Free Mortgage Recast Calculator
Calculate your potential savings with our mortgage recast calculator. Perfect for any loan servicer including Chase, Wells Fargo, and Bank of America. Compare payment reductions and see your new amortization schedule.
Results
Current Monthly Payment
$1,667.50
New Monthly Payment
$1,389.58
Monthly Savings
$277.92
Total Interest Savings Over Loan Term
$33,374.87
Loan Progress
Amortization Chart
Amortization Table
| Year | Principal Paid | Interest Paid | Total Payments | Principal Balance |
|---|---|---|---|---|
| 2025 | $5,538.27 | $11,136.70 | $16,674.97 | $244,461.73 |
| 2026 | $5,792.71 | $10,882.27 | $16,674.97 | $238,669.02 |
| 2027 | $6,058.82 | $10,616.16 | $16,674.97 | $232,610.20 |
| 2028 | $6,337.15 | $10,337.81 | $16,674.97 | $226,273.05 |
| 2029 | $6,628.29 | $10,046.69 | $16,674.97 | $219,644.76 |
| 2030 | $6,932.79 | $9,742.19 | $16,674.97 | $212,711.97 |
| 2031 | $7,251.28 | $9,423.69 | $16,674.97 | $205,460.69 |
| 2032 | $7,584.40 | $9,090.57 | $16,674.97 | $197,876.29 |
| 2033 | $7,932.83 | $8,742.15 | $16,674.97 | $189,943.46 |
| 2034 | $8,297.27 | $8,377.71 | $16,674.97 | $181,646.19 |
| 2035 | $8,678.43 | $7,996.54 | $16,674.97 | $172,967.76 |
| 2036 | $9,077.13 | $7,597.85 | $16,674.97 | $163,890.63 |
| 2037 | $9,494.12 | $7,180.85 | $16,674.97 | $154,396.51 |
| 2038 | $9,930.28 | $6,744.69 | $16,674.97 | $144,466.23 |
| 2039 | $10,386.48 | $6,288.50 | $16,674.97 | $134,079.75 |
| 2040 | $10,863.63 | $5,811.34 | $16,674.97 | $123,216.12 |
| 2041 | $11,362.71 | $5,312.27 | $16,674.97 | $111,853.41 |
| 2042 | $11,884.70 | $4,790.27 | $16,674.97 | $99,968.71 |
| 2043 | $12,430.69 | $4,244.29 | $16,674.97 | $87,538.02 |
| 2044 | $13,001.75 | $3,673.22 | $16,674.97 | $74,536.27 |
| 2045 | $13,599.04 | $3,075.93 | $16,674.97 | $60,937.23 |
| 2046 | $14,223.79 | $2,451.19 | $16,674.97 | $46,713.44 |
| 2047 | $14,877.22 | $1,797.75 | $16,674.97 | $31,836.22 |
| 2048 | $15,560.68 | $1,114.29 | $16,674.97 | $16,275.54 |
| 2049 | $16,275.54 | $399.44 | $16,674.97 | $0.00 |
Recast vs. Refinance Comparison
Mortgage Recast
- Keep your existing interest rate
- Lower processing fees (typically $250-$500)
- No credit check required
- Quick processing time (2-5 business days)
Mortgage Refinance
- Opportunity for lower interest rate
- Higher closing costs (2-6% of loan amount)
- Credit check and income verification required
- Longer processing time (30-45 days)
Mortgage Recast Information
How many times can I do a mortgage recast?
You can do a mortgage recast as many times as you would like. Check with your current mortgage loan servicer for restrictions.
Is there a cost to recast my mortgage?
There is a mortgage recast fee. The cost to recast varies for each loan servicer. It is best to contact your servicer for details.
Should I recast my mortgage?
A mortgage recast lowers your monthly payment by reducing your principal balance and keeping your loan payoff date unchanged. This can be a better option than a mortgage refinance by eliminating mortgage closing costs.
Can I recast my home loan?
Government, private investors, jumbo loans and high balance loans do NOT allow recasting. Verify with your servicer for exceptions.
Frequently Asked Questions
Benefits of a Mortgage Recast
- Lower monthly payments without refinancing
- Keep your existing interest rate
- No credit check required
- Minimal fees compared to refinancing
- Reduce total interest paid over the life of the loan
- Flexible timing - can be done any time you have extra funds
Use our calculator above to see how much you could save with a mortgage recast. Contact your loan servicer to learn more about their specific recast requirements and fees.