Mortgage Recast Calculator

The Mortgage Recast Calculator helps homeowners figure out exactly how much they can save on their monthly payments and total interest by making a lump sum payment toward their mortgage principal and having their loan recast. Unlike refinancing — which replaces your loan entirely and often comes with closing costs, credit checks, and a new interest rate — recasting simply reamortizes your existing loan over the remaining term at the same rate, using your reduced balance to calculate a lower monthly payment. It’s a straightforward way to cut your payment and your long-term interest costs without the complexity of starting over.

How to Use the Mortgage Recast Calculator

Entering your mortgage details is quick and the results give you a thorough before-and-after comparison. Here’s how:

• Enter Mortgage Details:
  • Original Loan Amount (e.g., $300,000)
  • Current Principal Balance (e.g., $250,000)
  • Interest Rate (e.g., 4.5%)
  • Original Loan Term (e.g., 30 years)
  • Time Remaining on Loan (e.g., 25 years)
  • Lump Sum Payment for Recast (e.g., $50,000)
• Click “Calculate Recast”: Hit the button to process your inputs and generate your full results instantly.
• View Summary Results: See your monthly payment savings (e.g., $253.35, shown as a percentage reduction), your before and after monthly payment side by side (e.g., $1,520.06 vs. $1,266.71), your total interest savings (e.g., $76,005), and the before and after total interest figures.
• Explore Detailed Results: Switch between two tabs for a deeper look — the Summary Tab shows all loan details including your new principal balance after the lump sum, while the Amortization Tab provides a full payment-by-payment schedule comparing original versus recast payments, principal, interest, and remaining balance. You can toggle between monthly and yearly views depending on how much detail you want.

Why Use the Mortgage Recast Calculator Online?

If you’ve come into a lump sum of money — from a bonus, inheritance, property sale, or savings — and you’re wondering whether putting it toward your mortgage makes sense, this calculator gives you the concrete numbers to make that call confidently. Here’s what sets it apart:

• Accurate Savings Calculation: Precisely computes your reduced monthly payment and total interest savings based on your actual remaining balance and loan terms, so you know exactly what a recast would mean for your finances before approaching your lender.
• Detailed Insights: Offers a summary view with key loan metrics and a full amortization schedule with both monthly and yearly toggle options — giving you as much or as little detail as you need.
• PDF Export Ready: Save your full results as a clean, single-page PDF using your browser’s Print → Save as PDF feature — useful for personal financial planning or for presenting the numbers to your mortgage lender during a recast discussion.
• Ideal for Homeowners Considering Recasting: Perfect for anyone who wants to lower their monthly obligation without the hassle and cost of refinancing, this tool provides the clarity needed to decide whether a recast is the right move and what the long-term financial benefit will actually look like.