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Mortgage Recast Calculator with Re-amortization Schedule

Calculator Preferences
Mortgage Recast Calculator

This calculator will calculate the reduced payment amount and resulting interest savings if your home loan lender secretly offers mortgage recasting (A.K.A, re-amortization). Includes a savings comparison chart and an optional re-amortization schedule. The Learn section includes:

  • What is a mortgage recast?
  • Example savings comparison.
  • Is recasting a good or bad idea?
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
BalCurrent balCurrent principal balanceCurrent principal balance ($):

To calculate the current principal balance, enter the next and final payment month and year OR the number of payments remaining. Next enter the annual interest rate and monthly payment amount, and then click the "Calculate Principal" button.

Next pmt Mo/Yr:
Payoff Mo/Yr:
Or, payments left (#):
Interest rate (%):
Monthly payment ($):

Number of payments remaining:

Enter the number of monthly payments remaining on your mortgage. Enter a whole number only (no decimal point or fractions).

Current principal balance:

Enter the dollar amount of the current payoff amount of your mortgage (principal owed). Enter without the dollar sign and commas.

If you don't know the current principal balance, you can either call your mortgage lender or expand the description to have the calculator estimate your current principal balance based on the number of payments you have remaining.

RateInterest rateAnnual interest rateAnnual interest rate (%):

Annual interest rate:

Enter the annual percentage rate (APR) you are being charged on your mortgage. Enter as a percentage, but without the percent sign.

PI paymentPI paymentPrincipal and interest paymentCurrent monthly principal and interest payment ($):

Current monthly principal and interest mortgage payment:

Enter your current monthly principal and interest payment (do not include amounts your are paying for taxes and insurance). Enter without the dollar sign and any commas.

Next pmt:Next payment:Month and year of next payment:Month and year of next mortgage payment:

Month and year of next mortgage payment:

Select the month and year of your first mortgage payment. If this is an existing mortgage the Mortgage Recast Calculator will assume that a payment has not been made for the current month, so the current month will be used as the start of the amortization schedule.

reductionreductionreduction in principallump sum reduction in principal ($):

Lump sum reduction in principal:

Enter the lump sum amount that you will be using to pay down your principal balance for the mortgage recasting (not including the recasting fee). Enter without the dollar sign and any commas.

If your mortgage lender offers annual recasting, select "Annual" from the drop down menu. The calculator will then reduce your principal and payment amount each year that your balance is greater than the recast amount. Note that any recast fee you entered will be multiplied by the total number of recasts.

Recast feeRecasting feeRecasting feeRecasting fee ($):

Recasting fee:

Enter the dollar amount of the fee your mortgage lender will be charging you to recast the mortgage. Enter without the dollar sign or any commas.

Schedule:Schedule:Include schedule:Include amortization schedule:

Include amortization schedule:

If you would like the results to include an amortization schedule, move the switch to the "Yes" position. Otherwise move the switch to the "No" position.

Pmts left:Payment left:Number of payments remaining:Number of payments remaining:

Number of payments remaining:

Based on your entries, this is the number of mortgage payments you still need to make in order to pay off your mortgage. If this number is substantially different from the actual number, please check to make sure you entered the correct current payoff amount and/or interest rate. Note that this number stays the same for recasting.

Recast bal:Recast balance:Recast loan balance:Recast loan balance:

Recast loan balance:

Based on your entries, this is how much you will still owe (principal balance) on your home loan after deducting the lump sum recasting payment.

Recast ComparisonPaymentInterest
Existing terms:Existing terms:Existing terms:Existing terms:
Recast terms:Recast terms:Recast terms:Recast terms:
Recast savings:Recast savings:Recast savings:Recast savings

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated


Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.



Add or remove this page to/from my favorites.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.