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Use this mortgage recast calculator to estimate how a lump sum principal payment may lower your monthly mortgage payment after recasting. It helps you compare your current payment with a possible new payment.
Mortgage recasting is most common in the United States. Some lenders do not offer recasting, so use the estimate first and then confirm the option with your servicer.
What is the Mortgage Recast Calculator?
Estimate your new monthly payment after making a lump-sum principal payment and recasting your mortgage.
How to use the Mortgage Recast Calculator
- Enter the current loan balance.
- Add your interest rate and remaining term.
- Enter the lump sum principal payment.
- Review the estimated new payment after recast.
Example
If a homeowner pays $25,000 toward principal, the calculator can estimate a lower payment using the remaining balance and original payoff timeline.
Why use this calculator?
- Estimate new payments after a lump sum principal reduction.
- Compare recasting with extra payments or refinancing.
- Plan cash use after a bonus, home sale, or savings event.
Country and lender note
United States primary because mortgage recasting is most commonly searched in the US market. Mortgage costs, fees, insurance, taxes, and lender rules can change by country, state, province, or provider. Use the calculator as an estimate and confirm details locally.
Related search terms this tool covers
This page also helps users searching for recast mortgage calculator, mortgage recast payment calculator, loan recast calculator, principal recast calculator.
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FAQs
What is a mortgage recast calculator?
A mortgage recast calculator estimates a new monthly payment after a lump sum principal payment and loan recast.
Is mortgage recast the same as refinance?
No. A recast usually keeps the same loan and rate, while refinance replaces the mortgage with a new loan.
Do all lenders allow mortgage recasting?
No. You should ask your lender if recasting is available and whether fees or minimum payments apply.