Mortgage Recasting Calculator

Introduction: Our Mortgage Recasting Calculator provides a quick and straightforward way to determine your recasted monthly mortgage payment. Whether you’ve made extra payments towards your mortgage or considering a lump sum payment, this tool helps you understand the impact on your monthly expenses.

Formula: To calculate the recasted monthly payment, we use the standard formula for a fixed-rate mortgage:



  • M is the recasted monthly mortgage payment.
  • P is the current loan principal.
  • r is the monthly interest rate (annual interest rate divided by 12 and converted to a decimal).
  • n is the remaining loan term in months.

How to Use:

  1. Enter the current loan principal.
  2. Input the annual interest rate.
  3. Specify the remaining loan term in months.
  4. Click the “Calculate” button to get your recasted monthly payment.

Example: Suppose you have a current loan principal of $250,000, an annual interest rate of 3.5%, and a remaining loan term of 180 months. After entering these values into the calculator and clicking “Calculate,” you would see your estimated recasted monthly payment.


  1. Q: What is mortgage recasting? A: Mortgage recasting involves making a substantial lump sum payment towards the principal to reduce monthly mortgage payments.
  2. Q: Can I use this calculator for adjustable-rate mortgages? A: No, this calculator is designed for fixed-rate mortgages.
  3. Q: Are there any fees associated with mortgage recasting? A: Some lenders may charge a fee for recasting, so it’s essential to check with your loan provider.
  4. Q: Does recasting change the interest rate on my mortgage? A: No, recasting typically does not change the interest rate; it mainly adjusts the monthly payment.
  5. Q: Can I recast my mortgage multiple times? A: The ability to recast may vary by lender, so it’s advisable to check with your specific mortgage terms.

Conclusion: Our Mortgage Recasting Calculator empowers homeowners to make informed decisions about their mortgage payments. Use this tool to explore the impact of additional payments on your monthly budget and plan for a more manageable financial future. Always consult with your lender for accurate and personalized information regarding recasting options.

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