See your new lower payment after putting a lump sum toward principal and re-amortizing the loan over its remaining term — the same rate, a smaller payment.
A recast applies a lump sum to principal, then re-amortizes the smaller balance over the SAME remaining term and rate — lowering the payment without refinancing. Lenders often charge a small recast fee and have minimum lump-sum rules. Keeping the term the same means a lower payment but not a shorter loan. Not lending advice.
A recast keeps your existing loan, rate, and payoff date but shrinks the payment by applying a lump sum to principal and recalculating. It's cheaper and simpler than a refinance (no new loan, no closing costs) — ideal when you have a windfall and a good rate you want to keep, but you'd like a lower monthly bill.
Paying extra without recasting shortens the loan but keeps the same payment. A recast lowers the payment while keeping the term — useful for cash-flow relief. Same rate either way.
Most conventional loans do (FHA/VA usually don't). There's often a fee and a minimum lump sum. Ask your servicer before counting on it.
Related: mortgage payoff calculator · mortgage payment calculator · refinance calculator · all free calculators.
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Yes. The Mortgage Recast Calculator is completely free, runs in your browser, and never asks for a signup, email, or download. Enter your numbers and the result updates instantly.
It uses standard formulas and recalculates the moment you change a value, so the math is exact for the inputs you enter. Treat the result as a reliable planning estimate; for decisions with legal or tax consequences, confirm the figures with a qualified professional.
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Last reviewed: September 2026. Free to use, no signup — Mortgage Recast Calculator by ToolWise Digital.
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