Mortgage Recast Calculator

Calculate how making a lump sum payment and recasting your mortgage can reduce your monthly payments and save on interest over the life of your loan.

Mortgage Information

The Mortgage Recast Calculator is a helpful tool for homeowners who want to estimate savings from making a lump-sum payment toward their mortgage and recasting the loan. It takes inputs such as the original loan amount, current balance, interest rate, remaining term, and lump-sum payment to calculate the impact on monthly payments and total interest savings. The results are presented in a clear summary along with a detailed breakdown, making it easier to understand the financial benefits of recasting your mortgage.

Mortgage Recast Calculator

  • 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 (e.g., 25 years)
    • Lump Sum Payment (e.g., $50,000)
  • Calculate: Click the “Calculate Recast” button to process your inputs
  • View Summary Results:
    • Monthly Savings (e.g., $253.35, X% reduction)
    • Before vs After Monthly Payment (e.g., $1,520.06 → $1,266.71)
    • Total Interest Savings (e.g., $76,005, X% reduction)
    • Before vs After Total Interest (e.g., $206,018 → $130,013)
  • Explore Detailed Results:
    • Summary Tab: Displays updated loan details, including new principal (e.g., $200,000) and payment comparison
    • Amortization Tab: Shows full schedule with original vs recast payments, including principal, interest, and remaining balance
 
 

Why Use Mortgage Recast Calculator?

Optimize your mortgage strategy with the Mortgage Recast Calculator:

  • Accurate Savings: Calculates how a lump-sum payment can reduce monthly payments and total interest paid
  • Detailed Insights: Provides a clear summary along with loan details and amortization schedules in both monthly and yearly views
  • PDF Export Ready: Allows you to save results as a single-page PDF for easy sharing with lenders or for personal financial planning
  • Ideal for Homeowners: Best suited for those considering mortgage recasting instead of refinancing, helping them understand long-term savings and improve budgeting or investment decisions

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