# Mortgage Recast Calculator

> Estimate the new monthly payment, monthly savings, and lifetime interest savings from a mortgage recast. Enter current balance, interest rate, remaining term, and the lump-sum principal payment.

**URL:** https://www.calculatoranswers.com/mortgage-recast-calculator
**Category:** Money

## Quick Answer

Calculate the impact of recasting your mortgage. Enter your loan details and lump-sum payment to find your new monthly savings.

## Definition

A mortgage recast calculator is a financial utility that estimates the reduction in monthly payments after recasting a home loan. Recasting, or re-amortization, occurs when a borrower pays a lump sum toward the principal balance, and the lender recalculates the remaining monthly payments based on the original interest rate and term. The calculator processes the current loan balance, interest rate, remaining term, and lump-sum payment. Homeowners use this tool to compare monthly savings from recasting against other refinancing or investment options.

## How to Use

1. **Enter loan details** — Type your current mortgage balance, interest rate, and remaining term in months or years.
2. **Input recast payment** — Enter the extra lump-sum payment you plan to apply to the principal balance.
3. **Read new payments** — View your reduced monthly payment, total interest savings, and new amortization timeline.

## Disclaimer

This calculator provides estimates for educational and planning purposes. Always consult a qualified professional for specific advice on financial, medical, legal, or other regulated decisions.

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