Recast Mortgage Calculator
See how a lump sum payment recalculates your monthly payment with our free recast mortgage calculator without changing your interest rate.
Input Details
Results
Current Payment
$2,363.23
Balance: $350,000
New Recasted Payment
$2,025.62
Balance: $300,000
Payment Comparison
Monthly Savings
$338
Total Interest Saved
$51,281
Note: Recasting lowers your monthly payment but does not shorten your loan term. If your goal is to pay off the loan faster, consider making extra principal payments instead of recasting.
Using the Recast Mortgage Calculator
Our recast mortgage calculator is the perfect tool for homeowners who have a significant amount of cash and want to lower their monthly mortgage payment. Unlike refinancing, a recast mortgage calculator shows you how a lump-sum payment can re-amortize your existing loan without changing your interest rate.
Calculate Mortgage Recast Benefits
To calculate mortgage recast savings, enter your current loan balance, interest rate, and remaining term. Then, add the lump sum you plan to pay. Our recasting mortgage calculator will show you exactly how much your monthly payment will drop.
Mortgage Recasting Calculator vs. Refinancing
A mortgage recasting calculator is often a better choice than refinancing if you already have a low interest rate. Recasting usually costs a small fee (around $250-$500) and doesn't require a new credit check or appraisal, making it a fast and affordable way to improve your monthly cash flow.