Mortgage Recasting Calculator

Mortgage Recasting Calculator 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.

Comparison		Original		Recast
Mortgage Recast Results
Recast Mortgage Balance:			$90,000.00
Monthly Payment:			$642.00
Total # Of Payments:			211
Start Date:			Jun, 2023
Payoff Date:			Dec, 2040
Total Interest Paid:			$45,461.95
Total Payment:			$135,461.95
Original Mortgage Vs. Mortgage Recast
Monthly Payment		$715.43		$642.00
Total Interest		$50,248.90		$45,461.95
Fees		$0		$300
Savings		$0		$4,486.95
Mortgage Recasting Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Jun, 2023	1	$375.00	$267.00	$642.00	$89,733.00
Jul, 2023	2	$373.89	$268.11	$642.00	$89,464.89
Aug, 2023	3	$372.77	$269.23	$642.00	$89,195.66
Sep, 2023	4	$371.65	$270.35	$642.00	$88,925.31
Oct, 2023	5	$370.52	$271.48	$642.00	$88,653.83
Nov, 2023	6	$369.39	$272.61	$642.00	$88,381.22
Dec, 2023	7	$368.26	$273.74	$642.00	$88,107.48
Jan, 2024	8	$367.11	$274.89	$642.00	$87,832.59
Feb, 2024	9	$365.97	$276.03	$642.00	$87,556.56
Mar, 2024	10	$364.82	$277.18	$642.00	$87,279.38
Apr, 2024	11	$363.66	$278.34	$642.00	$87,001.04
May, 2024	12	$362.50	$279.50	$642.00	$86,721.55
Jun, 2024	13	$361.34	$280.66	$642.00	$86,440.89
Jul, 2024	14	$360.17	$281.83	$642.00	$86,159.06
Aug, 2024	15	$359.00	$283.00	$642.00	$85,876.06
Sep, 2024	16	$357.82	$284.18	$642.00	$85,591.87
Oct, 2024	17	$356.63	$285.37	$642.00	$85,306.51
Nov, 2024	18	$355.44	$286.56	$642.00	$85,019.95
Dec, 2024	19	$354.25	$287.75	$642.00	$84,732.20
Jan, 2025	20	$353.05	$288.95	$642.00	$84,443.25
Feb, 2025	21	$351.85	$290.15	$642.00	$84,153.10
Mar, 2025	22	$350.64	$291.36	$642.00	$83,861.74
Apr, 2025	23	$349.42	$292.58	$642.00	$83,569.16
May, 2025	24	$348.20	$293.79	$642.00	$83,275.36
Jun, 2025	25	$346.98	$295.02	$642.00	$82,980.35
Jul, 2025	26	$345.75	$296.25	$642.00	$82,684.10
Aug, 2025	27	$344.52	$297.48	$642.00	$82,386.61
Sep, 2025	28	$343.28	$298.72	$642.00	$82,087.89
Oct, 2025	29	$342.03	$299.97	$642.00	$81,787.93
Nov, 2025	30	$340.78	$301.22	$642.00	$81,486.71
Dec, 2025	31	$339.53	$302.47	$642.00	$81,184.24
Jan, 2026	32	$338.27	$303.73	$642.00	$80,880.51
Feb, 2026	33	$337.00	$305.00	$642.00	$80,575.51
Mar, 2026	34	$335.73	$306.27	$642.00	$80,269.24
Apr, 2026	35	$334.46	$307.54	$642.00	$79,961.69
May, 2026	36	$333.17	$308.83	$642.00	$79,652.87
Jun, 2026	37	$331.89	$310.11	$642.00	$79,342.76
Jul, 2026	38	$330.59	$311.40	$642.00	$79,031.35
Aug, 2026	39	$329.30	$312.70	$642.00	$78,718.65
Sep, 2026	40	$327.99	$314.01	$642.00	$78,404.64
Oct, 2026	41	$326.69	$315.31	$642.00	$78,089.33
Nov, 2026	42	$325.37	$316.63	$642.00	$77,772.70
Dec, 2026	43	$324.05	$317.95	$642.00	$77,454.75
Jan, 2027	44	$322.73	$319.27	$642.00	$77,135.48
Feb, 2027	45	$321.40	$320.60	$642.00	$76,814.88
Mar, 2027	46	$320.06	$321.94	$642.00	$76,492.94
Apr, 2027	47	$318.72	$323.28	$642.00	$76,169.66
May, 2027	48	$317.37	$324.63	$642.00	$75,845.04
Jun, 2027	49	$316.02	$325.98	$642.00	$75,519.06
Jul, 2027	50	$314.66	$327.34	$642.00	$75,191.72
Aug, 2027	51	$313.30	$328.70	$642.00	$74,863.02
Sep, 2027	52	$311.93	$330.07	$642.00	$74,532.95
Oct, 2027	53	$310.55	$331.45	$642.00	$74,201.50
Nov, 2027	54	$309.17	$332.83	$642.00	$73,868.68
Dec, 2027	55	$307.79	$334.21	$642.00	$73,534.46
Jan, 2028	56	$306.39	$335.61	$642.00	$73,198.86
Feb, 2028	57	$305.00	$337.00	$642.00	$72,861.85
Mar, 2028	58	$303.59	$338.41	$642.00	$72,523.44
Apr, 2028	59	$302.18	$339.82	$642.00	$72,183.63
May, 2028	60	$300.77	$341.23	$642.00	$71,842.39
Jun, 2028	61	$299.34	$342.66	$642.00	$71,499.73
Jul, 2028	62	$297.92	$344.08	$642.00	$71,155.65
Aug, 2028	63	$296.48	$345.52	$642.00	$70,810.13
Sep, 2028	64	$295.04	$346.96	$642.00	$70,463.18
Oct, 2028	65	$293.60	$348.40	$642.00	$70,114.77
Nov, 2028	66	$292.14	$349.85	$642.00	$69,764.92
Dec, 2028	67	$290.69	$351.31	$642.00	$69,413.60
Jan, 2029	68	$289.22	$352.78	$642.00	$69,060.83
Feb, 2029	69	$287.75	$354.25	$642.00	$68,706.58
Mar, 2029	70	$286.28	$355.72	$642.00	$68,350.86
Apr, 2029	71	$284.80	$357.20	$642.00	$67,993.65
May, 2029	72	$283.31	$358.69	$642.00	$67,634.96
Jun, 2029	73	$281.81	$360.19	$642.00	$67,274.77
Jul, 2029	74	$280.31	$361.69	$642.00	$66,913.09
Aug, 2029	75	$278.80	$363.20	$642.00	$66,549.89
Sep, 2029	76	$277.29	$364.71	$642.00	$66,185.18
Oct, 2029	77	$275.77	$366.23	$642.00	$65,818.95
Nov, 2029	78	$274.25	$367.75	$642.00	$65,451.20
Dec, 2029	79	$272.71	$369.29	$642.00	$65,081.91
Jan, 2030	80	$271.17	$370.83	$642.00	$64,711.09
Feb, 2030	81	$269.63	$372.37	$642.00	$64,338.72
Mar, 2030	82	$268.08	$373.92	$642.00	$63,964.80
Apr, 2030	83	$266.52	$375.48	$642.00	$63,589.32
May, 2030	84	$264.96	$377.04	$642.00	$63,212.27
Jun, 2030	85	$263.38	$378.62	$642.00	$62,833.66
Jul, 2030	86	$261.81	$380.19	$642.00	$62,453.46
Aug, 2030	87	$260.22	$381.78	$642.00	$62,071.69
Sep, 2030	88	$258.63	$383.37	$642.00	$61,688.32
Oct, 2030	89	$257.03	$384.97	$642.00	$61,303.35
Nov, 2030	90	$255.43	$386.57	$642.00	$60,916.79
Dec, 2030	91	$253.82	$388.18	$642.00	$60,528.61
Jan, 2031	92	$252.20	$389.80	$642.00	$60,138.81
Feb, 2031	93	$250.58	$391.42	$642.00	$59,747.39
Mar, 2031	94	$248.95	$393.05	$642.00	$59,354.33
Apr, 2031	95	$247.31	$394.69	$642.00	$58,959.64
May, 2031	96	$245.67	$396.33	$642.00	$58,563.31
Jun, 2031	97	$244.01	$397.99	$642.00	$58,165.32
Jul, 2031	98	$242.36	$399.64	$642.00	$57,765.68
Aug, 2031	99	$240.69	$401.31	$642.00	$57,364.37
Sep, 2031	100	$239.02	$402.98	$642.00	$56,961.39
Oct, 2031	101	$237.34	$404.66	$642.00	$56,556.73
Nov, 2031	102	$235.65	$406.35	$642.00	$56,150.38
Dec, 2031	103	$233.96	$408.04	$642.00	$55,742.34
Jan, 2032	104	$232.26	$409.74	$642.00	$55,332.60
Feb, 2032	105	$230.55	$411.45	$642.00	$54,921.15
Mar, 2032	106	$228.84	$413.16	$642.00	$54,507.99
Apr, 2032	107	$227.12	$414.88	$642.00	$54,093.11
May, 2032	108	$225.39	$416.61	$642.00	$53,676.50
Jun, 2032	109	$223.65	$418.35	$642.00	$53,258.15
Jul, 2032	110	$221.91	$420.09	$642.00	$52,838.06
Aug, 2032	111	$220.16	$421.84	$642.00	$52,416.22
Sep, 2032	112	$218.40	$423.60	$642.00	$51,992.62
Oct, 2032	113	$216.64	$425.36	$642.00	$51,567.26
Nov, 2032	114	$214.86	$427.14	$642.00	$51,140.12
Dec, 2032	115	$213.08	$428.92	$642.00	$50,711.20
Jan, 2033	116	$211.30	$430.70	$642.00	$50,280.50
Feb, 2033	117	$209.50	$432.50	$642.00	$49,848.00
Mar, 2033	118	$207.70	$434.30	$642.00	$49,413.70
Apr, 2033	119	$205.89	$436.11	$642.00	$48,977.59
May, 2033	120	$204.07	$437.93	$642.00	$48,539.67
Jun, 2033	121	$202.25	$439.75	$642.00	$48,099.92
Jul, 2033	122	$200.42	$441.58	$642.00	$47,658.33
Aug, 2033	123	$198.58	$443.42	$642.00	$47,214.91
Sep, 2033	124	$196.73	$445.27	$642.00	$46,769.64
Oct, 2033	125	$194.87	$447.13	$642.00	$46,322.51
Nov, 2033	126	$193.01	$448.99	$642.00	$45,873.52
Dec, 2033	127	$191.14	$450.86	$642.00	$45,422.66
Jan, 2034	128	$189.26	$452.74	$642.00	$44,969.92
Feb, 2034	129	$187.37	$454.63	$642.00	$44,515.30
Mar, 2034	130	$185.48	$456.52	$642.00	$44,058.78
Apr, 2034	131	$183.58	$458.42	$642.00	$43,600.36
May, 2034	132	$181.67	$460.33	$642.00	$43,140.03
Jun, 2034	133	$179.75	$462.25	$642.00	$42,677.78
Jul, 2034	134	$177.82	$464.18	$642.00	$42,213.60
Aug, 2034	135	$175.89	$466.11	$642.00	$41,747.49
Sep, 2034	136	$173.95	$468.05	$642.00	$41,279.44
Oct, 2034	137	$172.00	$470.00	$642.00	$40,809.44
Nov, 2034	138	$170.04	$471.96	$642.00	$40,337.48
Dec, 2034	139	$168.07	$473.93	$642.00	$39,863.55
Jan, 2035	140	$166.10	$475.90	$642.00	$39,387.65
Feb, 2035	141	$164.12	$477.88	$642.00	$38,909.76
Mar, 2035	142	$162.12	$479.88	$642.00	$38,429.89
Apr, 2035	143	$160.12	$481.88	$642.00	$37,948.01
May, 2035	144	$158.12	$483.88	$642.00	$37,464.13
Jun, 2035	145	$156.10	$485.90	$642.00	$36,978.23
Jul, 2035	146	$154.08	$487.92	$642.00	$36,490.31
Aug, 2035	147	$152.04	$489.96	$642.00	$36,000.35
Sep, 2035	148	$150.00	$492.00	$642.00	$35,508.35
Oct, 2035	149	$147.95	$494.05	$642.00	$35,014.30
Nov, 2035	150	$145.89	$496.11	$642.00	$34,518.20
Dec, 2035	151	$143.83	$498.17	$642.00	$34,020.02
Jan, 2036	152	$141.75	$500.25	$642.00	$33,519.77
Feb, 2036	153	$139.67	$502.33	$642.00	$33,017.44
Mar, 2036	154	$137.57	$504.43	$642.00	$32,513.01
Apr, 2036	155	$135.47	$506.53	$642.00	$32,006.48
May, 2036	156	$133.36	$508.64	$642.00	$31,497.84
Jun, 2036	157	$131.24	$510.76	$642.00	$30,987.08
Jul, 2036	158	$129.11	$512.89	$642.00	$30,474.20
Aug, 2036	159	$126.98	$515.02	$642.00	$29,959.17
Sep, 2036	160	$124.83	$517.17	$642.00	$29,442.00
Oct, 2036	161	$122.68	$519.32	$642.00	$28,922.68
Nov, 2036	162	$120.51	$521.49	$642.00	$28,401.19
Dec, 2036	163	$118.34	$523.66	$642.00	$27,877.53
Jan, 2037	164	$116.16	$525.84	$642.00	$27,351.68
Feb, 2037	165	$113.97	$528.03	$642.00	$26,823.65
Mar, 2037	166	$111.77	$530.23	$642.00	$26,293.42
Apr, 2037	167	$109.56	$532.44	$642.00	$25,760.97
May, 2037	168	$107.34	$534.66	$642.00	$25,226.31
Jun, 2037	169	$105.11	$536.89	$642.00	$24,689.42
Jul, 2037	170	$102.87	$539.13	$642.00	$24,150.29
Aug, 2037	171	$100.63	$541.37	$642.00	$23,608.92
Sep, 2037	172	$98.37	$543.63	$642.00	$23,065.29
Oct, 2037	173	$96.11	$545.89	$642.00	$22,519.39
Nov, 2037	174	$93.83	$548.17	$642.00	$21,971.23
Dec, 2037	175	$91.55	$550.45	$642.00	$21,420.77
Jan, 2038	176	$89.25	$552.75	$642.00	$20,868.03
Feb, 2038	177	$86.95	$555.05	$642.00	$20,312.98
Mar, 2038	178	$84.64	$557.36	$642.00	$19,755.61
Apr, 2038	179	$82.32	$559.68	$642.00	$19,195.93
May, 2038	180	$79.98	$562.02	$642.00	$18,633.91
Jun, 2038	181	$77.64	$564.36	$642.00	$18,069.55
Jul, 2038	182	$75.29	$566.71	$642.00	$17,502.84
Aug, 2038	183	$72.93	$569.07	$642.00	$16,933.77
Sep, 2038	184	$70.56	$571.44	$642.00	$16,362.33
Oct, 2038	185	$68.18	$573.82	$642.00	$15,788.51
Nov, 2038	186	$65.79	$576.21	$642.00	$15,212.29
Dec, 2038	187	$63.38	$578.62	$642.00	$14,633.68
Jan, 2039	188	$60.97	$581.03	$642.00	$14,052.65
Feb, 2039	189	$58.55	$583.45	$642.00	$13,469.20
Mar, 2039	190	$56.12	$585.88	$642.00	$12,883.33
Apr, 2039	191	$53.68	$588.32	$642.00	$12,295.01
May, 2039	192	$51.23	$590.77	$642.00	$11,704.24
Jun, 2039	193	$48.77	$593.23	$642.00	$11,111.00
Jul, 2039	194	$46.30	$595.70	$642.00	$10,515.30
Aug, 2039	195	$43.81	$598.19	$642.00	$9,917.11
Sep, 2039	196	$41.32	$600.68	$642.00	$9,316.44
Oct, 2039	197	$38.82	$603.18	$642.00	$8,713.25
Nov, 2039	198	$36.31	$605.69	$642.00	$8,107.56
Dec, 2039	199	$33.78	$608.22	$642.00	$7,499.34
Jan, 2040	200	$31.25	$610.75	$642.00	$6,888.59
Feb, 2040	201	$28.70	$613.30	$642.00	$6,275.29
Mar, 2040	202	$26.15	$615.85	$642.00	$5,659.44
Apr, 2040	203	$23.58	$618.42	$642.00	$5,041.02
May, 2040	204	$21.00	$621.00	$642.00	$4,420.03
Jun, 2040	205	$18.42	$623.58	$642.00	$3,796.44
Jul, 2040	206	$15.82	$626.18	$642.00	$3,170.26
Aug, 2040	207	$13.21	$628.79	$642.00	$2,541.47
Sep, 2040	208	$10.59	$631.41	$642.00	$1,910.06
Oct, 2040	209	$7.96	$634.04	$642.00	$1,276.02
Nov, 2040	210	$5.32	$636.68	$642.00	$639.34
Dec, 2040	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 payments 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 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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