Mortgage Recast Savings Calculator
Enter your balance, rate, remaining term and lump sum to see the new payment and savings.
Result
How to use
- Enter your values in the fields above.
- Press Calculate to see your result instantly.
- Use the Share button to copy a link to your result.
About this calculator
A mortgage recast is different from a refinance: after you make a lump-sum payment toward principal, the lender simply re-amortizes the remaining balance over the same remaining term and at the same interest rate, which lowers your required monthly payment without a new loan, new rate, or new closing costs. This calculator computes your new payment after a chosen lump sum and shows the monthly savings compared to your current payment.
Homeowners who receive a windfall — an inheritance, a bonus, or proceeds from selling another property — use recasting to lower their monthly obligation while keeping their existing rate and term, and financial planners and mortgage loan officers use the same math to compare recasting against alternatives like refinancing or simply paying extra principal each month without recasting.
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