RecastMate

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RecastMate

A free front-end calculator that estimates a mortgage payment after a lump-sum principal payment and recast. Estimate a new mortgage payment, payoff date, monthly savings, and total interest saved after a lump-sum principal payment with this free recast calculator. Free planning tool — no data leaves your browser See how a lump-sum principal payment could lower your required monthly payment while keeping your current rate and scheduled payoff date. Use principal-and-interest figures from your latest mortgage statement. Results update as you type. ✓ Your figures stay on this device. RecastMate does not save or transmit them. This example produces a meaningful monthly reduction. A recast may fit if lower required payments matter more than the flexibility of keeping this cash. Estimate only. Excludes escrow, mortgage insurance, fees, daily-interest timing, and servicer rounding. Reviewed for U.S. fixed-rate mortgage terminology The calculator models a common fixed-rate mortgage recast: you make a one-time payment directly toward principal, and the servicer re-amortizes the smaller balance over the months already left on the loan. The interest rate stays the same. The scheduled payoff date also stays the same. Because less principal remains, the required monthly principal-and-interest payment falls.