Amortization Schedule


Mortgage Recast Calculator



Mortgage Recast Calculator is used to calculate how much you can save each month by recasting your existing mortgage. Recasting calculator will show you whether recasting is a good option and how much interest payment you save by recasting your existing mortgage.

Recasting Calculator

Remaining Balance
$
Interest Rate
Current Monthly Payment
$
Recasting Payment
$
Recasting Cost
$


Mortgage Recast Results

Recast Mortgage Balance:
$105,000.00
Monthly Payment:
$972.85
Total # Of Payments:
134
Start Date:
Apr, 2024
Payoff Date:
May, 2035
Total Interest Paid:
$25,361.97
Total Payment:
$130,361.97

Original Mortgage Vs. Mortgage Recast

Comparison Original Recast
Monthly Payment $1,115.43 $972.85
Total Interest $28,860.60 $25,361.97
Fees $0 $250
Savings $0 $3,248.62

Mortgage Recast Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Apr, 2024 1 $350.00 $622.85 $972.85 $104,377.15
May, 2024 2 $347.92 $624.93 $972.85 $103,752.22
Jun, 2024 3 $345.84 $627.01 $972.85 $103,125.21
Jul, 2024 4 $343.75 $629.10 $972.85 $102,496.11
Aug, 2024 5 $341.65 $631.20 $972.85 $101,864.92
Sep, 2024 6 $339.55 $633.30 $972.85 $101,231.62
Oct, 2024 7 $337.44 $635.41 $972.85 $100,596.20
Nov, 2024 8 $335.32 $637.53 $972.85 $99,958.67
Dec, 2024 9 $333.20 $639.65 $972.85 $99,319.02
Jan, 2025 10 $331.06 $641.79 $972.85 $98,677.23
Feb, 2025 11 $328.92 $643.93 $972.85 $98,033.31
Mar, 2025 12 $326.78 $646.07 $972.85 $97,387.23
Apr, 2025 13 $324.62 $648.23 $972.85 $96,739.01
May, 2025 14 $322.46 $650.39 $972.85 $96,088.62
Jun, 2025 15 $320.30 $652.56 $972.85 $95,436.06
Jul, 2025 16 $318.12 $654.73 $972.85 $94,781.33
Aug, 2025 17 $315.94 $656.91 $972.85 $94,124.42
Sep, 2025 18 $313.75 $659.10 $972.85 $93,465.32
Oct, 2025 19 $311.55 $661.30 $972.85 $92,804.02
Nov, 2025 20 $309.35 $663.50 $972.85 $92,140.51
Dec, 2025 21 $307.14 $665.72 $972.85 $91,474.80
Jan, 2026 22 $304.92 $667.93 $972.85 $90,806.86
Feb, 2026 23 $302.69 $670.16 $972.85 $90,136.70
Mar, 2026 24 $300.46 $672.39 $972.85 $89,464.31
Apr, 2026 25 $298.21 $674.64 $972.85 $88,789.67
May, 2026 26 $295.97 $676.88 $972.85 $88,112.79
Jun, 2026 27 $293.71 $679.14 $972.85 $87,433.65
Jul, 2026 28 $291.45 $681.41 $972.85 $86,752.24
Aug, 2026 29 $289.17 $683.68 $972.85 $86,068.56
Sep, 2026 30 $286.90 $685.96 $972.85 $85,382.61
Oct, 2026 31 $284.61 $688.24 $972.85 $84,694.37
Nov, 2026 32 $282.31 $690.54 $972.85 $84,003.83
Dec, 2026 33 $280.01 $692.84 $972.85 $83,310.99
Jan, 2027 34 $277.70 $695.15 $972.85 $82,615.85
Feb, 2027 35 $275.39 $697.46 $972.85 $81,918.38
Mar, 2027 36 $273.06 $699.79 $972.85 $81,218.59
Apr, 2027 37 $270.73 $702.12 $972.85 $80,516.47
May, 2027 38 $268.39 $704.46 $972.85 $79,812.01
Jun, 2027 39 $266.04 $706.81 $972.85 $79,105.20
Jul, 2027 40 $263.68 $709.17 $972.85 $78,396.03
Aug, 2027 41 $261.32 $711.53 $972.85 $77,684.50
Sep, 2027 42 $258.95 $713.90 $972.85 $76,970.60
Oct, 2027 43 $256.57 $716.28 $972.85 $76,254.32
Nov, 2027 44 $254.18 $718.67 $972.85 $75,535.65
Dec, 2027 45 $251.79 $721.07 $972.85 $74,814.58
Jan, 2028 46 $249.38 $723.47 $972.85 $74,091.11
Feb, 2028 47 $246.97 $725.88 $972.85 $73,365.23
Mar, 2028 48 $244.55 $728.30 $972.85 $72,636.93
Apr, 2028 49 $242.12 $730.73 $972.85 $71,906.21
May, 2028 50 $239.69 $733.16 $972.85 $71,173.04
Jun, 2028 51 $237.24 $735.61 $972.85 $70,437.44
Jul, 2028 52 $234.79 $738.06 $972.85 $69,699.38
Aug, 2028 53 $232.33 $740.52 $972.85 $68,958.86
Sep, 2028 54 $229.86 $742.99 $972.85 $68,215.87
Oct, 2028 55 $227.39 $745.46 $972.85 $67,470.41
Nov, 2028 56 $224.90 $747.95 $972.85 $66,722.46
Dec, 2028 57 $222.41 $750.44 $972.85 $65,972.01
Jan, 2029 58 $219.91 $752.94 $972.85 $65,219.07
Feb, 2029 59 $217.40 $755.45 $972.85 $64,463.62
Mar, 2029 60 $214.88 $757.97 $972.85 $63,705.65
Apr, 2029 61 $212.35 $760.50 $972.85 $62,945.15
May, 2029 62 $209.82 $763.03 $972.85 $62,182.11
Jun, 2029 63 $207.27 $765.58 $972.85 $61,416.54
Jul, 2029 64 $204.72 $768.13 $972.85 $60,648.41
Aug, 2029 65 $202.16 $770.69 $972.85 $59,877.72
Sep, 2029 66 $199.59 $773.26 $972.85 $59,104.46
Oct, 2029 67 $197.01 $775.84 $972.85 $58,328.62
Nov, 2029 68 $194.43 $778.42 $972.85 $57,550.20
Dec, 2029 69 $191.83 $781.02 $972.85 $56,769.19
Jan, 2030 70 $189.23 $783.62 $972.85 $55,985.57
Feb, 2030 71 $186.62 $786.23 $972.85 $55,199.33
Mar, 2030 72 $184.00 $788.85 $972.85 $54,410.48
Apr, 2030 73 $181.37 $791.48 $972.85 $53,619.00
May, 2030 74 $178.73 $794.12 $972.85 $52,824.88
Jun, 2030 75 $176.08 $796.77 $972.85 $52,028.11
Jul, 2030 76 $173.43 $799.42 $972.85 $51,228.69
Aug, 2030 77 $170.76 $802.09 $972.85 $50,426.60
Sep, 2030 78 $168.09 $804.76 $972.85 $49,621.84
Oct, 2030 79 $165.41 $807.44 $972.85 $48,814.39
Nov, 2030 80 $162.71 $810.14 $972.85 $48,004.26
Dec, 2030 81 $160.01 $812.84 $972.85 $47,191.42
Jan, 2031 82 $157.30 $815.55 $972.85 $46,375.88
Feb, 2031 83 $154.59 $818.26 $972.85 $45,557.61
Mar, 2031 84 $151.86 $820.99 $972.85 $44,736.62
Apr, 2031 85 $149.12 $823.73 $972.85 $43,912.89
May, 2031 86 $146.38 $826.47 $972.85 $43,086.42
Jun, 2031 87 $143.62 $829.23 $972.85 $42,257.19
Jul, 2031 88 $140.86 $831.99 $972.85 $41,425.19
Aug, 2031 89 $138.08 $834.77 $972.85 $40,590.43
Sep, 2031 90 $135.30 $837.55 $972.85 $39,752.88
Oct, 2031 91 $132.51 $840.34 $972.85 $38,912.54
Nov, 2031 92 $129.71 $843.14 $972.85 $38,069.40
Dec, 2031 93 $126.90 $845.95 $972.85 $37,223.44
Jan, 2032 94 $124.08 $848.77 $972.85 $36,374.67
Feb, 2032 95 $121.25 $851.60 $972.85 $35,523.07
Mar, 2032 96 $118.41 $854.44 $972.85 $34,668.63
Apr, 2032 97 $115.56 $857.29 $972.85 $33,811.34
May, 2032 98 $112.70 $860.15 $972.85 $32,951.19
Jun, 2032 99 $109.84 $863.01 $972.85 $32,088.18
Jul, 2032 100 $106.96 $865.89 $972.85 $31,222.29
Aug, 2032 101 $104.07 $868.78 $972.85 $30,353.51
Sep, 2032 102 $101.18 $871.67 $972.85 $29,481.84
Oct, 2032 103 $98.27 $874.58 $972.85 $28,607.26
Nov, 2032 104 $95.36 $877.49 $972.85 $27,729.77
Dec, 2032 105 $92.43 $880.42 $972.85 $26,849.35
Jan, 2033 106 $89.50 $883.35 $972.85 $25,966.00
Feb, 2033 107 $86.55 $886.30 $972.85 $25,079.70
Mar, 2033 108 $83.60 $889.25 $972.85 $24,190.45
Apr, 2033 109 $80.63 $892.22 $972.85 $23,298.24
May, 2033 110 $77.66 $895.19 $972.85 $22,403.05
Jun, 2033 111 $74.68 $898.17 $972.85 $21,504.87
Jul, 2033 112 $71.68 $901.17 $972.85 $20,603.71
Aug, 2033 113 $68.68 $904.17 $972.85 $19,699.53
Sep, 2033 114 $65.67 $907.19 $972.85 $18,792.35
Oct, 2033 115 $62.64 $910.21 $972.85 $17,882.14
Nov, 2033 116 $59.61 $913.24 $972.85 $16,968.90
Dec, 2033 117 $56.56 $916.29 $972.85 $16,052.61
Jan, 2034 118 $53.51 $919.34 $972.85 $15,133.27
Feb, 2034 119 $50.44 $922.41 $972.85 $14,210.86
Mar, 2034 120 $47.37 $925.48 $972.85 $13,285.38
Apr, 2034 121 $44.28 $928.57 $972.85 $12,356.81
May, 2034 122 $41.19 $931.66 $972.85 $11,425.15
Jun, 2034 123 $38.08 $934.77 $972.85 $10,490.38
Jul, 2034 124 $34.97 $937.88 $972.85 $9,552.50
Aug, 2034 125 $31.84 $941.01 $972.85 $8,611.49
Sep, 2034 126 $28.70 $944.15 $972.85 $7,667.35
Oct, 2034 127 $25.56 $947.29 $972.85 $6,720.05
Nov, 2034 128 $22.40 $950.45 $972.85 $5,769.60
Dec, 2034 129 $19.23 $953.62 $972.85 $4,815.99
Jan, 2035 130 $16.05 $956.80 $972.85 $3,859.19
Feb, 2035 131 $12.86 $959.99 $972.85 $2,899.20
Mar, 2035 132 $9.66 $963.19 $972.85 $1,936.02
Apr, 2035 133 $6.45 $966.40 $972.85 $969.62
May, 2035 134 $3.23 $969.62 $972.85 $0.00



What is mortgage recasting?

A mortgage recast is when a borrower makes a large payment to reduce the principal of the mortgage, and the lender re-amortizes the loan based on the new balance. The interest rate and the terms remain the same for the mortgage, but the monthly payments are reduced due to mortgage recasting. Since interest payment is recalculated every month based on the remaining balance, the lower monthly payment means the borrower would save a lot of money on interest payments throughout the loan.


How does recasting a mortgage work?

To recast a mortgage, borrowers need to make a one-time lump sum payment. Lenders usually have a minimum requirement for this payment, it can be anywhere from $5,000 to $10,000. There are also processing fees to recast a mortgage which could cost a few hundred dollars. Borrowers should talk to their lender and ask for the exact amount they have to pay for recasting. The fees should be well worth it if the lump sum is large because a reduced balance could save a borrower thousands in interest payments.


Mortgage recast pros and cons

There are advantages and disadvantages of recasting a mortgage depending on the borrower's situation. Following are the mortgage recast pros and cons.


Mortgage Recast Pros

  • Save money on interest - depending on the size of the lump sum payment and the mortgage size, the borrower could save thousands and thousands of dollars on interest payments throughout the loan.
  • Lower monthly payments - after the mortgage is re-amortized, the monthly payments will be lower from now on.
  • No credit or income check - since recasting does not initiate a new loan as refinancing does, there is no credit or income check.
  • Low upfront costs - the upfront costs are cheap compared to refinancing. Borrowers pay only a few hundred for recast.

While there are many good reasons for recasting, there are also downsides.


Mortgage Recast Cons

  • The interest rate doesn't change - the interest rate remains the same for the mortgage. If the interest rate is declining, refinancing may save the borrower more money than recasting.
  • The mortgage term remains the same - the borrower will not be able to pay off his mortgage any time earlier.
  • Minimum payment - many lenders require a minimum lump sum payment for recasting. If the borrower doesn't have a large amount saved up, it may not be worth the effort after the upfront costs.
  • Some lenders do not allow recasting - borrowers should check with their bank to see if they allow recasting before taking any action.



Recasting vs. Refinancing

A mortgage recast is different from refinancing because recasting does not initiate a new loan whereas refinancing involves applying and getting approved just like the mortgage process. A mortgage recast does not affect the interest rate and terms, the only thing that changes is the reduced monthly payments. On the other hand, refinancing could get you a reduced interest rate, and you can even change your terms. Recast and refinance can both save you money on interest payments, and may reduce your monthly payments, but they work differently. Following is a table that shows the differences between recast and refinances.


Mortgage Recasting Vs. Mortgage Refinancing

Recasting Refinancing
Fees A few hundred processing fees Closing costs up to 2% - 6% of the loan amount
Initiating a new loan? No Yes
Are proof of income, credit score, employment history, pay stubs, debt & assets, and tax documents needed? No Yes
Is a home appraisal needed? No Yes
Will your interest rate change? No Yes
Will your mortgage terms change? No Optional - you can choose a shorter or longer term.
Will your monthly payment change? Yes, your monthly payments will be reduced as your mortgage balance is lower. Yes, your monthly payments could go up or down depending on the new interest rate and the chosen term. If you are refinancing your mortgage from a 30-year term to a 15-year term, your monthly payment may go way up, but you will save in overall payments.

There are times when refinancing makes more sense than recasting, and vice versa.


When to refinance a mortgage?

If the interest rate goes down sharply or is much lower than the interest rate on the borrower's mortgage, and the borrower has a strong credit score and good income with low debt, then refinancing is the better approach. By refinancing, the borrower will lower the interest rate on his new mortgage, which will save him more money than a recast. If he still wants to pay a lump sum, he can make a one-time extra payment to reduce his mortgage balance before or after refinancing. Another situation where refinance is a better choice than recasting is when a borrower wants to shorten the mortgage term. He can choose to refinance his 30-year term into a 15-year term because a 15-year term has a lower interest rate and the borrower will pay much less in interest.


When to recast?

If the interest rate goes up or unchanged, then recasting is more promising because the interest rate doesn't change on recast, and the fees are much lower for recasting than for refinancing. If a borrower has a low credit score or is self-employed and cannot provide consistent employment history, recasting might be better since there is no approval process. With a refinancing, the lender would check the borrower's credit score to determine the interest rate. Borrowers with low credit scores will end up with higher interest rates with refinancing.




How to calculate mortgage recast?

The calculation for mortgage recast is similar to calculating loan payments which can be found on the main page of our amortization calculator. We've developed this mortgage recasting calculator to save the borrower all the trouble of calculating manually. Here is the meaning of each field of our recast calculator. Remaining Balance - the remaining balance of the existing mortgage. Interest Rate - the interest rate of the mortgage. Current Monthly Payments - the monthly payments the borrower is paying right now. Recasting Payment - the one-time lump sum payment the borrower is planning to make. Recasting Cost - the costs of recasting the mortgage.

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