Mortgage Recast Calculator
Mortgage Recast Calculator
Calculate new monthly payment after a lump-sum principal payment
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Recast vs Extra Payment
Compare recasting to simply making extra principal payments
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Formula
New Payment = (Balance - Lump Sum) x r / (1 - (1 + r)^(-n)), where r = monthly rate, n = remaining months
Frequently Asked Questions
What is a mortgage recast?
A mortgage recast (reamortization) is when you make a lump-sum payment toward your principal and your lender recalculates your monthly payment based on the new lower balance, keeping the same interest rate and remaining term.
How is a recast different from refinancing?
A recast keeps your existing loan terms (rate, remaining term) and simply lowers the payment after a lump-sum. Refinancing replaces your entire loan with new terms. Recasting costs ~$150-$500 vs thousands for refinancing, requires no credit check or appraisal.
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