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Mortgage Recast Calculator with Re-amortization Schedule

Calculator Preferences
Mortgage Recast Calculator Sign
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 tab 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
Balance:Current balance:Current principal balance:Current principal balance:

Current principal balance:

Enter the dollar amount of the current payoff amount of your mortgage (principal owed). If you are not sure, call your mortgage lender and ask for the current payoff amount. Enter without the dollar sign and commas.

Rate:Interest rate:Annual interest rate:Annual 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 payment:Current PI payment:Current principal and interest payment:Current 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 due: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.

Prepayment:Principal reduction:Lump sum reduction in principal:Lump 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.

Recast fee:Recasting fee:Recasting fee:Recasting 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 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



About the Mortgage Recast Calculator

It was recently brought to my attention that the Extra Payment Mortgage Calculator did not apply to some borrowers because ... are you ready for this ...

Their mortgage lenders said that making extra payments would not save the borrowers any money or pay off their mortgage any sooner.


Instead, mortgage lenders sometimes offer to recast the borrower's mortgage, but the borrower needs to make a large principal payment in order to qualify for the recast.

Now, I don't know the exact wording of the fine print included in the mortgage papers these borrowers have signed, but I can only assume the fine print read something like this:

You can make all the extra payments you want, but it won't reduce the interest cost or the length of the payoff because we (the mortgage lender) secretly sold your mortgage to an investor for a lump sum of money, so we will simply put your extra and overpayments into escrow and then apply them to the loan at the end of the payment term.

If that's true, does it sound like the mortgage lender genuinely cares about their customers?

Not to me, it doesn't.

So the next question you might be asking is, what the heck do lenders mean when they tell borrowers they can recast their mortgage? If so, feel free to visit the Learn tab to find out what recasting is and how it works.

Otherwise, this calculator will calculate your recast payment and any interest savings the recasting will generate. Plus, the calculator will also allow you to view the revised amortization schedule.

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How to use the Mortgage Recast Calculator

Step #1:

Enter the mortgage's current payoff amount.

Step #2:

Enter the mortgage's annual interest rate.

Step #3:

Enter the principal and interest portion of your monthly mortgage payment.

Step #4:

Select the month and year the next payment is due.

Step #5:

Enter the lump sum principal payment you will be making as part of the recast.

Step #6:

Enter the lender recasting fee.

Step #7:

Indicate whether or not you would like an amortization schedule included in the results (Yes or No).

Step #8:

Tap the "Calculate Recast Savings" button and scroll down to view the results.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.


Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.


The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at for assistance.


Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.


Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

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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.



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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.