See how lump sum payments can reduce your monthly mortgage payments and save on interest
| Year | Original Principal | Original Interest | Recast Principal | Recast Interest | Savings |
|---|
A mortgage recast calculator is a powerful financial tool that helps homeowners understand how making a lump sum payment toward their mortgage principal can reduce their monthly payments and save thousands in interest over the life of the loan. Our free recast mortgage calculator USA tool provides instant calculations showing your potential savings, making it easier to decide if mortgage recasting is right for your financial situation.
Mortgage recasting is often overlooked by homeowners who receive windfalls such as tax refunds, bonuses, inheritance, or proceeds from asset sales. Unlike refinancing, which involves obtaining a new loan with potentially different terms and closing costs, recasting simply re-amortizes your existing loan based on the reduced principal balance. Our how to recast mortgage calculator helps you evaluate this cost-effective option.