Mortgage Recast Calculator
See how much a lump-sum payment and a mortgage recast lower your monthly payment, and the interest you save, while keeping your rate and term.
Result
New monthly payment
$1,288.60
- Current monthly payment
- $1,610.75
- Monthly saving
- $322.15
- Interest saved
- $46,645.21
- Saved after the fee
- $46,395.21
Common questions
What is a mortgage recast?
You pay a lump sum toward principal and the lender re-figures your payment over the remaining term at the same rate. Unlike a refinance, there’s no credit check or closing costs, only a small fee.
Recast or refinance?
Recast when you like your rate and want a lower payment. Refinance when rates have dropped enough to cover the closing costs.