Finance category
Mortgage, loan, investing, tax, and money calculators.
Mortgage Recast Calculator
Model what happens when you apply a lump-sum payment to your mortgage and have the lender re-amortize it. See the new payment at the same rate and term, plus how much faster you could pay off the loan by keeping the old payment instead.
New monthly payment
$2,508.48
Monthly savings
$264.05
Lifetime interest saved
$43,968.20
New balance after lump
$380,000.00
Recast: lower payment path
Current payment
$2,772.53
New payment
$2,508.48
Interest before recast
$461,666.08
Interest after recast
$417,697.89
A recast re-amortizes the loan at the same rate and term on a smaller balance, which is why the payment drops but the payoff date does not move.
Keep the old payment: faster payoff path
Months saved
5 years, 6 months
Interest saved
$145,534.61
Recast fee
$250.00
Remaining term
26 years, 6 months
Working rule
A recast lowers the monthly payment without resetting the loan. Keeping the old payment instead can shave years off the loan with no refinance.
EveryCalc calculators are designed for fast, practical estimates with transparent inputs and no required account. We use plain formulas, visible assumptions, and related tools so visitors can check the result from more than one angle.
Results are informational only. For financial, tax, legal, medical, construction, or other high-impact decisions, verify the output against primary sources or a qualified professional.
Learn more about our review process on the EveryCalc methodology page.
How this calculator works
What this page estimates
This Mortgage Recast Calculator is built to give a quick, browser-based estimate for mortgage recast. Model what happens when you apply a lump-sum payment to your mortgage and have the lender re-amortize it. See the new payment at the same rate and term, plus how much faster you could pay off the loan by keeping the old payment instead. The inputs stay on the page during normal use, and the result should be treated as an estimate for planning, comparison, or education rather than professional advice.
Calculation approach
The calculator applies the standard relationship implied by the inputs, then formats the answer so it can be checked and reused. For finance tools, the most important step is using consistent units, rates, time periods, and assumptions before comparing the result with another calculator or outside quote.
Example workflow
For example, start with a realistic value you already know, change one input at a time, and watch how the answer moves. That makes it easier to tell whether the result is being driven by the main amount, the rate, the time period, or a unit conversion.
Practical checks
- Use current, real-world numbers when the result affects money, health, tax, or legal decisions.
- Run a low, base, and high case when the inputs are estimates.
- Check the related calculators below when the next decision depends on a different assumption.
How to interpret the mortgage recast result
Best use
Use the result as a planning number for comparing payments, rates, returns, tax reserves, or cash-flow choices before you request a quote or make a commitment.
Cross-check
Compare the answer with the contract, lender estimate, tax form, brokerage statement, payroll record, or invoice that will control the real-world outcome.
Watch for
Do not rely on a single optimistic rate, return, or fee assumption. Money pages work best when you run low, base, and high cases and keep professional advice separate from the estimate.
This page belongs to the Finance calculator library, so the answer should be read in the context of the decision you are modeling rather than as a universal rule.
Before relying on this mortgage recast estimate
Most calculator mistakes come from the inputs, not the arithmetic. Use this short audit before you reuse the answer in a spreadsheet, quote, application, or important conversation.
Confirm source numbers
Match balances, rates, fees, taxes, income, and payment dates against the lender quote, payroll record, tax form, statement, invoice, or contract.
Separate cash flow from total cost
A lower monthly payment can still cost more over time if fees, interest, taxes, or a longer term are hidden in the structure.
Run conservative cases
Test at least one higher-cost or lower-return case before using the output for a purchase, refinance, investment, loan, or tax decision.
Rerun this page when the rate, price, term, fee, tax rule, income, expense, or expected holding period changes.
How to Use
- Enter your current mortgage balance, interest rate, and remaining term.
- Add the lump sum you plan to put toward the loan and any recast fee your servicer charges.
- Review the new monthly payment after the recast, the lifetime interest saved, and the new balance.
- Compare against keeping your old payment on the smaller balance to see how many months early the loan would pay off instead.
Frequently Asked Questions
What is a mortgage recast?
A recast keeps your existing loan, rate, and remaining term but re-amortizes the balance after a lump-sum principal payment. That lowers the scheduled payment without refinancing or resetting the loan.
How is a recast different from refinancing?
Refinancing replaces the loan with a new rate, term, and closing costs. A recast keeps everything the same except the balance and payment, so there is usually just a small processing fee and no full underwriting.
When is a recast better than just prepaying the loan?
If cash flow is the priority, a recast lowers the required monthly payment. If paying off the loan faster is the priority, making the lump-sum prepayment but keeping the old payment usually saves more interest and shortens the loan.
Do all mortgages allow recasting?
No. Most conventional conforming loans permit recasting once or twice, but many government-backed loans, jumbo programs, and some servicers do not. Check with your servicer before planning a recast around a specific cash event.
Does a recast reset my term or change my rate?
No. The rate and remaining term are unchanged. Only the scheduled monthly payment drops because the smaller balance is re-amortized over the same remaining months.
Related Calculators
More Finance Calculators
Browse all finance →AI Cost Calculator
Compare token costs across OpenAI, Anthropic, and Google AI models. Calculate monthly API spending for GPT-4o, Claude, Gemini, and more.
Tip Calculator
Calculate the perfect tip and split the bill between friends. Choose preset percentages or enter a custom tip amount.
Bill Splitter Calculator
Split an uneven restaurant bill by item, divide tax and tip proportionally, and see exactly who owes whom.
Discount Calculator
Calculate sale price, discount amount, stacked discounts, sales tax, and total savings for any markdown.
Gas Mileage Calculator
Calculate MPG or km/L, estimate trip fuel cost, and compare annual fuel expenses between two vehicles.
Sales Tax Calculator
Add sales tax to a price, reverse-calculate the pre-tax amount from a total, and estimate tax for multiple items on one receipt.
Keep exploring
Next steps in Finance
Previous calculator
Mortgage Rate Lock Extension Calculator
Cost of extending a mortgage rate lock — per-day extension fee, vs cost of re-locking at current market rate.
Next calculator
Mortgage Recast vs Refi Calculator
Mortgage recast vs refi — compare mortgage recast vs refinance for lump-sum equity infusion.