Mortgage Recast Calculator
Estimate your lower mortgage payment after a lump-sum principal payment and recast. Compare monthly relief, future interest and payoff time against keeping your payment.
Fixed-rate monthly P&I only. Same rate and remaining contractual term; recast requires servicer approval. Taxes, insurance, PMI cancellation and FHA/VA/USDA eligibility are not modeled.
Compare keeping your current loan, paying a lump sum and recasting, or paying the same lump sum while keeping your current P&I. Enter your actual balance, remaining term and servicer fee.
Result
Recast P&I is $1,610.75, a monthly reduction of $322.15. Net future interest savings after the cash-paid fee are $46,645.21; a negative value means higher modeled cost. Compare keeping the same payment after the lump sum below. Taxes, insurance and PMI are separate.
- Monthly P&I reduction
- $322.15
- Recast net interest savings after fee
- $46,645.21
Result breakdown (19)
Save or share result
Compare three repayment choices
Monthly amounts are regular P&I; final payments can be smaller. Total future cash includes all remaining payments plus any lump sum and recast fee paid now. It excludes prior payments, taxes, insurance and PMI.
Scroll the table horizontally to see fees and total future cash. All amounts are in USD.
| Scenario | Monthly P&I (USD) | Payments remaining | Future interest (USD) | Fee now (USD) | Total future cash (USD) |
|---|---|---|---|---|---|
| Keep current loan | 1,932.90 | 300 | 279,871.26 | 0.00 | 579,871.26 |
| Lump sum + recast | 1,610.75 | 300 | 233,226.05 | 0.00 | 533,226.05 |
| Lump sum only; keep payment | 1,932.90 | 209 | 153,213.95 | 0.00 | 453,213.95 |
- Lump sum + recast$0.00
- Lump sum; keep payment$0.00
A simplified view of the calculated schedule. Both curves start after the same immediate principal payment. Recast uses a lower P&I over the remaining contractual term; keeping the payment can finish sooner. The unchanged-loan baseline appears in the comparison table. Open calculation details for exact values.
Calculation details & assumptions
Fixed-rate, fully amortizing monthly P&I only, with the lump sum credited immediately before the next interest period. Recast keeps the entered rate and remaining contractual term; it is not refinancing. No daily accrued interest, processing delay, missed payments, balloon, interest-only or ARM model is included.
Current P&I is estimated from current balance, rate and remaining term. If you previously paid extra principal, enter the actual scheduled monthly P&I from your statement; do not include escrow, PMI or voluntary extra principal.
The lump sum is repayment of principal, not a fee or interest saving. Net recast interest savings compare future interest against keeping the loan and subtract the cash-paid recast fee. A positive monthly reduction does not guarantee positive total savings or that recasting beats keeping the original payment.
The same lump sum is used for both alternatives. No fee is modeled for the lump-sum-only alternative; check any actual prepayment charge. The entered recast fee is paid in cash now, not financed. Taxes, investment opportunity cost and the loss of cash liquidity are not valued.
Recast is subject to servicer and investor approval. Minimum principal payments, fees and availability vary. No universal minimum or approval is inferred, including when the lump sum is zero. This tool does not model FHA, VA or USDA recast eligibility and does not automatically cancel PMI.
Schedules use full internal precision with a capped final payment. A statement payment within half a cent of calculated P&I is normalized to that exact modeled payment, rather than compounding a rounding difference. Yearly rows group 12 loan payments, not calendar years. The chart compares the two lump-sum alternatives; the unchanged-loan baseline appears in the comparison table.
Calculation details
Scroll horizontally or vertically to see more. Download CSV for the complete schedule.
| Month | Recast payment | Recast interest | Recast principal | Recast balance | Lump-sum-only balance |
|---|---|---|---|---|---|
| 1 | 1,610.75 | 1,250 | 360.75 | 249,639.25 | 249,317.10 |
| 2 | 1,610.75 | 1,248.20 | 362.56 | 249,276.69 | 248,630.78 |
| 3 | 1,610.75 | 1,246.38 | 364.37 | 248,912.32 | 247,941.03 |
| 4 | 1,610.75 | 1,244.56 | 366.19 | 248,546.13 | 247,247.83 |
| 5 | 1,610.75 | 1,242.73 | 368.02 | 248,178.10 | 246,551.16 |
| 6 | 1,610.75 | 1,240.89 | 369.86 | 247,808.24 | 245,851.01 |
| 7 | 1,610.75 | 1,239.04 | 371.71 | 247,436.53 | 245,147.37 |
| 8 | 1,610.75 | 1,237.18 | 373.57 | 247,062.96 | 244,440.20 |
| 9 | 1,610.75 | 1,235.31 | 375.44 | 246,687.52 | 243,729.49 |
| 10 | 1,610.75 | 1,233.44 | 377.32 | 246,310.20 | 243,015.24 |
| 11 | 1,610.75 | 1,231.55 | 379.20 | 245,931.00 | 242,297.41 |
| 12 | 1,610.75 | 1,229.66 | 381.10 | 245,549.90 | 241,575.99 |
| 13 | 1,610.75 | 1,227.75 | 383.00 | 245,166.90 | 240,850.97 |
| 14 | 1,610.75 | 1,225.83 | 384.92 | 244,781.98 | 240,122.32 |
| 15 | 1,610.75 | 1,223.91 | 386.84 | 244,395.14 | 239,390.03 |
| 16 | 1,610.75 | 1,221.98 | 388.78 | 244,006.36 | 238,654.07 |
| 17 | 1,610.75 | 1,220.03 | 390.72 | 243,615.64 | 237,914.44 |
| 18 | 1,610.75 | 1,218.08 | 392.68 | 243,222.96 | 237,171.11 |
| 19 | 1,610.75 | 1,216.11 | 394.64 | 242,828.32 | 236,424.06 |
| 20 | 1,610.75 | 1,214.14 | 396.61 | 242,431.71 | 235,673.27 |
| 21 | 1,610.75 | 1,212.16 | 398.59 | 242,033.12 | 234,918.74 |
| 22 | 1,610.75 | 1,210.17 | 400.59 | 241,632.53 | 234,160.43 |
| 23 | 1,610.75 | 1,208.16 | 402.59 | 241,229.94 | 233,398.32 |
| 24 | 1,610.75 | 1,206.15 | 404.60 | 240,825.33 | 232,632.41 |
| 25 | 1,610.75 | 1,204.13 | 406.63 | 240,418.71 | 231,862.67 |
| 26 | 1,610.75 | 1,202.09 | 408.66 | 240,010.05 | 231,089.08 |
| 27 | 1,610.75 | 1,200.05 | 410.70 | 239,599.34 | 230,311.62 |
| 28 | 1,610.75 | 1,198.00 | 412.76 | 239,186.59 | 229,530.27 |
| 29 | 1,610.75 | 1,195.93 | 414.82 | 238,771.77 | 228,745.02 |
| 30 | 1,610.75 | 1,193.86 | 416.89 | 238,354.87 | 227,955.84 |
| 31 | 1,610.75 | 1,191.77 | 418.98 | 237,935.89 | 227,162.72 |
| 32 | 1,610.75 | 1,189.68 | 421.07 | 237,514.82 | 226,365.63 |
| 33 | 1,610.75 | 1,187.57 | 423.18 | 237,091.64 | 225,564.55 |
| 34 | 1,610.75 | 1,185.46 | 425.30 | 236,666.34 | 224,759.47 |
| 35 | 1,610.75 | 1,183.33 | 427.42 | 236,238.92 | 223,950.36 |
| 36 | 1,610.75 | 1,181.19 | 429.56 | 235,809.36 | 223,137.21 |
How to use this calculator
Compare keeping your current loan, paying a lump sum and recasting, or paying the same lump sum while keeping your current P&I. Enter your actual balance, remaining term and servicer fee. Enter amounts in the units shown, select the applicable options, and click Calculate. Use Reset to restore the starting values.
Calculation formula
Recast P&I = (balance − lump sum) × i / [1 − (1 + i)^−n], i = annual rate / 100 / 12. At 0%, payment = (balance − lump sum) / n. Net interest savings = baseline future interest − recast future interest − cash-paid fee.
Assumptions and accuracy
Review timing, rates, fees and result notes when comparing scenarios. Future returns and rates are assumptions rather than guaranteed outcomes. Monetary display follows the currency’s precision; intermediate calculations retain additional digits.
Choose what to calculate
Mortgage recast calculator
Estimate your new mortgage payment after recasting. Compare a lump sum with and without recast, including fees, future interest and payoff time.
Related searches: Recast mortgage calculator · Recast calculator · Mortgage loan recast calculator · Recast mortgage payment calculator
Open this calculationUnderstanding this calculation
A mortgage recast applies an immediate lump-sum principal payment, then recalculates monthly principal and interest using the same fixed rate and remaining contractual term. Compare that lower payment with keeping the original payment after the same lump sum; these choices have different interest costs and payoff times.
Worked examples
Zero-interest recast lowers payment but the fee still costs money
$12,000 current balance; 12 months remaining; 0% interest; $3,000 paid now; $100 cash recast fee; current P&I left blank.
- Baseline monthly P&I = 12,000 / 12 = 1,000.
- New balance = 12,000 − 3,000 = 9,000; recast P&I = 9,000 / 12 = 750.
- Keeping $1,000 payments after the same lump sum pays off $9,000 in nine months.
- Both alternatives have zero interest; the $100 fee makes net recast interest savings −$100.
The new monthly P&I is $750; monthly relief is $250, not an interest saving.
Try these inputsA one-year balance with two months already prepaid
$10,000 current balance; contractual remaining term 12 months; 0% interest; actual scheduled P&I $1,000; $2,000 lump sum.
- The unchanged loan takes 10 payments of $1,000, ahead of the entered contractual term.
- Recast spreads $8,000 across 12 remaining contractual months: about $666.67 monthly.
- Without recasting, keeping $1,000 pays $8,000 off in eight months.
The actual-payment baseline matters after past extra principal: keeping the payment is paid off four months before recast.
Try these inputsCommon questions
How is a mortgage recast different from refinancing?
Recast keeps the entered interest rate and remaining contractual term and changes the payment after a principal reduction. Refinancing replaces the loan and may change its rate, term and fees. Use Refinance for that decision; this tool does not assume a new market rate.
Should I recast or just make a lump-sum principal payment?
Compare monthly relief with total future cost. Recasting usually lowers the required P&I payment; keeping the old payment after the same lump sum generally repays sooner and saves more interest. The three-scenario comparison includes each lump sum and the cash recast fee in total future cash, so principal is not mislabeled as savings.
What if I have already made extra mortgage payments?
Use your actual current principal balance and remaining contractual term, and enter the scheduled monthly P&I from your statement. Exclude escrow and voluntary extra payments. Leaving P&I blank estimates a payment from balance and term, which can understate the original payment after prior principal curtailments.
How much does a recast cost, and what is the minimum lump sum?
Enter your servicer’s actual recast fee; zero is only a starting assumption, not a promise of free service. Minimum principal reductions, fees, loan eligibility and processing time vary. A calculation with a small or zero lump sum is a sensitivity example, not confirmation of eligibility.
Does recasting cancel PMI or lower taxes and insurance?
No automatic change is modeled. Recast changes principal and interest. Property tax and homeowners insurance are separate, and any PMI cancellation request must follow the applicable servicer and loan rules. Use the dedicated PMI tool for an unmodified conventional-loan estimate; do not assume its original-schedule dates remain valid after a loan modification.
Can this calculate FHA, VA, USDA, ARM or interest-only recasts?
No. This tool models fixed-rate fully amortizing P&I, not program eligibility. Chase’s published recast guidance excludes FHA, VA and USDA loans. Check your own servicer and investor before making a lump-sum payment.
Why can net recast savings be negative?
Fees can exceed the future interest reduction. If your current scheduled P&I would already repay the loan early, stretching the reduced balance across the full remaining contractual term can also increase interest compared with keeping that payment. Negative values are shown rather than changed to zero.
Scope and assumptions
Fixed-rate, fully amortizing monthly principal and interest from the current balance onward. Fees are paid in cash now. Loan eligibility, actual processing delays, daily accrued interest, taxes, insurance, PMI removal, variable rates, balloon and interest-only loans, investment opportunity cost and prior payments are excluded.
Sources
- Fannie Mae: principal curtailment and recast over the remaining term
- Chase: recast, refinance and loan eligibility
Calculation notes checked . Examples are mathematical checks under the stated assumptions.
Calculation methods and formulas
Recast vs Keep Payment
Compare keeping your current loan, paying a lump sum and recasting, or paying the same lump sum while keeping your current P&I. Enter your actual balance, remaining term and servicer fee.
Recast P&I = (balance − lump sum) × i / [1 − (1 + i)^−n], i = annual rate / 100 / 12. At 0%, payment = (balance − lump sum) / n. Net interest savings = baseline future interest − recast future interest − cash-paid fee.
See our calculation methodology and review status for data versions, rounding and validation limitations. How default assumptions are chosen.