mortgage calculator

Mortgage Recasting Calculator Excel

Mortgage Recasting Calculator Excel to calculate the new monthly payment if you are planning to recast your mortgage. The free recast calculator is calculated based on the balance remaining on your existing mortgage, current monthly payment, and the interest rate. Our mortgage recasting calculator will generate a new amortization schedule that is printable and exportable to an excel spreadsheet.

Recast Calculator

Remaining Balance
$
Interest Rate
Current Monthly Payment
$
Recasting Payment
$
Recasting Cost
$


Mortgage Recast Results

Recast Mortgage Balance:
$90,000.00
Monthly Payment:
$642.00
Total # Of Payments:
211
Start Date:
Dec, 2021
Payoff Date:
Jun, 2039
Total Interest Paid:
$45,461.95
Total Payment:
$135,461.95

Original Mortgage Vs. Mortgage Recast

Comparison Monthly Payment Total Interest
Original $715.43 $50,248.90
Recast $642.00 $45,461.95
Fees $0 $300
Savings $73.43 $4,486.95

Mortgage Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Dec, 2021 1 $375.00 $267.00 $642.00 $89,733.00
Jan, 2022 2 $373.89 $268.11 $642.00 $89,464.89
Feb, 2022 3 $372.77 $269.23 $642.00 $89,195.66
Mar, 2022 4 $371.65 $270.35 $642.00 $88,925.31
Apr, 2022 5 $370.52 $271.48 $642.00 $88,653.83
May, 2022 6 $369.39 $272.61 $642.00 $88,381.22
Jun, 2022 7 $368.26 $273.74 $642.00 $88,107.48
Jul, 2022 8 $367.11 $274.89 $642.00 $87,832.59
Aug, 2022 9 $365.97 $276.03 $642.00 $87,556.56
Sep, 2022 10 $364.82 $277.18 $642.00 $87,279.38
Oct, 2022 11 $363.66 $278.34 $642.00 $87,001.04
Nov, 2022 12 $362.50 $279.50 $642.00 $86,721.55
Dec, 2022 13 $361.34 $280.66 $642.00 $86,440.89
Jan, 2023 14 $360.17 $281.83 $642.00 $86,159.06
Feb, 2023 15 $359.00 $283.00 $642.00 $85,876.06
Mar, 2023 16 $357.82 $284.18 $642.00 $85,591.87
Apr, 2023 17 $356.63 $285.37 $642.00 $85,306.51
May, 2023 18 $355.44 $286.56 $642.00 $85,019.95
Jun, 2023 19 $354.25 $287.75 $642.00 $84,732.20
Jul, 2023 20 $353.05 $288.95 $642.00 $84,443.25
Aug, 2023 21 $351.85 $290.15 $642.00 $84,153.10
Sep, 2023 22 $350.64 $291.36 $642.00 $83,861.74
Oct, 2023 23 $349.42 $292.58 $642.00 $83,569.16
Nov, 2023 24 $348.20 $293.79 $642.00 $83,275.36
Dec, 2023 25 $346.98 $295.02 $642.00 $82,980.35
Jan, 2024 26 $345.75 $296.25 $642.00 $82,684.10
Feb, 2024 27 $344.52 $297.48 $642.00 $82,386.61
Mar, 2024 28 $343.28 $298.72 $642.00 $82,087.89
Apr, 2024 29 $342.03 $299.97 $642.00 $81,787.93
May, 2024 30 $340.78 $301.22 $642.00 $81,486.71
Jun, 2024 31 $339.53 $302.47 $642.00 $81,184.24
Jul, 2024 32 $338.27 $303.73 $642.00 $80,880.51
Aug, 2024 33 $337.00 $305.00 $642.00 $80,575.51
Sep, 2024 34 $335.73 $306.27 $642.00 $80,269.24
Oct, 2024 35 $334.46 $307.54 $642.00 $79,961.69
Nov, 2024 36 $333.17 $308.83 $642.00 $79,652.87
Dec, 2024 37 $331.89 $310.11 $642.00 $79,342.76
Jan, 2025 38 $330.59 $311.40 $642.00 $79,031.35
Feb, 2025 39 $329.30 $312.70 $642.00 $78,718.65
Mar, 2025 40 $327.99 $314.01 $642.00 $78,404.64
Apr, 2025 41 $326.69 $315.31 $642.00 $78,089.33
May, 2025 42 $325.37 $316.63 $642.00 $77,772.70
Jun, 2025 43 $324.05 $317.95 $642.00 $77,454.75
Jul, 2025 44 $322.73 $319.27 $642.00 $77,135.48
Aug, 2025 45 $321.40 $320.60 $642.00 $76,814.88
Sep, 2025 46 $320.06 $321.94 $642.00 $76,492.94
Oct, 2025 47 $318.72 $323.28 $642.00 $76,169.66
Nov, 2025 48 $317.37 $324.63 $642.00 $75,845.04
Dec, 2025 49 $316.02 $325.98 $642.00 $75,519.06
Jan, 2026 50 $314.66 $327.34 $642.00 $75,191.72
Feb, 2026 51 $313.30 $328.70 $642.00 $74,863.02
Mar, 2026 52 $311.93 $330.07 $642.00 $74,532.95
Apr, 2026 53 $310.55 $331.45 $642.00 $74,201.50
May, 2026 54 $309.17 $332.83 $642.00 $73,868.68
Jun, 2026 55 $307.79 $334.21 $642.00 $73,534.46
Jul, 2026 56 $306.39 $335.61 $642.00 $73,198.86
Aug, 2026 57 $305.00 $337.00 $642.00 $72,861.85
Sep, 2026 58 $303.59 $338.41 $642.00 $72,523.44
Oct, 2026 59 $302.18 $339.82 $642.00 $72,183.63
Nov, 2026 60 $300.77 $341.23 $642.00 $71,842.39
Dec, 2026 61 $299.34 $342.66 $642.00 $71,499.73
Jan, 2027 62 $297.92 $344.08 $642.00 $71,155.65
Feb, 2027 63 $296.48 $345.52 $642.00 $70,810.13
Mar, 2027 64 $295.04 $346.96 $642.00 $70,463.18
Apr, 2027 65 $293.60 $348.40 $642.00 $70,114.77
May, 2027 66 $292.14 $349.85 $642.00 $69,764.92
Jun, 2027 67 $290.69 $351.31 $642.00 $69,413.60
Jul, 2027 68 $289.22 $352.78 $642.00 $69,060.83
Aug, 2027 69 $287.75 $354.25 $642.00 $68,706.58
Sep, 2027 70 $286.28 $355.72 $642.00 $68,350.86
Oct, 2027 71 $284.80 $357.20 $642.00 $67,993.65
Nov, 2027 72 $283.31 $358.69 $642.00 $67,634.96
Dec, 2027 73 $281.81 $360.19 $642.00 $67,274.77
Jan, 2028 74 $280.31 $361.69 $642.00 $66,913.09
Feb, 2028 75 $278.80 $363.20 $642.00 $66,549.89
Mar, 2028 76 $277.29 $364.71 $642.00 $66,185.18
Apr, 2028 77 $275.77 $366.23 $642.00 $65,818.95
May, 2028 78 $274.25 $367.75 $642.00 $65,451.20
Jun, 2028 79 $272.71 $369.29 $642.00 $65,081.91
Jul, 2028 80 $271.17 $370.83 $642.00 $64,711.09
Aug, 2028 81 $269.63 $372.37 $642.00 $64,338.72
Sep, 2028 82 $268.08 $373.92 $642.00 $63,964.80
Oct, 2028 83 $266.52 $375.48 $642.00 $63,589.32
Nov, 2028 84 $264.96 $377.04 $642.00 $63,212.27
Dec, 2028 85 $263.38 $378.62 $642.00 $62,833.66
Jan, 2029 86 $261.81 $380.19 $642.00 $62,453.46
Feb, 2029 87 $260.22 $381.78 $642.00 $62,071.69
Mar, 2029 88 $258.63 $383.37 $642.00 $61,688.32
Apr, 2029 89 $257.03 $384.97 $642.00 $61,303.35
May, 2029 90 $255.43 $386.57 $642.00 $60,916.79
Jun, 2029 91 $253.82 $388.18 $642.00 $60,528.61
Jul, 2029 92 $252.20 $389.80 $642.00 $60,138.81
Aug, 2029 93 $250.58 $391.42 $642.00 $59,747.39
Sep, 2029 94 $248.95 $393.05 $642.00 $59,354.33
Oct, 2029 95 $247.31 $394.69 $642.00 $58,959.64
Nov, 2029 96 $245.67 $396.33 $642.00 $58,563.31
Dec, 2029 97 $244.01 $397.99 $642.00 $58,165.32
Jan, 2030 98 $242.36 $399.64 $642.00 $57,765.68
Feb, 2030 99 $240.69 $401.31 $642.00 $57,364.37
Mar, 2030 100 $239.02 $402.98 $642.00 $56,961.39
Apr, 2030 101 $237.34 $404.66 $642.00 $56,556.73
May, 2030 102 $235.65 $406.35 $642.00 $56,150.38
Jun, 2030 103 $233.96 $408.04 $642.00 $55,742.34
Jul, 2030 104 $232.26 $409.74 $642.00 $55,332.60
Aug, 2030 105 $230.55 $411.45 $642.00 $54,921.15
Sep, 2030 106 $228.84 $413.16 $642.00 $54,507.99
Oct, 2030 107 $227.12 $414.88 $642.00 $54,093.11
Nov, 2030 108 $225.39 $416.61 $642.00 $53,676.50
Dec, 2030 109 $223.65 $418.35 $642.00 $53,258.15
Jan, 2031 110 $221.91 $420.09 $642.00 $52,838.06
Feb, 2031 111 $220.16 $421.84 $642.00 $52,416.22
Mar, 2031 112 $218.40 $423.60 $642.00 $51,992.62
Apr, 2031 113 $216.64 $425.36 $642.00 $51,567.26
May, 2031 114 $214.86 $427.14 $642.00 $51,140.12
Jun, 2031 115 $213.08 $428.92 $642.00 $50,711.20
Jul, 2031 116 $211.30 $430.70 $642.00 $50,280.50
Aug, 2031 117 $209.50 $432.50 $642.00 $49,848.00
Sep, 2031 118 $207.70 $434.30 $642.00 $49,413.70
Oct, 2031 119 $205.89 $436.11 $642.00 $48,977.59
Nov, 2031 120 $204.07 $437.93 $642.00 $48,539.67
Dec, 2031 121 $202.25 $439.75 $642.00 $48,099.92
Jan, 2032 122 $200.42 $441.58 $642.00 $47,658.33
Feb, 2032 123 $198.58 $443.42 $642.00 $47,214.91
Mar, 2032 124 $196.73 $445.27 $642.00 $46,769.64
Apr, 2032 125 $194.87 $447.13 $642.00 $46,322.51
May, 2032 126 $193.01 $448.99 $642.00 $45,873.52
Jun, 2032 127 $191.14 $450.86 $642.00 $45,422.66
Jul, 2032 128 $189.26 $452.74 $642.00 $44,969.92
Aug, 2032 129 $187.37 $454.63 $642.00 $44,515.30
Sep, 2032 130 $185.48 $456.52 $642.00 $44,058.78
Oct, 2032 131 $183.58 $458.42 $642.00 $43,600.36
Nov, 2032 132 $181.67 $460.33 $642.00 $43,140.03
Dec, 2032 133 $179.75 $462.25 $642.00 $42,677.78
Jan, 2033 134 $177.82 $464.18 $642.00 $42,213.60
Feb, 2033 135 $175.89 $466.11 $642.00 $41,747.49
Mar, 2033 136 $173.95 $468.05 $642.00 $41,279.44
Apr, 2033 137 $172.00 $470.00 $642.00 $40,809.44
May, 2033 138 $170.04 $471.96 $642.00 $40,337.48
Jun, 2033 139 $168.07 $473.93 $642.00 $39,863.55
Jul, 2033 140 $166.10 $475.90 $642.00 $39,387.65
Aug, 2033 141 $164.12 $477.88 $642.00 $38,909.76
Sep, 2033 142 $162.12 $479.88 $642.00 $38,429.89
Oct, 2033 143 $160.12 $481.88 $642.00 $37,948.01
Nov, 2033 144 $158.12 $483.88 $642.00 $37,464.13
Dec, 2033 145 $156.10 $485.90 $642.00 $36,978.23
Jan, 2034 146 $154.08 $487.92 $642.00 $36,490.31
Feb, 2034 147 $152.04 $489.96 $642.00 $36,000.35
Mar, 2034 148 $150.00 $492.00 $642.00 $35,508.35
Apr, 2034 149 $147.95 $494.05 $642.00 $35,014.30
May, 2034 150 $145.89 $496.11 $642.00 $34,518.20
Jun, 2034 151 $143.83 $498.17 $642.00 $34,020.02
Jul, 2034 152 $141.75 $500.25 $642.00 $33,519.77
Aug, 2034 153 $139.67 $502.33 $642.00 $33,017.44
Sep, 2034 154 $137.57 $504.43 $642.00 $32,513.01
Oct, 2034 155 $135.47 $506.53 $642.00 $32,006.48
Nov, 2034 156 $133.36 $508.64 $642.00 $31,497.84
Dec, 2034 157 $131.24 $510.76 $642.00 $30,987.08
Jan, 2035 158 $129.11 $512.89 $642.00 $30,474.20
Feb, 2035 159 $126.98 $515.02 $642.00 $29,959.17
Mar, 2035 160 $124.83 $517.17 $642.00 $29,442.00
Apr, 2035 161 $122.68 $519.32 $642.00 $28,922.68
May, 2035 162 $120.51 $521.49 $642.00 $28,401.19
Jun, 2035 163 $118.34 $523.66 $642.00 $27,877.53
Jul, 2035 164 $116.16 $525.84 $642.00 $27,351.68
Aug, 2035 165 $113.97 $528.03 $642.00 $26,823.65
Sep, 2035 166 $111.77 $530.23 $642.00 $26,293.42
Oct, 2035 167 $109.56 $532.44 $642.00 $25,760.97
Nov, 2035 168 $107.34 $534.66 $642.00 $25,226.31
Dec, 2035 169 $105.11 $536.89 $642.00 $24,689.42
Jan, 2036 170 $102.87 $539.13 $642.00 $24,150.29
Feb, 2036 171 $100.63 $541.37 $642.00 $23,608.92
Mar, 2036 172 $98.37 $543.63 $642.00 $23,065.29
Apr, 2036 173 $96.11 $545.89 $642.00 $22,519.39
May, 2036 174 $93.83 $548.17 $642.00 $21,971.23
Jun, 2036 175 $91.55 $550.45 $642.00 $21,420.77
Jul, 2036 176 $89.25 $552.75 $642.00 $20,868.03
Aug, 2036 177 $86.95 $555.05 $642.00 $20,312.98
Sep, 2036 178 $84.64 $557.36 $642.00 $19,755.61
Oct, 2036 179 $82.32 $559.68 $642.00 $19,195.93
Nov, 2036 180 $79.98 $562.02 $642.00 $18,633.91
Dec, 2036 181 $77.64 $564.36 $642.00 $18,069.55
Jan, 2037 182 $75.29 $566.71 $642.00 $17,502.84
Feb, 2037 183 $72.93 $569.07 $642.00 $16,933.77
Mar, 2037 184 $70.56 $571.44 $642.00 $16,362.33
Apr, 2037 185 $68.18 $573.82 $642.00 $15,788.51
May, 2037 186 $65.79 $576.21 $642.00 $15,212.29
Jun, 2037 187 $63.38 $578.62 $642.00 $14,633.68
Jul, 2037 188 $60.97 $581.03 $642.00 $14,052.65
Aug, 2037 189 $58.55 $583.45 $642.00 $13,469.20
Sep, 2037 190 $56.12 $585.88 $642.00 $12,883.33
Oct, 2037 191 $53.68 $588.32 $642.00 $12,295.01
Nov, 2037 192 $51.23 $590.77 $642.00 $11,704.24
Dec, 2037 193 $48.77 $593.23 $642.00 $11,111.00
Jan, 2038 194 $46.30 $595.70 $642.00 $10,515.30
Feb, 2038 195 $43.81 $598.19 $642.00 $9,917.11
Mar, 2038 196 $41.32 $600.68 $642.00 $9,316.44
Apr, 2038 197 $38.82 $603.18 $642.00 $8,713.25
May, 2038 198 $36.31 $605.69 $642.00 $8,107.56
Jun, 2038 199 $33.78 $608.22 $642.00 $7,499.34
Jul, 2038 200 $31.25 $610.75 $642.00 $6,888.59
Aug, 2038 201 $28.70 $613.30 $642.00 $6,275.29
Sep, 2038 202 $26.15 $615.85 $642.00 $5,659.44
Oct, 2038 203 $23.58 $618.42 $642.00 $5,041.02
Nov, 2038 204 $21.00 $621.00 $642.00 $4,420.03
Dec, 2038 205 $18.42 $623.58 $642.00 $3,796.44
Jan, 2039 206 $15.82 $626.18 $642.00 $3,170.26
Feb, 2039 207 $13.21 $628.79 $642.00 $2,541.47
Mar, 2039 208 $10.59 $631.41 $642.00 $1,910.06
Apr, 2039 209 $7.96 $634.04 $642.00 $1,276.02
May, 2039 210 $5.32 $636.68 $642.00 $639.34
Jun, 2039 211 $2.66 $639.34 $642.00 $0.00


What is a mortgage recast?

A mortgage recast is when a lender allows a borrower to reduce his monthly payment by making a lump sum recast payment towards the principal of the mortgage. Borrowers who do a mortgage recast will save interest payment and the overall costs for the mortgage because of lower interest payments each month. There will be no change in the interest rate or the terms for mortgage recasting. There is a recast fee that lenders charge should the borrower choose to recast his mortgage. The recast fee is usually around a few hundred dollars, but you will need to check with your bank or lender for the exact amount. A mortgage recast may save you interest payment in the long term depending on how much recast payment that you want to make and the recast fees associated with it.


Extra mortgage payments

There are many other options you may have to save interest payment on a mortgage other than a mortgage recast. One method is by making extra payments to reduce your principal. You can make a one-time lump sum payment or increase your monthly payment to reduce principal. Making a lump-sum payment is essentially the same as a recast, but you avoid the recast fee that the bank charges. However, some lenders don't allow borrowers to make extra payments or to pay off their mortgages early, or they may charge a penalty for doing that. You will need to check with your bank and read the fine print of your mortgage to make sure there are no fees or penalties. Our mortgage recast calculator or the extra payment mortgage calculator to see which one saves you the most money in interest, and which option makes the most sense for your current situation.



Biweekly mortgage payments

Another option you may have is to increase the frequency of your mortgage payments. Instead of the regular monthly payments, you can choose to make bi-weekly payments. With biweekly mortgage payments, a borrower pays half of their monthly payments every 2 weeks. This is equivalent to 13 months worth of payments each year which is one more payment than the default monthly payment where a borrower makes 12 payments per year. One extra payment per year might not seem like a lot, but it actually saves you a lot on interest payments and may even cut a few years from the life of the mortgage term.


Recast vs Refinance

One other option that borrowers should consider is refinancing. If the interest rate is declining since you got your first mortgage, then refinance may be a good option. Recast allows a borrower to make a lump sum payment to reduce their mortgage balance, but keep the same interest rate and term, whereas refinance allows a borrower to get a lower interest rate. On the other hand, if you already have a low-interest rate, or if the interest rate has gone up since you bought your home, then refinance makes no sense because you won't be able to lower your monthly payments and there will be no savings on interest payments. On top of that, refinance takes longer to get approved since it is essentially the same as applying for a new loan, and the refinance costs are higher than a recast. Following is a list of the benefits of recast and refinance to help you decide which is the better option for you.


Benefits of refinancing


  • Lower monthly payments - If the interest rate has gone down dramatically since you bought your home, refinance is a good option to get a lower interest rate and hence a reduced monthly payment.

  • Improved credit score - If your credit score has improved and you believe that you are now qualified for a much lower interest rate, refinancing could be a good option.

  • Changning terms - If you want to lower your 30-year term to a 15-year term, or switch from an adjustable-rate mortgage to a fixed interest rate, refinancing is a good way to do that.

To learn more about refinance and how much you can save, check out how much can I save by refinancing calculator. Benefits of Recast

  • Lower costs - Recasting a mortgage has a much lower fee than refinancing.

  • Shorter approval process - You may or may not qualify to refinance your mortgage, but you are most likely to get approved for a recast. Since recast is more like you ask your lender to recalculate your amortization schedule for your monthly payments, it doesn't require you to provide income proof or credit score checks like refinance does, the approval process is much shorter.


Is recasting worth it?

If you received a big amount of money, either from an inheritance, a bonus from your job, or proceeds from selling another house, and your lender does not allow you to pay off your mortgage without penalty, then recasting might be the best option for you. Otherwise, you may consider making extra payments or increasing the payment frequency since recasting does not lower your interest rate and the mortgage term. Use our mortgage recast calculator with amortization schedule to see exactly how much you will save with mortgage recasting against your original mortgage. You will also see the recast amortization schedule that shows you the new lower monthly payments.




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