Recast Mortgage Calculator
A recast (re-amortization) keeps your rate and payoff date but recalculates the payment after you pay down a big chunk of principal. Enter your balance, rate, months remaining and the lump sum.
- New monthly payment
- $1,493.18
- Current payment
- $1,817.79
- Monthly savings
- $324.61
- Interest saved over the loan
- $51,026.88
- Months to recover the fee
- 0.8
Worked example
Example: $280,000 balance at 6.25%, 312 months left, $50,000 lump sum
- Payment on $280,000 over 312 months ≈ $1,818
- New payment on $230,000 ≈ $1,493
- Savings ≈ $325/month
Your payment drops by about $325/month for a typical $250 fee.
Formula
New payment = M(Balance − Lump sum, r, remaining months)
Unlike a refinance, a recast doesn't change your interest rate or term, and there's no credit check or closing costs — just a small fee.
Frequently asked questions
Recast or refinance?
Recast if you like your rate and have cash. Refinance if rates have dropped meaningfully.
What's the minimum lump sum?
Many lenders require $5,000–$10,000 or more.
Can FHA or VA loans be recast?
Generally no — government-backed loans usually can't be recast.
Is this financial advice?
No. Results are estimates for planning and education. Rates, taxes and lender rules vary — confirm with your lender or a licensed financial professional.
Last reviewed October 17, 2026 · Calculations run in your browser; nothing you enter is sent to a server.