Mortgage Recast Calculator

Recast your mortgage with these steps:

• 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 “Calculate Recast” to process inputs.
• View Summary Results:
  • Monthly Savings (e.g., $253.35, X% reduction).
  • Before/After Monthly Payment (e.g., $1,520.06 vs. $1,266.71).
  • Total Interest Savings (e.g., $76,005, X% reduction).
  • Before/After Total Interest (e.g., $206,018 vs. $130,013).
• Explore Detailed Results:
  • Summary Tab: Loan details (e.g., new principal: $200,000) and payment comparisons.
  • Amortization Tab: Schedule showing original vs. recast payments, principal, interest, and balance.