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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.

Recast Calculator

Remaining Balance
$
Interest Rate
Current Monthly Payment
$
Recasting Payment
$
Recasting Cost
$ Check Local Mortgage Rates



Mortgage Recast Results

Recast Mortgage Balance:
$90,000.00
Monthly Payment:
$642.00
Total # Of Payments:
211
Start Date:
Mar, 2024
Payoff Date:
Sep, 2041
Total Interest Paid:
$45,461.95
Total Payment:
$135,461.95

Original Mortgage Vs. Mortgage Recast

Comparison Original 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
Mar, 2024 1 $375.00 $267.00 $642.00 $89,733.00
Apr, 2024 2 $373.89 $268.11 $642.00 $89,464.89
May, 2024 3 $372.77 $269.23 $642.00 $89,195.66
Jun, 2024 4 $371.65 $270.35 $642.00 $88,925.31
Jul, 2024 5 $370.52 $271.48 $642.00 $88,653.83
Aug, 2024 6 $369.39 $272.61 $642.00 $88,381.22
Sep, 2024 7 $368.26 $273.74 $642.00 $88,107.48
Oct, 2024 8 $367.11 $274.89 $642.00 $87,832.59
Nov, 2024 9 $365.97 $276.03 $642.00 $87,556.56
Dec, 2024 10 $364.82 $277.18 $642.00 $87,279.38
Jan, 2025 11 $363.66 $278.34 $642.00 $87,001.04
Feb, 2025 12 $362.50 $279.50 $642.00 $86,721.55
Mar, 2025 13 $361.34 $280.66 $642.00 $86,440.89
Apr, 2025 14 $360.17 $281.83 $642.00 $86,159.06
May, 2025 15 $359.00 $283.00 $642.00 $85,876.06
Jun, 2025 16 $357.82 $284.18 $642.00 $85,591.87
Jul, 2025 17 $356.63 $285.37 $642.00 $85,306.51
Aug, 2025 18 $355.44 $286.56 $642.00 $85,019.95
Sep, 2025 19 $354.25 $287.75 $642.00 $84,732.20
Oct, 2025 20 $353.05 $288.95 $642.00 $84,443.25
Nov, 2025 21 $351.85 $290.15 $642.00 $84,153.10
Dec, 2025 22 $350.64 $291.36 $642.00 $83,861.74
Jan, 2026 23 $349.42 $292.58 $642.00 $83,569.16
Feb, 2026 24 $348.20 $293.79 $642.00 $83,275.36
Mar, 2026 25 $346.98 $295.02 $642.00 $82,980.35
Apr, 2026 26 $345.75 $296.25 $642.00 $82,684.10
May, 2026 27 $344.52 $297.48 $642.00 $82,386.61
Jun, 2026 28 $343.28 $298.72 $642.00 $82,087.89
Jul, 2026 29 $342.03 $299.97 $642.00 $81,787.93
Aug, 2026 30 $340.78 $301.22 $642.00 $81,486.71
Sep, 2026 31 $339.53 $302.47 $642.00 $81,184.24
Oct, 2026 32 $338.27 $303.73 $642.00 $80,880.51
Nov, 2026 33 $337.00 $305.00 $642.00 $80,575.51
Dec, 2026 34 $335.73 $306.27 $642.00 $80,269.24
Jan, 2027 35 $334.46 $307.54 $642.00 $79,961.69
Feb, 2027 36 $333.17 $308.83 $642.00 $79,652.87
Mar, 2027 37 $331.89 $310.11 $642.00 $79,342.76
Apr, 2027 38 $330.59 $311.40 $642.00 $79,031.35
May, 2027 39 $329.30 $312.70 $642.00 $78,718.65
Jun, 2027 40 $327.99 $314.01 $642.00 $78,404.64
Jul, 2027 41 $326.69 $315.31 $642.00 $78,089.33
Aug, 2027 42 $325.37 $316.63 $642.00 $77,772.70
Sep, 2027 43 $324.05 $317.95 $642.00 $77,454.75
Oct, 2027 44 $322.73 $319.27 $642.00 $77,135.48
Nov, 2027 45 $321.40 $320.60 $642.00 $76,814.88
Dec, 2027 46 $320.06 $321.94 $642.00 $76,492.94
Jan, 2028 47 $318.72 $323.28 $642.00 $76,169.66
Feb, 2028 48 $317.37 $324.63 $642.00 $75,845.04
Mar, 2028 49 $316.02 $325.98 $642.00 $75,519.06
Apr, 2028 50 $314.66 $327.34 $642.00 $75,191.72
May, 2028 51 $313.30 $328.70 $642.00 $74,863.02
Jun, 2028 52 $311.93 $330.07 $642.00 $74,532.95
Jul, 2028 53 $310.55 $331.45 $642.00 $74,201.50
Aug, 2028 54 $309.17 $332.83 $642.00 $73,868.68
Sep, 2028 55 $307.79 $334.21 $642.00 $73,534.46
Oct, 2028 56 $306.39 $335.61 $642.00 $73,198.86
Nov, 2028 57 $305.00 $337.00 $642.00 $72,861.85
Dec, 2028 58 $303.59 $338.41 $642.00 $72,523.44
Jan, 2029 59 $302.18 $339.82 $642.00 $72,183.63
Feb, 2029 60 $300.77 $341.23 $642.00 $71,842.39
Mar, 2029 61 $299.34 $342.66 $642.00 $71,499.73
Apr, 2029 62 $297.92 $344.08 $642.00 $71,155.65
May, 2029 63 $296.48 $345.52 $642.00 $70,810.13
Jun, 2029 64 $295.04 $346.96 $642.00 $70,463.18
Jul, 2029 65 $293.60 $348.40 $642.00 $70,114.77
Aug, 2029 66 $292.14 $349.85 $642.00 $69,764.92
Sep, 2029 67 $290.69 $351.31 $642.00 $69,413.60
Oct, 2029 68 $289.22 $352.78 $642.00 $69,060.83
Nov, 2029 69 $287.75 $354.25 $642.00 $68,706.58
Dec, 2029 70 $286.28 $355.72 $642.00 $68,350.86
Jan, 2030 71 $284.80 $357.20 $642.00 $67,993.65
Feb, 2030 72 $283.31 $358.69 $642.00 $67,634.96
Mar, 2030 73 $281.81 $360.19 $642.00 $67,274.77
Apr, 2030 74 $280.31 $361.69 $642.00 $66,913.09
May, 2030 75 $278.80 $363.20 $642.00 $66,549.89
Jun, 2030 76 $277.29 $364.71 $642.00 $66,185.18
Jul, 2030 77 $275.77 $366.23 $642.00 $65,818.95
Aug, 2030 78 $274.25 $367.75 $642.00 $65,451.20
Sep, 2030 79 $272.71 $369.29 $642.00 $65,081.91
Oct, 2030 80 $271.17 $370.83 $642.00 $64,711.09
Nov, 2030 81 $269.63 $372.37 $642.00 $64,338.72
Dec, 2030 82 $268.08 $373.92 $642.00 $63,964.80
Jan, 2031 83 $266.52 $375.48 $642.00 $63,589.32
Feb, 2031 84 $264.96 $377.04 $642.00 $63,212.27
Mar, 2031 85 $263.38 $378.62 $642.00 $62,833.66
Apr, 2031 86 $261.81 $380.19 $642.00 $62,453.46
May, 2031 87 $260.22 $381.78 $642.00 $62,071.69
Jun, 2031 88 $258.63 $383.37 $642.00 $61,688.32
Jul, 2031 89 $257.03 $384.97 $642.00 $61,303.35
Aug, 2031 90 $255.43 $386.57 $642.00 $60,916.79
Sep, 2031 91 $253.82 $388.18 $642.00 $60,528.61
Oct, 2031 92 $252.20 $389.80 $642.00 $60,138.81
Nov, 2031 93 $250.58 $391.42 $642.00 $59,747.39
Dec, 2031 94 $248.95 $393.05 $642.00 $59,354.33
Jan, 2032 95 $247.31 $394.69 $642.00 $58,959.64
Feb, 2032 96 $245.67 $396.33 $642.00 $58,563.31
Mar, 2032 97 $244.01 $397.99 $642.00 $58,165.32
Apr, 2032 98 $242.36 $399.64 $642.00 $57,765.68
May, 2032 99 $240.69 $401.31 $642.00 $57,364.37
Jun, 2032 100 $239.02 $402.98 $642.00 $56,961.39
Jul, 2032 101 $237.34 $404.66 $642.00 $56,556.73
Aug, 2032 102 $235.65 $406.35 $642.00 $56,150.38
Sep, 2032 103 $233.96 $408.04 $642.00 $55,742.34
Oct, 2032 104 $232.26 $409.74 $642.00 $55,332.60
Nov, 2032 105 $230.55 $411.45 $642.00 $54,921.15
Dec, 2032 106 $228.84 $413.16 $642.00 $54,507.99
Jan, 2033 107 $227.12 $414.88 $642.00 $54,093.11
Feb, 2033 108 $225.39 $416.61 $642.00 $53,676.50
Mar, 2033 109 $223.65 $418.35 $642.00 $53,258.15
Apr, 2033 110 $221.91 $420.09 $642.00 $52,838.06
May, 2033 111 $220.16 $421.84 $642.00 $52,416.22
Jun, 2033 112 $218.40 $423.60 $642.00 $51,992.62
Jul, 2033 113 $216.64 $425.36 $642.00 $51,567.26
Aug, 2033 114 $214.86 $427.14 $642.00 $51,140.12
Sep, 2033 115 $213.08 $428.92 $642.00 $50,711.20
Oct, 2033 116 $211.30 $430.70 $642.00 $50,280.50
Nov, 2033 117 $209.50 $432.50 $642.00 $49,848.00
Dec, 2033 118 $207.70 $434.30 $642.00 $49,413.70
Jan, 2034 119 $205.89 $436.11 $642.00 $48,977.59
Feb, 2034 120 $204.07 $437.93 $642.00 $48,539.67
Mar, 2034 121 $202.25 $439.75 $642.00 $48,099.92
Apr, 2034 122 $200.42 $441.58 $642.00 $47,658.33
May, 2034 123 $198.58 $443.42 $642.00 $47,214.91
Jun, 2034 124 $196.73 $445.27 $642.00 $46,769.64
Jul, 2034 125 $194.87 $447.13 $642.00 $46,322.51
Aug, 2034 126 $193.01 $448.99 $642.00 $45,873.52
Sep, 2034 127 $191.14 $450.86 $642.00 $45,422.66
Oct, 2034 128 $189.26 $452.74 $642.00 $44,969.92
Nov, 2034 129 $187.37 $454.63 $642.00 $44,515.30
Dec, 2034 130 $185.48 $456.52 $642.00 $44,058.78
Jan, 2035 131 $183.58 $458.42 $642.00 $43,600.36
Feb, 2035 132 $181.67 $460.33 $642.00 $43,140.03
Mar, 2035 133 $179.75 $462.25 $642.00 $42,677.78
Apr, 2035 134 $177.82 $464.18 $642.00 $42,213.60
May, 2035 135 $175.89 $466.11 $642.00 $41,747.49
Jun, 2035 136 $173.95 $468.05 $642.00 $41,279.44
Jul, 2035 137 $172.00 $470.00 $642.00 $40,809.44
Aug, 2035 138 $170.04 $471.96 $642.00 $40,337.48
Sep, 2035 139 $168.07 $473.93 $642.00 $39,863.55
Oct, 2035 140 $166.10 $475.90 $642.00 $39,387.65
Nov, 2035 141 $164.12 $477.88 $642.00 $38,909.76
Dec, 2035 142 $162.12 $479.88 $642.00 $38,429.89
Jan, 2036 143 $160.12 $481.88 $642.00 $37,948.01
Feb, 2036 144 $158.12 $483.88 $642.00 $37,464.13
Mar, 2036 145 $156.10 $485.90 $642.00 $36,978.23
Apr, 2036 146 $154.08 $487.92 $642.00 $36,490.31
May, 2036 147 $152.04 $489.96 $642.00 $36,000.35
Jun, 2036 148 $150.00 $492.00 $642.00 $35,508.35
Jul, 2036 149 $147.95 $494.05 $642.00 $35,014.30
Aug, 2036 150 $145.89 $496.11 $642.00 $34,518.20
Sep, 2036 151 $143.83 $498.17 $642.00 $34,020.02
Oct, 2036 152 $141.75 $500.25 $642.00 $33,519.77
Nov, 2036 153 $139.67 $502.33 $642.00 $33,017.44
Dec, 2036 154 $137.57 $504.43 $642.00 $32,513.01
Jan, 2037 155 $135.47 $506.53 $642.00 $32,006.48
Feb, 2037 156 $133.36 $508.64 $642.00 $31,497.84
Mar, 2037 157 $131.24 $510.76 $642.00 $30,987.08
Apr, 2037 158 $129.11 $512.89 $642.00 $30,474.20
May, 2037 159 $126.98 $515.02 $642.00 $29,959.17
Jun, 2037 160 $124.83 $517.17 $642.00 $29,442.00
Jul, 2037 161 $122.68 $519.32 $642.00 $28,922.68
Aug, 2037 162 $120.51 $521.49 $642.00 $28,401.19
Sep, 2037 163 $118.34 $523.66 $642.00 $27,877.53
Oct, 2037 164 $116.16 $525.84 $642.00 $27,351.68
Nov, 2037 165 $113.97 $528.03 $642.00 $26,823.65
Dec, 2037 166 $111.77 $530.23 $642.00 $26,293.42
Jan, 2038 167 $109.56 $532.44 $642.00 $25,760.97
Feb, 2038 168 $107.34 $534.66 $642.00 $25,226.31
Mar, 2038 169 $105.11 $536.89 $642.00 $24,689.42
Apr, 2038 170 $102.87 $539.13 $642.00 $24,150.29
May, 2038 171 $100.63 $541.37 $642.00 $23,608.92
Jun, 2038 172 $98.37 $543.63 $642.00 $23,065.29
Jul, 2038 173 $96.11 $545.89 $642.00 $22,519.39
Aug, 2038 174 $93.83 $548.17 $642.00 $21,971.23
Sep, 2038 175 $91.55 $550.45 $642.00 $21,420.77
Oct, 2038 176 $89.25 $552.75 $642.00 $20,868.03
Nov, 2038 177 $86.95 $555.05 $642.00 $20,312.98
Dec, 2038 178 $84.64 $557.36 $642.00 $19,755.61
Jan, 2039 179 $82.32 $559.68 $642.00 $19,195.93
Feb, 2039 180 $79.98 $562.02 $642.00 $18,633.91
Mar, 2039 181 $77.64 $564.36 $642.00 $18,069.55
Apr, 2039 182 $75.29 $566.71 $642.00 $17,502.84
May, 2039 183 $72.93 $569.07 $642.00 $16,933.77
Jun, 2039 184 $70.56 $571.44 $642.00 $16,362.33
Jul, 2039 185 $68.18 $573.82 $642.00 $15,788.51
Aug, 2039 186 $65.79 $576.21 $642.00 $15,212.29
Sep, 2039 187 $63.38 $578.62 $642.00 $14,633.68
Oct, 2039 188 $60.97 $581.03 $642.00 $14,052.65
Nov, 2039 189 $58.55 $583.45 $642.00 $13,469.20
Dec, 2039 190 $56.12 $585.88 $642.00 $12,883.33
Jan, 2040 191 $53.68 $588.32 $642.00 $12,295.01
Feb, 2040 192 $51.23 $590.77 $642.00 $11,704.24
Mar, 2040 193 $48.77 $593.23 $642.00 $11,111.00
Apr, 2040 194 $46.30 $595.70 $642.00 $10,515.30
May, 2040 195 $43.81 $598.19 $642.00 $9,917.11
Jun, 2040 196 $41.32 $600.68 $642.00 $9,316.44
Jul, 2040 197 $38.82 $603.18 $642.00 $8,713.25
Aug, 2040 198 $36.31 $605.69 $642.00 $8,107.56
Sep, 2040 199 $33.78 $608.22 $642.00 $7,499.34
Oct, 2040 200 $31.25 $610.75 $642.00 $6,888.59
Nov, 2040 201 $28.70 $613.30 $642.00 $6,275.29
Dec, 2040 202 $26.15 $615.85 $642.00 $5,659.44
Jan, 2041 203 $23.58 $618.42 $642.00 $5,041.02
Feb, 2041 204 $21.00 $621.00 $642.00 $4,420.03
Mar, 2041 205 $18.42 $623.58 $642.00 $3,796.44
Apr, 2041 206 $15.82 $626.18 $642.00 $3,170.26
May, 2041 207 $13.21 $628.79 $642.00 $2,541.47
Jun, 2041 208 $10.59 $631.41 $642.00 $1,910.06
Jul, 2041 209 $7.96 $634.04 $642.00 $1,276.02
Aug, 2041 210 $5.32 $636.68 $642.00 $639.34
Sep, 2041 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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