Mortgage Recast Calculator
See how much your monthly mortgage payment drops if you make a lump-sum payment and ask your lender to recast the loan, keeping your current rate and term.
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About the Mortgage Recast Calculator
A mortgage recast (or re-amortization) lets you pay down a large chunk of your balance and have the lender recalculate your monthly payment over the remaining term. Your interest rate and loan term stay the same, but the payment falls. Fees are usually a few hundred dollars, much less than refinancing. This calculator shows the new payment and your savings.
How to use it
- Enter your current balance, interest rate and months remaining.
- Enter the lump-sum payment and the lender's recast fee.
- Press Calculate recast to see the new payment and savings.
Recast versus refinance
| Recast | Refinance | |
|---|---|---|
| Interest rate | Stays the same | Resets to the new rate |
| Costs | Usually a few hundred dollars | Typically 2% to 5% of the loan |
| Loan term | Stays the same | Can change |
| Requires approval | Often no credit check | Full application |
Who can recast?
Many conventional loans allow recasting after a lump-sum payment, often at least $5,000 to $10,000. FHA, VA and USDA loans usually do not allow it. Ask your servicer about their minimum payment and fee.
Frequently asked questions
What is a mortgage recast?
A recalculation of your monthly payment after a large principal payment. The rate and term stay the same.
How much does a mortgage recast cost?
Servicers usually charge a flat fee, often $150 to $500.
Is recasting better than refinancing?
If your current rate is low, recasting is cheaper and keeps that rate. Refinancing may be better if rates have dropped a lot.
Can I recast an FHA or VA loan?
Usually not. Most recasts apply to conventional loans.
Does a recast shorten my loan?
No. It lowers the payment. To shorten the loan, keep paying the old amount as extra principal.
Last reviewed: November 2026. Estimates only, not financial, tax or legal advice.