Mortgage Recast Calculator — Lower Your Payment Without Refinancing
Make a lump-sum principal payment and re-amortize your loan for a lower monthly payment. No credit check, no new loan, no closing costs — just a one-time lender fee.
Recast wins when: your rate is already good, you have a lump sum, and you don't want to restart the clock.
You recover the $50,000 lump sum through payment savings in 12.3 years. Consider whether refinancing at a lower rate might save more over the same period.
A $50,000 lump sum recasts your payment from $2,376 to $2,037/mo — saving $339/mo.
Break-even on the lump sum (vs investing): $147 months. Total interest saved over the remaining term: $55,655.
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This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.
Coach Insight
Refinancing costs $3,000–$8,000+ and resets your loan term. A recast costs $150–$500 and keeps your existing rate and term — you just pay less every month. If you have a lump sum and a rate you don't want to give up, recasting is often the smarter move.
Recommended next move
Compare the result against current mortgage options.
Mortgage math depends on credit profile, points, loan type, and location. Use the rate page to compare lender context, then run Money Map to weigh the move against other opportunities.
About mortgage rates
Mortgage rates depend on loan type (30-yr fixed, 15-yr fixed, ARM, FHA, VA, jumbo), your credit score, down payment, points paid, loan amount, property state, and whether you're purchasing or refinancing. The calculator above uses a representative market rate for payment estimates — your actual rate will vary.
For a personalized rate comparison, use the tool below to see lenders ranked by APR, loan type, and your profile.
Mortgage rates shown on SwitchWize compare pages include loan type, assumed FICO, LTV, and points. Representative only — verify all terms directly with the lender. Advertising disclosure
Frequently Asked Questions
Everything you need to know.
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Why This Matters
Refinancing costs $3,000–$8,000+ and resets your loan term. A recast costs $150–$500 and keeps your existing rate and term — you just pay less every month. If you have a lump sum and a rate you don't want to give up, recasting is often the smarter move.
How to Use It
- 1Enter your current loan balance and interest rate
- 2Set the months remaining on your loan (360 − months paid)
- 3Enter your lump sum payment amount
- 4See your new monthly payment, break-even period, and total interest saved
Find the best account for this goal
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Ready to take the next step?
Compare rates, run Money Map, or explore the full SwitchWize toolkit.