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Mortgage recast calculator

A recast re-amortises your mortgage after a lump-sum principal payment, keeping the same rate and remaining term but lowering the monthly payment. Enter your current balance, rate, original term, months already paid, the lump sum and any recast fee to see the new payment and the interest you save.

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Need Current payment, New payment after recast, Monthly reduction, Interest saved (net of fee)? The Mortgage recast calculator derives it from Current balance, Interest rate (APR), Original term (years), Months already paid, Lump-sum principal payment, Recast fee in one step. For instance, with Current balance = $280,000.00, Interest rate (APR) = 6%, Original term (years) = 30, Months already paid = 48, Lump-sum principal payment = $50,000.00 and Recast fee = $250.00 it returns Current payment = $1,774.30, New payment after recast = $1,457.46 and Monthly reduction = $316.84.

How to use it

  1. Enter your values: Current balance, Interest rate (APR), Original term (years), Months already paid, Lump-sum principal payment, Recast fee.
  2. Read the result instantly: Current payment, New payment after recast, Monthly reduction, Interest saved (net of fee).

Frequently asked questions

How does the Mortgage recast calculator work?

It takes Current balance, Interest rate (APR), Original term (years), Months already paid, Lump-sum principal payment and Recast fee and derives Current payment, New payment after recast, Monthly reduction and Interest saved (net of fee) from them. The calculation is live as you type, so the result updates on every change.

Which values does the calculator ask for?

6 values: Current balance ($), Interest rate (APR) (%), Original term (years), Months already paid, Lump-sum principal payment ($) and Recast fee ($). Nothing else is required — no account, no file upload.

What does a typical calculation look like?

With Current balance = $280,000.00, Interest rate (APR) = 6%, Original term (years) = 30, Months already paid = 48, Lump-sum principal payment = $50,000.00 and Recast fee = $250.00, the calculator returns Current payment = $1,774.30, New payment after recast = $1,457.46 and Monthly reduction = $316.84. Those figures come from running this exact tool, so you can reproduce them by entering the same values.

How much does the result change with different inputs?

It moves a lot. Using Current balance = $560,000.00, Interest rate (APR) = 6.6%, Original term (years) = 60, Months already paid = 96, Lump-sum principal payment = $100,000.00 and Recast fee = $500.00 instead, Current payment goes from $1,774.30 to $3,183.88 — which is why it is worth testing a few scenarios rather than trusting a single figure.

Which units should I enter the values in?

Enter Interest rate (APR) %.

What does it give for smaller values?

Scaled down to Current balance = $140,000.00, Interest rate (APR) = 5.4%, Original term (years) = 15, Months already paid = 24, Lump-sum principal payment = $25,000.00 and Recast fee = $125.00, Current payment comes out at $1,250.93. The relationship is worth checking at both ends before you rely on a single result.

When would I actually use this?

Before making an offer: what the bank will lend, what the purchase costs on top of the price, and how much deposit closes the gap.

What is the most common mistake?

Budgeting for the price and forgetting the acquisition costs. Notary fees, transfer duty and registration add between 2% and 15% depending on the country — enough to sink an offer.

How accurate is it, and what are the limits?

Estimate only, not financial advice. Real rates, fees, taxes and lender terms vary — confirm with your lender.

What is the difference between the Mortgage recast calculator and the ARM mortgage calculator?

This one returns Current payment and New payment after recast; the ARM mortgage calculator returns Initial payment and Max payment after 1st adjustment. That is the whole difference — open the one whose figure you need.

Further reading

All guides →
ExplainerRecasting a Mortgage Is the Option Nobody MentionsThe same $60,000 lump sum, three ways. Recasting drops the payment by $405.12 and saves $61,537 of interest. Keeping the payment saves $174,359. Refinancing does something else again — and which one wins depends on a question nobody asks.ExplainerHome Equity Is Not One NumberValue minus debt gives $139,167. After the costs of selling it is $111,867. What a lender will actually let you borrow against it is $55,167. Same house, same day, three answers — and the third is the one that governs.ExplainerA HELOC Is Two Loans Wearing One NameA draw period and a repayment period behave completely differently. On a $100,000 line at 8 percent the payment goes from $666.67 to $955.65 overnight — and to $1,200.17 if the rate has reached 12 percent. Ten years of interest-only payments leave the balance exactly where it started.ExplainerBiweekly Mortgage Payments: The Extra Payment Hiding in the ScheduleHalf the monthly payment every fortnight is 26 half-payments a year — 13 monthly payments, not 12. On $300,000 at 6 percent it saves $74,436, of which $73,666 comes from the extra payment and only $771 from the fortnightly frequency itself.GuideWhen Refinancing a Mortgage Actually Pays: France, Germany, ItalyThe rule of thumb everyone repeats — one point of rate gap — is not a rule and gets the timing wrong. What decides it is how much interest you have not yet paid, and the three countries answer the cost side in three completely different ways. Here is the arithmetic, computed.ExplainerIs a Mortgage Overpayment Worth It?See how overpaying a mortgage cuts total interest and shortens the term, and when investing the same money might beat paying the loan down faster.