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.

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:			$643.42
Total # Of Payments:			251
Start Date:			May, 2026
Payoff Date:			Mar, 2047
Total Interest Paid:			$71,498.43
Total Payment:			$161,498.43
Original Mortgage Vs. Mortgage Recast
Comparison		Original		Recast
Monthly Payment		$715.43		$643.42
Total Interest		$79,305.59		$71,498.43
Fees		$0		$300
Savings		$0		$7,507.16
Mortgage Recasting Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
May, 2026	1	$468.75	$174.67	$643.42	$89,825.33
Jun, 2026	2	$467.84	$175.58	$643.42	$89,649.75
Jul, 2026	3	$466.93	$176.49	$643.42	$89,473.26
Aug, 2026	4	$466.01	$177.41	$643.42	$89,295.84
Sep, 2026	5	$465.08	$178.34	$643.42	$89,117.50
Oct, 2026	6	$464.15	$179.27	$643.42	$88,938.24
Nov, 2026	7	$463.22	$180.20	$643.42	$88,758.04
Dec, 2026	8	$462.28	$181.14	$643.42	$88,576.90
Jan, 2027	9	$461.34	$182.08	$643.42	$88,394.82
Feb, 2027	10	$460.39	$183.03	$643.42	$88,211.79
Mar, 2027	11	$459.44	$183.98	$643.42	$88,027.80
Apr, 2027	12	$458.48	$184.94	$643.42	$87,842.86
May, 2027	13	$457.51	$185.91	$643.42	$87,656.96
Jun, 2027	14	$456.55	$186.87	$643.42	$87,470.08
Jul, 2027	15	$455.57	$187.85	$643.42	$87,282.24
Aug, 2027	16	$454.59	$188.83	$643.42	$87,093.41
Sep, 2027	17	$453.61	$189.81	$643.42	$86,903.60
Oct, 2027	18	$452.62	$190.80	$643.42	$86,712.81
Nov, 2027	19	$451.63	$191.79	$643.42	$86,521.02
Dec, 2027	20	$450.63	$192.79	$643.42	$86,328.23
Jan, 2028	21	$449.63	$193.79	$643.42	$86,134.43
Feb, 2028	22	$448.62	$194.80	$643.42	$85,939.63
Mar, 2028	23	$447.60	$195.82	$643.42	$85,743.81
Apr, 2028	24	$446.58	$196.84	$643.42	$85,546.97
May, 2028	25	$445.56	$197.86	$643.42	$85,349.11
Jun, 2028	26	$444.53	$198.89	$643.42	$85,150.22
Jul, 2028	27	$443.49	$199.93	$643.42	$84,950.29
Aug, 2028	28	$442.45	$200.97	$643.42	$84,749.32
Sep, 2028	29	$441.40	$202.02	$643.42	$84,547.30
Oct, 2028	30	$440.35	$203.07	$643.42	$84,344.23
Nov, 2028	31	$439.29	$204.13	$643.42	$84,140.10
Dec, 2028	32	$438.23	$205.19	$643.42	$83,934.91
Jan, 2029	33	$437.16	$206.26	$643.42	$83,728.65
Feb, 2029	34	$436.09	$207.33	$643.42	$83,521.32
Mar, 2029	35	$435.01	$208.41	$643.42	$83,312.91
Apr, 2029	36	$433.92	$209.50	$643.42	$83,103.41
May, 2029	37	$432.83	$210.59	$643.42	$82,892.82
Jun, 2029	38	$431.73	$211.69	$643.42	$82,681.13
Jul, 2029	39	$430.63	$212.79	$643.42	$82,468.34
Aug, 2029	40	$429.52	$213.90	$643.42	$82,254.44
Sep, 2029	41	$428.41	$215.01	$643.42	$82,039.43
Oct, 2029	42	$427.29	$216.13	$643.42	$81,823.30
Nov, 2029	43	$426.16	$217.26	$643.42	$81,606.05
Dec, 2029	44	$425.03	$218.39	$643.42	$81,387.66
Jan, 2030	45	$423.89	$219.53	$643.42	$81,168.13
Feb, 2030	46	$422.75	$220.67	$643.42	$80,947.46
Mar, 2030	47	$421.60	$221.82	$643.42	$80,725.64
Apr, 2030	48	$420.45	$222.97	$643.42	$80,502.67
May, 2030	49	$419.28	$224.14	$643.42	$80,278.53
Jun, 2030	50	$418.12	$225.30	$643.42	$80,053.23
Jul, 2030	51	$416.94	$226.48	$643.42	$79,826.75
Aug, 2030	52	$415.76	$227.66	$643.42	$79,599.10
Sep, 2030	53	$414.58	$228.84	$643.42	$79,370.26
Oct, 2030	54	$413.39	$230.03	$643.42	$79,140.22
Nov, 2030	55	$412.19	$231.23	$643.42	$78,908.99
Dec, 2030	56	$410.98	$232.44	$643.42	$78,676.56
Jan, 2031	57	$409.77	$233.65	$643.42	$78,442.91
Feb, 2031	58	$408.56	$234.86	$643.42	$78,208.05
Mar, 2031	59	$407.33	$236.09	$643.42	$77,971.96
Apr, 2031	60	$406.10	$237.32	$643.42	$77,734.64
May, 2031	61	$404.87	$238.55	$643.42	$77,496.09
Jun, 2031	62	$403.63	$239.79	$643.42	$77,256.30
Jul, 2031	63	$402.38	$241.04	$643.42	$77,015.25
Aug, 2031	64	$401.12	$242.30	$643.42	$76,772.96
Sep, 2031	65	$399.86	$243.56	$643.42	$76,529.39
Oct, 2031	66	$398.59	$244.83	$643.42	$76,284.57
Nov, 2031	67	$397.32	$246.10	$643.42	$76,038.46
Dec, 2031	68	$396.03	$247.39	$643.42	$75,791.07
Jan, 2032	69	$394.75	$248.67	$643.42	$75,542.40
Feb, 2032	70	$393.45	$249.97	$643.42	$75,292.43
Mar, 2032	71	$392.15	$251.27	$643.42	$75,041.16
Apr, 2032	72	$390.84	$252.58	$643.42	$74,788.58
May, 2032	73	$389.52	$253.90	$643.42	$74,534.68
Jun, 2032	74	$388.20	$255.22	$643.42	$74,279.46
Jul, 2032	75	$386.87	$256.55	$643.42	$74,022.91
Aug, 2032	76	$385.54	$257.88	$643.42	$73,765.03
Sep, 2032	77	$384.19	$259.23	$643.42	$73,505.80
Oct, 2032	78	$382.84	$260.58	$643.42	$73,245.23
Nov, 2032	79	$381.49	$261.93	$643.42	$72,983.29
Dec, 2032	80	$380.12	$263.30	$643.42	$72,719.99
Jan, 2033	81	$378.75	$264.67	$643.42	$72,455.32
Feb, 2033	82	$377.37	$266.05	$643.42	$72,189.27
Mar, 2033	83	$375.99	$267.43	$643.42	$71,921.84
Apr, 2033	84	$374.59	$268.83	$643.42	$71,653.01
May, 2033	85	$373.19	$270.23	$643.42	$71,382.79
Jun, 2033	86	$371.79	$271.63	$643.42	$71,111.15
Jul, 2033	87	$370.37	$273.05	$643.42	$70,838.10
Aug, 2033	88	$368.95	$274.47	$643.42	$70,563.63
Sep, 2033	89	$367.52	$275.90	$643.42	$70,287.73
Oct, 2033	90	$366.08	$277.34	$643.42	$70,010.39
Nov, 2033	91	$364.64	$278.78	$643.42	$69,731.61
Dec, 2033	92	$363.19	$280.23	$643.42	$69,451.37
Jan, 2034	93	$361.73	$281.69	$643.42	$69,169.68
Feb, 2034	94	$360.26	$283.16	$643.42	$68,886.52
Mar, 2034	95	$358.78	$284.64	$643.42	$68,601.88
Apr, 2034	96	$357.30	$286.12	$643.42	$68,315.76
May, 2034	97	$355.81	$287.61	$643.42	$68,028.15
Jun, 2034	98	$354.31	$289.11	$643.42	$67,739.05
Jul, 2034	99	$352.81	$290.61	$643.42	$67,448.43
Aug, 2034	100	$351.29	$292.13	$643.42	$67,156.31
Sep, 2034	101	$349.77	$293.65	$643.42	$66,862.66
Oct, 2034	102	$348.24	$295.18	$643.42	$66,567.48
Nov, 2034	103	$346.71	$296.71	$643.42	$66,270.77
Dec, 2034	104	$345.16	$298.26	$643.42	$65,972.51
Jan, 2035	105	$343.61	$299.81	$643.42	$65,672.70
Feb, 2035	106	$342.05	$301.37	$643.42	$65,371.32
Mar, 2035	107	$340.48	$302.94	$643.42	$65,068.38
Apr, 2035	108	$338.90	$304.52	$643.42	$64,763.86
May, 2035	109	$337.31	$306.11	$643.42	$64,457.75
Jun, 2035	110	$335.72	$307.70	$643.42	$64,150.04
Jul, 2035	111	$334.11	$309.31	$643.42	$63,840.74
Aug, 2035	112	$332.50	$310.92	$643.42	$63,529.82
Sep, 2035	113	$330.88	$312.54	$643.42	$63,217.29
Oct, 2035	114	$329.26	$314.16	$643.42	$62,903.12
Nov, 2035	115	$327.62	$315.80	$643.42	$62,587.32
Dec, 2035	116	$325.98	$317.44	$643.42	$62,269.88
Jan, 2036	117	$324.32	$319.10	$643.42	$61,950.78
Feb, 2036	118	$322.66	$320.76	$643.42	$61,630.02
Mar, 2036	119	$320.99	$322.43	$643.42	$61,307.59
Apr, 2036	120	$319.31	$324.11	$643.42	$60,983.48
May, 2036	121	$317.62	$325.80	$643.42	$60,657.68
Jun, 2036	122	$315.93	$327.49	$643.42	$60,330.19
Jul, 2036	123	$314.22	$329.20	$643.42	$60,000.99
Aug, 2036	124	$312.51	$330.91	$643.42	$59,670.08
Sep, 2036	125	$310.78	$332.64	$643.42	$59,337.44
Oct, 2036	126	$309.05	$334.37	$643.42	$59,003.07
Nov, 2036	127	$307.31	$336.11	$643.42	$58,666.95
Dec, 2036	128	$305.56	$337.86	$643.42	$58,329.09
Jan, 2037	129	$303.80	$339.62	$643.42	$57,989.47
Feb, 2037	130	$302.03	$341.39	$643.42	$57,648.08
Mar, 2037	131	$300.25	$343.17	$643.42	$57,304.91
Apr, 2037	132	$298.46	$344.96	$643.42	$56,959.95
May, 2037	133	$296.67	$346.75	$643.42	$56,613.20
Jun, 2037	134	$294.86	$348.56	$643.42	$56,264.64
Jul, 2037	135	$293.04	$350.38	$643.42	$55,914.26
Aug, 2037	136	$291.22	$352.20	$643.42	$55,562.06
Sep, 2037	137	$289.39	$354.03	$643.42	$55,208.03
Oct, 2037	138	$287.54	$355.88	$643.42	$54,852.15
Nov, 2037	139	$285.69	$357.73	$643.42	$54,494.42
Dec, 2037	140	$283.83	$359.59	$643.42	$54,134.82
Jan, 2038	141	$281.95	$361.47	$643.42	$53,773.35
Feb, 2038	142	$280.07	$363.35	$643.42	$53,410.00
Mar, 2038	143	$278.18	$365.24	$643.42	$53,044.76
Apr, 2038	144	$276.27	$367.15	$643.42	$52,677.62
May, 2038	145	$274.36	$369.06	$643.42	$52,308.56
Jun, 2038	146	$272.44	$370.98	$643.42	$51,937.58
Jul, 2038	147	$270.51	$372.91	$643.42	$51,564.67
Aug, 2038	148	$268.57	$374.85	$643.42	$51,189.81
Sep, 2038	149	$266.61	$376.81	$643.42	$50,813.01
Oct, 2038	150	$264.65	$378.77	$643.42	$50,434.24
Nov, 2038	151	$262.68	$380.74	$643.42	$50,053.50
Dec, 2038	152	$260.70	$382.72	$643.42	$49,670.77
Jan, 2039	153	$258.70	$384.72	$643.42	$49,286.05
Feb, 2039	154	$256.70	$386.72	$643.42	$48,899.33
Mar, 2039	155	$254.68	$388.74	$643.42	$48,510.59
Apr, 2039	156	$252.66	$390.76	$643.42	$48,119.83
May, 2039	157	$250.62	$392.80	$643.42	$47,727.04
Jun, 2039	158	$248.58	$394.84	$643.42	$47,332.20
Jul, 2039	159	$246.52	$396.90	$643.42	$46,935.30
Aug, 2039	160	$244.45	$398.97	$643.42	$46,536.33
Sep, 2039	161	$242.38	$401.04	$643.42	$46,135.29
Oct, 2039	162	$240.29	$403.13	$643.42	$45,732.16
Nov, 2039	163	$238.19	$405.23	$643.42	$45,326.93
Dec, 2039	164	$236.08	$407.34	$643.42	$44,919.58
Jan, 2040	165	$233.96	$409.46	$643.42	$44,510.12
Feb, 2040	166	$231.82	$411.60	$643.42	$44,098.52
Mar, 2040	167	$229.68	$413.74	$643.42	$43,684.78
Apr, 2040	168	$227.52	$415.90	$643.42	$43,268.89
May, 2040	169	$225.36	$418.06	$643.42	$42,850.83
Jun, 2040	170	$223.18	$420.24	$643.42	$42,430.59
Jul, 2040	171	$220.99	$422.43	$643.42	$42,008.16
Aug, 2040	172	$218.79	$424.63	$643.42	$41,583.53
Sep, 2040	173	$216.58	$426.84	$643.42	$41,156.69
Oct, 2040	174	$214.36	$429.06	$643.42	$40,727.63
Nov, 2040	175	$212.12	$431.30	$643.42	$40,296.33
Dec, 2040	176	$209.88	$433.54	$643.42	$39,862.79
Jan, 2041	177	$207.62	$435.80	$643.42	$39,426.99
Feb, 2041	178	$205.35	$438.07	$643.42	$38,988.92
Mar, 2041	179	$203.07	$440.35	$643.42	$38,548.57
Apr, 2041	180	$200.77	$442.65	$643.42	$38,105.92
May, 2041	181	$198.47	$444.95	$643.42	$37,660.97
Jun, 2041	182	$196.15	$447.27	$643.42	$37,213.70
Jul, 2041	183	$193.82	$449.60	$643.42	$36,764.10
Aug, 2041	184	$191.48	$451.94	$643.42	$36,312.16
Sep, 2041	185	$189.13	$454.29	$643.42	$35,857.87
Oct, 2041	186	$186.76	$456.66	$643.42	$35,401.20
Nov, 2041	187	$184.38	$459.04	$643.42	$34,942.17
Dec, 2041	188	$181.99	$461.43	$643.42	$34,480.74
Jan, 2042	189	$179.59	$463.83	$643.42	$34,016.90
Feb, 2042	190	$177.17	$466.25	$643.42	$33,550.65
Mar, 2042	191	$174.74	$468.68	$643.42	$33,081.98
Apr, 2042	192	$172.30	$471.12	$643.42	$32,610.86
May, 2042	193	$169.85	$473.57	$643.42	$32,137.29
Jun, 2042	194	$167.38	$476.04	$643.42	$31,661.25
Jul, 2042	195	$164.90	$478.52	$643.42	$31,182.73
Aug, 2042	196	$162.41	$481.01	$643.42	$30,701.72
Sep, 2042	197	$159.90	$483.52	$643.42	$30,218.21
Oct, 2042	198	$157.39	$486.03	$643.42	$29,732.17
Nov, 2042	199	$154.86	$488.56	$643.42	$29,243.61
Dec, 2042	200	$152.31	$491.11	$643.42	$28,752.50
Jan, 2043	201	$149.75	$493.67	$643.42	$28,258.83
Feb, 2043	202	$147.18	$496.24	$643.42	$27,762.59
Mar, 2043	203	$144.60	$498.82	$643.42	$27,263.77
Apr, 2043	204	$142.00	$501.42	$643.42	$26,762.35
May, 2043	205	$139.39	$504.03	$643.42	$26,258.32
Jun, 2043	206	$136.76	$506.66	$643.42	$25,751.66
Jul, 2043	207	$134.12	$509.30	$643.42	$25,242.36
Aug, 2043	208	$131.47	$511.95	$643.42	$24,730.41
Sep, 2043	209	$128.80	$514.62	$643.42	$24,215.80
Oct, 2043	210	$126.12	$517.30	$643.42	$23,698.50
Nov, 2043	211	$123.43	$519.99	$643.42	$23,178.51
Dec, 2043	212	$120.72	$522.70	$643.42	$22,655.81
Jan, 2044	213	$118.00	$525.42	$643.42	$22,130.39
Feb, 2044	214	$115.26	$528.16	$643.42	$21,602.23
Mar, 2044	215	$112.51	$530.91	$643.42	$21,071.32
Apr, 2044	216	$109.75	$533.67	$643.42	$20,537.65
May, 2044	217	$106.97	$536.45	$643.42	$20,001.20
Jun, 2044	218	$104.17	$539.25	$643.42	$19,461.95
Jul, 2044	219	$101.36	$542.06	$643.42	$18,919.89
Aug, 2044	220	$98.54	$544.88	$643.42	$18,375.01
Sep, 2044	221	$95.70	$547.72	$643.42	$17,827.30
Oct, 2044	222	$92.85	$550.57	$643.42	$17,276.73
Nov, 2044	223	$89.98	$553.44	$643.42	$16,723.29
Dec, 2044	224	$87.10	$556.32	$643.42	$16,166.97
Jan, 2045	225	$84.20	$559.22	$643.42	$15,607.75
Feb, 2045	226	$81.29	$562.13	$643.42	$15,045.62
Mar, 2045	227	$78.36	$565.06	$643.42	$14,480.57
Apr, 2045	228	$75.42	$568.00	$643.42	$13,912.57
May, 2045	229	$72.46	$570.96	$643.42	$13,341.61
Jun, 2045	230	$69.49	$573.93	$643.42	$12,767.68
Jul, 2045	231	$66.50	$576.92	$643.42	$12,190.75
Aug, 2045	232	$63.49	$579.93	$643.42	$11,610.83
Sep, 2045	233	$60.47	$582.95	$643.42	$11,027.88
Oct, 2045	234	$57.44	$585.98	$643.42	$10,441.90
Nov, 2045	235	$54.38	$589.04	$643.42	$9,852.86
Dec, 2045	236	$51.32	$592.10	$643.42	$9,260.76
Jan, 2046	237	$48.23	$595.19	$643.42	$8,665.57
Feb, 2046	238	$45.13	$598.29	$643.42	$8,067.29
Mar, 2046	239	$42.02	$601.40	$643.42	$7,465.88
Apr, 2046	240	$38.88	$604.54	$643.42	$6,861.35
May, 2046	241	$35.74	$607.68	$643.42	$6,253.66
Jun, 2046	242	$32.57	$610.85	$643.42	$5,642.81
Jul, 2046	243	$29.39	$614.03	$643.42	$5,028.78
Aug, 2046	244	$26.19	$617.23	$643.42	$4,411.56
Sep, 2046	245	$22.98	$620.44	$643.42	$3,791.11
Oct, 2046	246	$19.75	$623.67	$643.42	$3,167.44
Nov, 2046	247	$16.50	$626.92	$643.42	$2,540.51
Dec, 2046	248	$13.23	$630.19	$643.42	$1,910.33
Jan, 2047	249	$9.95	$633.47	$643.42	$1,276.86
Feb, 2047	250	$6.65	$636.77	$643.42	$640.09
Mar, 2047	251	$3.33	$640.09	$643.42	$0.00

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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.

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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 mortgage refinance 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.

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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.