Recasting Mortgage Calculator

Introduction: Our Recasting Mortgage Calculator is designed to help you understand the impact of making extra payments on your mortgage. By entering your loan details and any extra payments, you can estimate your new monthly payment after recasting.

Formula: The calculator uses the standard mortgage payment formula to calculate the monthly payment. The recasting formula considers the reduced loan amount after making extra payments, providing a new monthly payment estimate.

How to Use:

  1. Enter the total loan amount in US Dollars ($).
  2. Input the annual interest rate (e.g., 3.5 for 3.5%) as a percentage.
  3. Specify the loan term in years.
  4. If applicable, enter any extra payment amount in US Dollars ($) you plan to make.
  5. Click the “Calculate” button.
  6. View the estimated new monthly payment after recasting.

Example: Suppose you have a mortgage loan of $200,000 with an interest rate of 4% and a 30-year term. If you make an extra payment of $5,000, you can use the Recasting Mortgage Calculator to estimate your new monthly payment after recasting.


  1. What is mortgage recasting?
    • Mortgage recasting involves making a substantial payment to reduce the loan amount, leading to a recalculated lower monthly payment.
  2. Why would I consider mortgage recasting?
    • Mortgage recasting is considered to lower monthly payments, save on interest, and potentially shorten the loan term without refinancing.
  3. Can I recast my mortgage multiple times?
    • Mortgage recasting can typically be done multiple times, but check with your lender for specific policies.
  4. Are there fees associated with mortgage recasting?
    • Some lenders may charge a fee for mortgage recasting. Check with your lender to understand any associated costs.
  5. Can I use the calculator for different extra payment amounts?
    • Yes, you can input various extra payment amounts to see how they affect your new monthly payment after recasting.
  6. How often should I recalculate my mortgage after making extra payments?
    • Recalculate after making significant extra payments or when considering changes in your financial situation.
  7. Does the calculator consider property taxes and homeowner’s insurance?
    • No, the calculator provides estimates for principal and interest. Property taxes and homeowner’s insurance are additional considerations.
  8. Can I use the calculator for different loan terms?
    • Yes, you can input various loan terms to see how they affect your new monthly payment after recasting.
  9. Does recasting affect my credit score?
    • No, mortgage recasting typically does not affect your credit score.
  10. Is mortgage recasting the same as refinancing?
    • No, mortgage recasting involves adjusting the loan terms and monthly payments without changing the interest rate, while refinancing typically involves obtaining a new loan with different terms and rates.

Conclusion: Our Recasting Mortgage Calculator empowers you to explore the benefits of making extra payments and recalculating your monthly mortgage payment. Use this tool to assess the potential savings and financial flexibility gained through mortgage recasting.

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