Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Mortgage recast calculator
A recast puts a lump sum against your principal and re-amortises the loan over the same remaining term at the same rate. Your payment falls; your payoff date does not move. This calculator shows the new payment and compares it with keeping your current payment instead.
Recast vs keeping your current payment
Both options start from the same reduced balance. Recasting buys cash flow; keeping the payment buys an earlier payoff.
| Option | Monthly payment | Payoff | Interest saved |
|---|---|---|---|
| Recast the loan | $1,823 | 25 yr 0 mo | $50,931 |
| Keep paying $2,161 | $2,161 | 17 yr 6 mo | $146,344 |
Common questions
- What is a mortgage recast?
- A recast applies a lump sum to your principal and then re-amortises the loan over the remaining term. The rate and payoff date stay the same, but the monthly payment drops.
- Is recasting better than refinancing?
- Recasting keeps your existing rate and usually costs a few hundred dollars in fees, with no credit check or closing costs. Refinancing can lower the rate itself but resets the term and carries full closing costs.
- Does recasting save interest?
- The lump sum saves interest because the balance falls. Recasting itself does not add savings — it converts part of that benefit into a lower monthly payment instead of an earlier payoff.
Prefer to model the whole payment including tax, insurance and PMI? Use the full mortgage calculator, or compare against monthly overpayments.
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