Home Equity Rates Mortgage Rates

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:			Jul, 2025
Payoff Date:			Apr, 2040
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
Jul, 2025	1	$458.79	$596.94	$1,055.74	$142,403.06
Aug, 2025	2	$456.88	$598.86	$1,055.74	$141,804.20
Sep, 2025	3	$454.96	$600.78	$1,055.74	$141,203.41
Oct, 2025	4	$453.03	$602.71	$1,055.74	$140,600.70
Nov, 2025	5	$451.09	$604.64	$1,055.74	$139,996.06
Dec, 2025	6	$449.15	$606.58	$1,055.74	$139,389.48
Jan, 2026	7	$447.21	$608.53	$1,055.74	$138,780.95
Feb, 2026	8	$445.26	$610.48	$1,055.74	$138,170.47
Mar, 2026	9	$443.30	$612.44	$1,055.74	$137,558.03
Apr, 2026	10	$441.33	$614.40	$1,055.74	$136,943.63
May, 2026	11	$439.36	$616.38	$1,055.74	$136,327.25
Jun, 2026	12	$437.38	$618.35	$1,055.74	$135,708.90
Jul, 2026	13	$435.40	$620.34	$1,055.74	$135,088.56
Aug, 2026	14	$433.41	$622.33	$1,055.74	$134,466.23
Sep, 2026	15	$431.41	$624.32	$1,055.74	$133,841.91
Oct, 2026	16	$429.41	$626.33	$1,055.74	$133,215.58
Nov, 2026	17	$427.40	$628.34	$1,055.74	$132,587.24
Dec, 2026	18	$425.38	$630.35	$1,055.74	$131,956.89
Jan, 2027	19	$423.36	$632.37	$1,055.74	$131,324.52
Feb, 2027	20	$421.33	$634.40	$1,055.74	$130,690.11
Mar, 2027	21	$419.30	$636.44	$1,055.74	$130,053.67
Apr, 2027	22	$417.26	$638.48	$1,055.74	$129,415.19
May, 2027	23	$415.21	$640.53	$1,055.74	$128,774.66
Jun, 2027	24	$413.15	$642.58	$1,055.74	$128,132.08
Jul, 2027	25	$411.09	$644.65	$1,055.74	$127,487.43
Aug, 2027	26	$409.02	$646.71	$1,055.74	$126,840.72
Sep, 2027	27	$406.95	$648.79	$1,055.74	$126,191.93
Oct, 2027	28	$404.87	$650.87	$1,055.74	$125,541.06
Nov, 2027	29	$402.78	$652.96	$1,055.74	$124,888.10
Dec, 2027	30	$400.68	$655.05	$1,055.74	$124,233.05
Jan, 2028	31	$398.58	$657.16	$1,055.74	$123,575.89
Feb, 2028	32	$396.47	$659.26	$1,055.74	$122,916.63
Mar, 2028	33	$394.36	$661.38	$1,055.74	$122,255.25
Apr, 2028	34	$392.24	$663.50	$1,055.74	$121,591.75
May, 2028	35	$390.11	$665.63	$1,055.74	$120,926.12
Jun, 2028	36	$387.97	$667.77	$1,055.74	$120,258.35
Jul, 2028	37	$385.83	$669.91	$1,055.74	$119,588.44
Aug, 2028	38	$383.68	$672.06	$1,055.74	$118,916.39
Sep, 2028	39	$381.52	$674.21	$1,055.74	$118,242.17
Oct, 2028	40	$379.36	$676.38	$1,055.74	$117,565.80
Nov, 2028	41	$377.19	$678.55	$1,055.74	$116,887.25
Dec, 2028	42	$375.01	$680.72	$1,055.74	$116,206.53
Jan, 2029	43	$372.83	$682.91	$1,055.74	$115,523.62
Feb, 2029	44	$370.64	$685.10	$1,055.74	$114,838.52
Mar, 2029	45	$368.44	$687.30	$1,055.74	$114,151.23
Apr, 2029	46	$366.24	$689.50	$1,055.74	$113,461.73
May, 2029	47	$364.02	$691.71	$1,055.74	$112,770.01
Jun, 2029	48	$361.80	$693.93	$1,055.74	$112,076.08
Jul, 2029	49	$359.58	$696.16	$1,055.74	$111,379.92
Aug, 2029	50	$357.34	$698.39	$1,055.74	$110,681.53
Sep, 2029	51	$355.10	$700.63	$1,055.74	$109,980.89
Oct, 2029	52	$352.86	$702.88	$1,055.74	$109,278.01
Nov, 2029	53	$350.60	$705.14	$1,055.74	$108,572.88
Dec, 2029	54	$348.34	$707.40	$1,055.74	$107,865.48
Jan, 2030	55	$346.07	$709.67	$1,055.74	$107,155.81
Feb, 2030	56	$343.79	$711.94	$1,055.74	$106,443.86
Mar, 2030	57	$341.51	$714.23	$1,055.74	$105,729.64
Apr, 2030	58	$339.22	$716.52	$1,055.74	$105,013.12
May, 2030	59	$336.92	$718.82	$1,055.74	$104,294.30
Jun, 2030	60	$334.61	$721.13	$1,055.74	$103,573.17
Jul, 2030	61	$332.30	$723.44	$1,055.74	$102,849.73
Aug, 2030	62	$329.98	$725.76	$1,055.74	$102,123.97
Sep, 2030	63	$327.65	$728.09	$1,055.74	$101,395.88
Oct, 2030	64	$325.31	$730.42	$1,055.74	$100,665.46
Nov, 2030	65	$322.97	$732.77	$1,055.74	$99,932.69
Dec, 2030	66	$320.62	$735.12	$1,055.74	$99,197.57
Jan, 2031	67	$318.26	$737.48	$1,055.74	$98,460.09
Feb, 2031	68	$315.89	$739.84	$1,055.74	$97,720.25
Mar, 2031	69	$313.52	$742.22	$1,055.74	$96,978.03
Apr, 2031	70	$311.14	$744.60	$1,055.74	$96,233.43
May, 2031	71	$308.75	$746.99	$1,055.74	$95,486.44
Jun, 2031	72	$306.35	$749.38	$1,055.74	$94,737.06
Jul, 2031	73	$303.95	$751.79	$1,055.74	$93,985.27
Aug, 2031	74	$301.54	$754.20	$1,055.74	$93,231.07
Sep, 2031	75	$299.12	$756.62	$1,055.74	$92,474.45
Oct, 2031	76	$296.69	$759.05	$1,055.74	$91,715.40
Nov, 2031	77	$294.25	$761.48	$1,055.74	$90,953.92
Dec, 2031	78	$291.81	$763.93	$1,055.74	$90,189.99
Jan, 2032	79	$289.36	$766.38	$1,055.74	$89,423.62
Feb, 2032	80	$286.90	$768.84	$1,055.74	$88,654.78
Mar, 2032	81	$284.43	$771.30	$1,055.74	$87,883.48
Apr, 2032	82	$281.96	$773.78	$1,055.74	$87,109.70
May, 2032	83	$279.48	$776.26	$1,055.74	$86,333.44
Jun, 2032	84	$276.99	$778.75	$1,055.74	$85,554.69
Jul, 2032	85	$274.49	$781.25	$1,055.74	$84,773.44
Aug, 2032	86	$271.98	$783.76	$1,055.74	$83,989.69
Sep, 2032	87	$269.47	$786.27	$1,055.74	$83,203.42
Oct, 2032	88	$266.94	$788.79	$1,055.74	$82,414.63
Nov, 2032	89	$264.41	$791.32	$1,055.74	$81,623.30
Dec, 2032	90	$261.87	$793.86	$1,055.74	$80,829.44
Jan, 2033	91	$259.33	$796.41	$1,055.74	$80,033.03
Feb, 2033	92	$256.77	$798.96	$1,055.74	$79,234.07
Mar, 2033	93	$254.21	$801.53	$1,055.74	$78,432.54
Apr, 2033	94	$251.64	$804.10	$1,055.74	$77,628.44
May, 2033	95	$249.06	$806.68	$1,055.74	$76,821.76
Jun, 2033	96	$246.47	$809.27	$1,055.74	$76,012.50
Jul, 2033	97	$243.87	$811.86	$1,055.74	$75,200.64
Aug, 2033	98	$241.27	$814.47	$1,055.74	$74,386.17
Sep, 2033	99	$238.66	$817.08	$1,055.74	$73,569.09
Oct, 2033	100	$236.03	$819.70	$1,055.74	$72,749.38
Nov, 2033	101	$233.40	$822.33	$1,055.74	$71,927.05
Dec, 2033	102	$230.77	$824.97	$1,055.74	$71,102.08
Jan, 2034	103	$228.12	$827.62	$1,055.74	$70,274.46
Feb, 2034	104	$225.46	$830.27	$1,055.74	$69,444.19
Mar, 2034	105	$222.80	$832.94	$1,055.74	$68,611.25
Apr, 2034	106	$220.13	$835.61	$1,055.74	$67,775.65
May, 2034	107	$217.45	$838.29	$1,055.74	$66,937.36
Jun, 2034	108	$214.76	$840.98	$1,055.74	$66,096.38
Jul, 2034	109	$212.06	$843.68	$1,055.74	$65,252.70
Aug, 2034	110	$209.35	$846.38	$1,055.74	$64,406.32
Sep, 2034	111	$206.64	$849.10	$1,055.74	$63,557.22
Oct, 2034	112	$203.91	$851.82	$1,055.74	$62,705.39
Nov, 2034	113	$201.18	$854.56	$1,055.74	$61,850.84
Dec, 2034	114	$198.44	$857.30	$1,055.74	$60,993.54
Jan, 2035	115	$195.69	$860.05	$1,055.74	$60,133.49
Feb, 2035	116	$192.93	$862.81	$1,055.74	$59,270.68
Mar, 2035	117	$190.16	$865.58	$1,055.74	$58,405.10
Apr, 2035	118	$187.38	$868.35	$1,055.74	$57,536.75
May, 2035	119	$184.60	$871.14	$1,055.74	$56,665.61
Jun, 2035	120	$181.80	$873.93	$1,055.74	$55,791.68
Jul, 2035	121	$179.00	$876.74	$1,055.74	$54,914.94
Aug, 2035	122	$176.19	$879.55	$1,055.74	$54,035.39
Sep, 2035	123	$173.36	$882.37	$1,055.74	$53,153.01
Oct, 2035	124	$170.53	$885.20	$1,055.74	$52,267.81
Nov, 2035	125	$167.69	$888.04	$1,055.74	$51,379.77
Dec, 2035	126	$164.84	$890.89	$1,055.74	$50,488.87
Jan, 2036	127	$161.99	$893.75	$1,055.74	$49,595.12
Feb, 2036	128	$159.12	$896.62	$1,055.74	$48,698.50
Mar, 2036	129	$156.24	$899.50	$1,055.74	$47,799.01
Apr, 2036	130	$153.36	$902.38	$1,055.74	$46,896.63
May, 2036	131	$150.46	$905.28	$1,055.74	$45,991.35
Jun, 2036	132	$147.56	$908.18	$1,055.74	$45,083.17
Jul, 2036	133	$144.64	$911.09	$1,055.74	$44,172.07
Aug, 2036	134	$141.72	$914.02	$1,055.74	$43,258.06
Sep, 2036	135	$138.79	$916.95	$1,055.74	$42,341.11
Oct, 2036	136	$135.84	$919.89	$1,055.74	$41,421.21
Nov, 2036	137	$132.89	$922.84	$1,055.74	$40,498.37
Dec, 2036	138	$129.93	$925.80	$1,055.74	$39,572.57
Jan, 2037	139	$126.96	$928.77	$1,055.74	$38,643.79
Feb, 2037	140	$123.98	$931.75	$1,055.74	$37,712.04
Mar, 2037	141	$120.99	$934.74	$1,055.74	$36,777.29
Apr, 2037	142	$117.99	$937.74	$1,055.74	$35,839.55
May, 2037	143	$114.99	$940.75	$1,055.74	$34,898.80
Jun, 2037	144	$111.97	$943.77	$1,055.74	$33,955.03
Jul, 2037	145	$108.94	$946.80	$1,055.74	$33,008.23
Aug, 2037	146	$105.90	$949.84	$1,055.74	$32,058.40
Sep, 2037	147	$102.85	$952.88	$1,055.74	$31,105.51
Oct, 2037	148	$99.80	$955.94	$1,055.74	$30,149.57
Nov, 2037	149	$96.73	$959.01	$1,055.74	$29,190.57
Dec, 2037	150	$93.65	$962.08	$1,055.74	$28,228.48
Jan, 2038	151	$90.57	$965.17	$1,055.74	$27,263.31
Feb, 2038	152	$87.47	$968.27	$1,055.74	$26,295.05
Mar, 2038	153	$84.36	$971.37	$1,055.74	$25,323.67
Apr, 2038	154	$81.25	$974.49	$1,055.74	$24,349.18
May, 2038	155	$78.12	$977.62	$1,055.74	$23,371.57
Jun, 2038	156	$74.98	$980.75	$1,055.74	$22,390.81
Jul, 2038	157	$71.84	$983.90	$1,055.74	$21,406.92
Aug, 2038	158	$68.68	$987.06	$1,055.74	$20,419.86
Sep, 2038	159	$65.51	$990.22	$1,055.74	$19,429.64
Oct, 2038	160	$62.34	$993.40	$1,055.74	$18,436.24
Nov, 2038	161	$59.15	$996.59	$1,055.74	$17,439.65
Dec, 2038	162	$55.95	$999.78	$1,055.74	$16,439.87
Jan, 2039	163	$52.74	$1,002.99	$1,055.74	$15,436.87
Feb, 2039	164	$49.53	$1,006.21	$1,055.74	$14,430.66
Mar, 2039	165	$46.30	$1,009.44	$1,055.74	$13,421.23
Apr, 2039	166	$43.06	$1,012.68	$1,055.74	$12,408.55
May, 2039	167	$39.81	$1,015.93	$1,055.74	$11,392.62
Jun, 2039	168	$36.55	$1,019.19	$1,055.74	$10,373.44
Jul, 2039	169	$33.28	$1,022.46	$1,055.74	$9,350.98
Aug, 2039	170	$30.00	$1,025.74	$1,055.74	$8,325.25
Sep, 2039	171	$26.71	$1,029.03	$1,055.74	$7,296.22
Oct, 2039	172	$23.41	$1,032.33	$1,055.74	$6,263.89
Nov, 2039	173	$20.10	$1,035.64	$1,055.74	$5,228.25
Dec, 2039	174	$16.77	$1,038.96	$1,055.74	$4,189.29
Jan, 2040	175	$13.44	$1,042.30	$1,055.74	$3,146.99
Feb, 2040	176	$10.10	$1,045.64	$1,055.74	$2,101.35
Mar, 2040	177	$6.74	$1,048.99	$1,055.74	$1,052.36
Apr, 2040	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	$