Mortgage Recasting Savings Calculator
Enter your current mortgage details and a planned lump-sum payment to see your new recast monthly payment and total interest savings over the remaining term.
New monthly payment after recast
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Old monthly payment ($)—
Monthly savings ($)—
Total interest savings over term ($)—
New loan balance after lump sum ($)—
About this calculator
Estimate how much a lump-sum principal payment and mortgage recast will lower your monthly payment and total interest paid.
Frequently Asked Questions
What is mortgage recasting?
Recasting re-amortizes your loan based on a new, lower balance after a lump-sum payment, keeping your original rate and term but lowering your monthly payment.
How is recasting different from refinancing?
Recasting keeps your existing interest rate and loan term and simply lowers the payment, while refinancing replaces the loan entirely, potentially with a new rate and term and closing costs.
Does recasting shorten my loan term?
No, the term stays the same; the loan is simply re-amortized over the remaining months with the lower balance.