1,055.74	$98,460.09
Jul, 2029	68	$315.89	$739.84	$1,055.74	$97,720.25
Aug, 2029	69	$313.52	$742.22	$1,055.74	$96,978.03
Sep, 2029	70	$311.14	$744.60	$1,055.74	$96,233.43
Oct, 2029	71	$308.75	$746.99	$1,055.74	$95,486.44
Nov, 2029	72	$306.35	$749.38	$1,055.74	$94,737.06
Dec, 2029	73	$303.95	$751.79	$1,055.74	$93,985.27
Jan, 2030	74	$301.54	$754.20	$1,055.74	$93,231.07
Feb, 2030	75	$299.12	$756.62	$1,055.74	$92,474.45
Mar, 2030	76	$296.69	$759.05	$1,055.74	$91,715.40
Apr, 2030	77	$294.25	$761.48	$1,055.74	$90,953.92
May, 2030	78	$291.81	$763.93	$1,055.74	$90,189.99
Jun, 2030	79	$289.36	$766.38	$1,055.74	$89,423.62
Jul, 2030	80	$286.90	$768.84	$1,055.74	$88,654.78
Aug, 2030	81	$284.43	$771.30	$1,055.74	$87,883.48
Sep, 2030	82	$281.96	$773.78	$1,055.74	$87,109.70
Oct, 2030	83	$279.48	$776.26	$1,055.74	$86,333.44
Nov, 2030	84	$276.99	$778.75	$1,055.74	$85,554.69
Dec, 2030	85	$274.49	$781.25	$1,055.74	$84,773.44
Jan, 2031	86	$271.98	$783.76	$1,055.74	$83,989.69
Feb, 2031	87	$269.47	$786.27	$1,055.74	$83,203.42
Mar, 2031	88	$266.94	$788.79	$1,055.74	$82,414.63
Apr, 2031	89	$264.41	$791.32	$1,055.74	$81,623.30
May, 2031	90	$261.87	$793.86	$1,055.74	$80,829.44
Jun, 2031	91	$259.33	$796.41	$1,055.74	$80,033.03
Jul, 2031	92	$256.77	$798.96	$1,055.74	$79,234.07
Aug, 2031	93	$254.21	$801.53	$1,055.74	$78,432.54
Sep, 2031	94	$251.64	$804.10	$1,055.74	$77,628.44
Oct, 2031	95	$249.06	$806.68	$1,055.74	$76,821.76
Nov, 2031	96	$246.47	$809.27	$1,055.74	$76,012.50
Dec, 2031	97	$243.87	$811.86	$1,055.74	$75,200.64
Jan, 2032	98	$241.27	$814.47	$1,055.74	$74,386.17
Feb, 2032	99	$238.66	$817.08	$1,055.74	$73,569.09
Mar, 2032	100	$236.03	$819.70	$1,055.74	$72,749.38
Apr, 2032	101	$233.40	$822.33	$1,055.74	$71,927.05
May, 2032	102	$230.77	$824.97	$1,055.74	$71,102.08
Jun, 2032	103	$228.12	$827.62	$1,055.74	$70,274.46
Jul, 2032	104	$225.46	$830.27	$1,055.74	$69,444.19
Aug, 2032	105	$222.80	$832.94	$1,055.74	$68,611.25
Sep, 2032	106	$220.13	$835.61	$1,055.74	$67,775.65
Oct, 2032	107	$217.45	$838.29	$1,055.74	$66,937.36
Nov, 2032	108	$214.76	$840.98	$1,055.74	$66,096.38
Dec, 2032	109	$212.06	$843.68	$1,055.74	$65,252.70
Jan, 2033	110	$209.35	$846.38	$1,055.74	$64,406.32
Feb, 2033	111	$206.64	$849.10	$1,055.74	$63,557.22
Mar, 2033	112	$203.91	$851.82	$1,055.74	$62,705.39
Apr, 2033	113	$201.18	$854.56	$1,055.74	$61,850.84
May, 2033	114	$198.44	$857.30	$1,055.74	$60,993.54
Jun, 2033	115	$195.69	$860.05	$1,055.74	$60,133.49
Jul, 2033	116	$192.93	$862.81	$1,055.74	$59,270.68
Aug, 2033	117	$190.16	$865.58	$1,055.74	$58,405.10
Sep, 2033	118	$187.38	$868.35	$1,055.74	$57,536.75
Oct, 2033	119	$184.60	$871.14	$1,055.74	$56,665.61
Nov, 2033	120	$181.80	$873.93	$1,055.74	$55,791.68
Dec, 2033	121	$179.00	$876.74	$1,055.74	$54,914.94
Jan, 2034	122	$176.19	$879.55	$1,055.74	$54,035.39
Feb, 2034	123	$173.36	$882.37	$1,055.74	$53,153.01
Mar, 2034	124	$170.53	$885.20	$1,055.74	$52,267.81
Apr, 2034	125	$167.69	$888.04	$1,055.74	$51,379.77
May, 2034	126	$164.84	$890.89	$1,055.74	$50,488.87
Jun, 2034	127	$161.99	$893.75	$1,055.74	$49,595.12
Jul, 2034	128	$159.12	$896.62	$1,055.74	$48,698.50
Aug, 2034	129	$156.24	$899.50	$1,055.74	$47,799.01
Sep, 2034	130	$153.36	$902.38	$1,055.74	$46,896.63
Oct, 2034	131	$150.46	$905.28	$1,055.74	$45,991.35
Nov, 2034	132	$147.56	$908.18	$1,055.74	$45,083.17
Dec, 2034	133	$144.64	$911.09	$1,055.74	$44,172.07
Jan, 2035	134	$141.72	$914.02	$1,055.74	$43,258.06
Feb, 2035	135	$138.79	$916.95	$1,055.74	$42,341.11
Mar, 2035	136	$135.84	$919.89	$1,055.74	$41,421.21
Apr, 2035	137	$132.89	$922.84	$1,055.74	$40,498.37
May, 2035	138	$129.93	$925.80	$1,055.74	$39,572.57
Jun, 2035	139	$126.96	$928.77	$1,055.74	$38,643.79
Jul, 2035	140	$123.98	$931.75	$1,055.74	$37,712.04
Aug, 2035	141	$120.99	$934.74	$1,055.74	$36,777.29
Sep, 2035	142	$117.99	$937.74	$1,055.74	$35,839.55
Oct, 2035	143	$114.99	$940.75	$1,055.74	$34,898.80
Nov, 2035	144	$111.97	$943.77	$1,055.74	$33,955.03
Dec, 2035	145	$108.94	$946.80	$1,055.74	$33,008.23
Jan, 2036	146	$105.90	$949.84	$1,055.74	$32,058.40
Feb, 2036	147	$102.85	$952.88	$1,055.74	$31,105.51
Mar, 2036	148	$99.80	$955.94	$1,055.74	$30,149.57
Apr, 2036	149	$96.73	$959.01	$1,055.74	$29,190.57
May, 2036	150	$93.65	$962.08	$1,055.74	$28,228.48
Jun, 2036	151	$90.57	$965.17	$1,055.74	$27,263.31
Jul, 2036	152	$87.47	$968.27	$1,055.74	$26,295.05
Aug, 2036	153	$84.36	$971.37	$1,055.74	$25,323.67
Sep, 2036	154	$81.25	$974.49	$1,055.74	$24,349.18
Oct, 2036	155	$78.12	$977.62	$1,055.74	$23,371.57
Nov, 2036	156	$74.98	$980.75	$1,055.74	$22,390.81
Dec, 2036	157	$71.84	$983.90	$1,055.74	$21,406.92
Jan, 2037	158	$68.68	$987.06	$1,055.74	$20,419.86
Feb, 2037	159	$65.51	$990.22	$1,055.74	$19,429.64
Mar, 2037	160	$62.34	$993.40	$1,055.74	$18,436.24
Apr, 2037	161	$59.15	$996.59	$1,055.74	$17,439.65
May, 2037	162	$55.95	$999.78	$1,055.74	$16,439.87
Jun, 2037	163	$52.74	$1,002.99	$1,055.74	$15,436.87
Jul, 2037	164	$49.53	$1,006.21	$1,055.74	$14,430.66
Aug, 2037	165	$46.30	$1,009.44	$1,055.74	$13,421.23
Sep, 2037	166	$43.06	$1,012.68	$1,055.74	$12,408.55
Oct, 2037	167	$39.81	$1,015.93	$1,055.74	$11,392.62
Nov, 2037	168	$36.55	$1,019.19	$1,055.74	$10,373.44
Dec, 2037	169	$33.28	$1,022.46	$1,055.74	$9,350.98
Jan, 2038	170	$30.00	$1,025.74	$1,055.74	$8,325.25
Feb, 2038	171	$26.71	$1,029.03	$1,055.74	$7,296.22
Mar, 2038	172	$23.41	$1,032.33	$1,055.74	$6,263.89
Apr, 2038	173	$20.10	$1,035.64	$1,055.74	$5,228.25
May, 2038	174	$16.77	$1,038.96	$1,055.74	$4,189.29
Jun, 2038	175	$13.44	$1,042.30	$1,055.74	$3,146.99
Jul, 2038	176	$10.10	$1,045.64	$1,055.74	$2,101.35
Aug, 2038	177	$6.74	$1,048.99	$1,055.74	$1,052.36
Sep, 2038	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.

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