Mortgage planning calculator
Mortgage Recast Calculator
Estimate a new mortgage payment after a principal lump-sum recast using the remaining balance, rate and remaining term.
Recast versus refinance
A recast applies a principal lump-sum payment and recalculates the payment over the existing remaining term at the existing rate. A refinance replaces the loan and can change the rate, term and fees.
Key assumption
The remaining months must be the actual remaining term. Do not reset the term to 360 months unless a new 30-year loan is being modeled.
Limitations
Not every loan is eligible for recasting. Minimum principal payments, waiting periods and fees depend on the lender and contract.
Frequently asked questions
Does a recast change the interest rate?
+Normally no. It recalculates the payment using the existing rate and remaining term.
Does a recast shorten the loan term?
+The calculator assumes the scheduled remaining term stays unchanged.
Is recasting the same as refinancing?
+No. Refinancing creates a new loan, while a recast generally modifies the payment schedule of the existing loan.
Can every mortgage be recast?
+No. Eligibility and fees depend on the loan and lender.