Mortgage Recast Calculator

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What is a Mortgage Recast Calculator?

A Mortgage Recast Calculator is a tool that helps you determine the new monthly payment and total interest after making an additional payment on your mortgage. It is a valuable tool for homeowners looking to reduce their monthly payments without refinancing.

Our Mortgage Recast Calculator is designed to help you easily calculate the impact of an additional payment on your mortgage. By entering the loan amount, additional payment, annual interest rate, and loan term, you can quickly see how your monthly payment and total interest will change.

Use our Mortgage Recast Calculator to:

  • Reduce monthly payments: Understand how an additional payment can lower your monthly mortgage payments.
  • Save on interest: Calculate how much interest you can save over the life of the loan with a recast.
  • Plan your finances: Make informed decisions about making additional payments to manage your mortgage effectively.

Leverage the power of our Mortgage Recast Calculator to optimize your mortgage payments and save money. Use it now to explore your options.

Field Descriptions

  • Current Mortgage Balance: The remaining balance of your mortgage.
  • Lump Sum Payment: The amount you plan to pay as a lump sum to reduce your mortgage balance.
  • Annual Interest Rate: The annual interest rate of your mortgage.
  • Remaining Term: The remaining term of your mortgage in years.
  • New Monthly Payment: The monthly payment amount after making the lump sum payment.
  • Old Monthly Payment: The monthly payment amount before making the lump sum payment.
  • Monthly Savings: The reduction in monthly payment amount due to the lump sum payment.
  • Total Savings: The total amount saved over the life of the loan due to the lump sum payment.
  • Original Total Payment: The total amount you would have paid over the life of the loan without the lump sum payment.
  • Recast Total Payment: The total amount you will pay over the life of the loan after the lump sum payment.

Disclaimer

The calculators provided on this website are for informational and educational purposes only. The results shown are estimates based on the information you provide and should not be considered as financial advice.

Past performance is not indicative of future results. Market conditions, inflation rates, and investment returns can vary significantly over time.

We recommend consulting with qualified financial professionals before making any financial decisions. They can provide personalized advice based on your specific circumstances.

While we strive to ensure the accuracy of our calculators, we make no representations or warranties of any kind about the completeness, accuracy, reliability, or suitability of the calculations.