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 ...
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:
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.