Mortgage Recast Calculator
New payment and interest saved after a lump sum.
Enter your values
ⓘ Live results
Results
- New monthly payment
- $1,781.11
- Monthly saving
- $329.83
- Current payment
- $2,110.94
- New balance
- $270,000.00
- Interest saved
- $98,700.41
- Payoff date
- unchanged — 300 months left
Quick answer
A recast re-amortises your loan over the remaining term after a lump-sum principal payment, lowering the monthly payment while keeping the same rate and payoff date.
new payment = P·r ÷ (1 − (1+r)^−n)
How to use the Mortgage Recast Calculator
- 1Enter your current balance, rate and months remaining.
- 2Enter the lump sum you plan to pay.
- 3Add the lender's recast fee, usually $150–500.
Worked example
Using the values the calculator loads with:
Inputs
- Current balance320000 $
- Interest rate6.25 %
- Months remaining300
- Lump sum payment50000 $
- Recast fee250 $
Results
- New monthly payment$1,781.11
- Monthly saving$329.83
- Current payment$2,110.94
- New balance$270,000.00
- Interest saved$98,700.41
- Payoff dateunchanged — 300 months left
Frequently asked questions
Is recasting better than refinancing?
Recasting keeps your rate and costs a few hundred dollars; refinancing changes the rate but costs thousands in closing fees.
Does a recast shorten the loan term?
No — it lowers the payment over the same remaining term. Keep paying the old amount if you want an earlier payoff.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.