Mortgage Recast Calculator

How to use this mortgage recast calculator

This free mortgage recast calculator shows how much your monthly payment would drop if you made a large one-time principal payment and had your lender re-amortize the loan. It runs entirely in your browser, needs no personal information, and updates instantly, so you can test a recast privately before asking your servicer. A recast keeps your existing rate and remaining term and simply recalculates a lower payment on the smaller balance.

• Current balance: the amount you still owe today.
• Interest rate: your existing rate, which does not change in a recast.
• Remaining term: the years left on your loan, which also stays the same.
• Lump-sum payment: the one-time amount you will put toward principal.
• Recast fee: the servicer's fee, typically $150 to $500.

The results show your new monthly payment, your monthly savings, the interest you save, and your new balance. Because a recast lowers the payment but keeps the same payoff date, it is best for freeing up cash flow rather than paying off faster. If your goal is to shrink the balance and shorten the loan instead, compare making extra payments on our mortgage calculator, and if you want a lower rate too, see the refinance calculator.

What is a mortgage recast?

A mortgage recast, sometimes called a loan re-amortization, is when you make a large lump-sum payment toward your principal and your lender recalculates your monthly payment based on the new, lower balance, while keeping your original interest rate and remaining term. The result is a smaller monthly payment on the same loan, with no refinance, no credit check, and no closing costs.

Here is the key distinction: paying a lump sum toward principal without recasting simply reduces your balance and shortens your loan, your payment stays the same and you pay it off early. A recast takes that same lump sum but re-spreads the lower balance over the remaining term, which lowers your monthly payment instead of shortening the loan. You choose which benefit you want: a smaller payment (recast) or an earlier payoff (extra payment, no recast).

Recasting is a quiet, underused option that most borrowers do not know exists. It is offered by many lenders on conventional loans for a modest fee, usually $150 to $500, though it is generally not available on FHA, VA, or USDA loans. Because it keeps your rate untouched, it is especially valuable when you have a low mortgage rate you do not want to lose but you have come into a lump sum, from a bonus, an inheritance, or the sale of another property, and want a lower payment.

How to calculate a recast payment

Calculating a recast payment is straightforward, and doing it once shows exactly where the savings come from. There are three steps.

Step 1: Find your new balance

Subtract your lump-sum payment from your current balance. If you owe $350,000 and pay $50,000, your new balance is $300,000.

Step 2: Keep your rate and remaining term

A recast does not change these. If you have 25 years left at 6.5%, you keep 25 years at 6.5%. This is the crucial difference from a refinance.

Step 3: Re-amortize the new balance

Recalculate the monthly payment on the new balance over the remaining term at the same rate, using the standard mortgage payment formula. On $300,000 at 6.5% over 25 years, the payment is about $2,026, down from roughly $2,363 on the original $350,000 balance, a savings of about $337 a month.

So the formula is simply: re-amortize (balance − lump sum) at your existing rate over your remaining term. The calculator above does this instantly, but the mechanics are simple enough to check by hand or in a spreadsheet. The next section shows the savings across a range of lump-sum amounts so you can see the pattern.

How much does a recast lower your payment?

The payment reduction from a recast depends on how large your lump sum is relative to your balance. The table below shows the new payment and monthly savings for a $350,000 balance at 6.5% with 25 years remaining, across several lump-sum amounts.

The relationship is roughly proportional: a $50,000 lump sum cuts this payment by about $338 a month, and a $100,000 lump sum by about $675. As a rule of thumb, on a loan with many years remaining, a recast lowers your payment by roughly the same percentage that the lump sum reduces your balance, paying down 15% of the balance cuts the payment by about 15%. The exact figure depends on your rate and remaining term, so enter your own numbers in the calculator for a precise result. Notice that the payoff date stays the same in every row; you are trading a lower payment, not a shorter loan.

Recast vs refinance: which is better?

Recasting and refinancing both lower your monthly payment, but they work very differently, and choosing correctly can save you thousands. The decisive factor is usually your current interest rate.

A recast keeps your existing rate and term and lowers the payment by reducing the balance with a lump sum. It costs only a small fee ($150 to $500), requires no credit check or appraisal, and preserves your rate, which is its biggest advantage. But it requires cash for the lump sum, and it does not lower your rate or shorten your term.

A refinance replaces your loan with a new one, ideally at a lower rate. It can lower your payment through a better rate rather than a lump sum, and it can change your term. But it costs 2% to 5% in closing costs, requires qualifying (credit, income, appraisal), and, crucially, gives you a new rate, which is a benefit if rates have fallen but a penalty if you have a low rate you would lose.

The rule of thumb: if you have a low rate you want to keep and a lump sum to apply, recast. If rates have dropped below your current rate, refinance to capture the lower rate. Some borrowers with a low rate and extra cash strongly prefer recasting precisely because refinancing would force them to give up their rate. Compare your refinance options with our refinance calculator to see which path lowers your payment for less.

Is it better to recast or pay down principal?

This is one of the most common recast questions, and the answer depends entirely on your goal, because the two use the same lump sum for opposite ends. Making an extra principal payment without recasting shortens your loan and saves the most total interest; a recast lowers your monthly payment but keeps the original payoff date.

If your goal is to pay off your mortgage faster and minimize total interest, do not recast, just make the lump-sum principal payment and keep paying your current (higher) payment. The extra amount goes entirely to principal, you keep making the same payment, and you pay the loan off years early, saving the most interest possible. This is the choice for borrowers focused on becoming debt-free.

If your goal is to free up monthly cash flow, recast. The same lump sum lowers your required payment, giving you more room in your budget every month, useful if your income has changed, you are approaching retirement, or you simply want breathing room. You save less total interest than the pay-down-and-keep-paying approach, but you gain flexibility.

There is even a hybrid: recast to lower your required payment for safety, then voluntarily keep paying the old, higher amount when you can, sending the difference to principal. That gives you the lower required payment as a floor with the option to pay off faster. Model the extra-payment path on our mortgage calculator and the recast here to compare the two directly.

What does Dave Ramsey say about recasting?

Personal-finance personality Dave Ramsey generally views recasting more favorably than borrowing products, because a recast involves paying down debt rather than taking on more, which aligns with his debt-elimination philosophy. That said, his emphasis leads to an important nuance about how to use it.

Ramsey's approach prioritizes paying off your mortgage as fast as possible. From that lens, the lump sum that funds a recast is good, it reduces your debt, but recasting to lower your payment is often not what he would recommend, because it extends the time you carry the debt compared to simply making the lump-sum payment and keeping your payments high. In other words, Ramsey would generally favor paying down principal and keeping your payment the same (to pay off early) over recasting to a lower payment.

The balanced takeaway is that recasting is a legitimate, low-cost tool, and far less risky than a cash-out refinance or home equity loan since you are reducing debt, but if your priority is Ramsey-style debt freedom, the extra-payment-without-recast route wins. Recasting shines when you specifically need lower monthly cash flow, not maximum payoff speed. The tool this page provides shows the lower payment; whether that beats keeping your payment high and paying off early depends on your goal, which the previous section lays out.

What are the downsides of a recast mortgage?

A recast is one of the lower-risk things you can do with a mortgage, but it is not free of drawbacks, and knowing them helps you decide. The disadvantages are modest but real.

• It ties up a large lump sum. The cash you put toward the recast is locked in your home's equity, illiquid and inaccessible without borrowing against it later. That opportunity cost is the biggest downside.
• It does not lower your rate. If rates have fallen, recasting keeps your higher rate; a refinance might serve you better.
• It does not shorten your loan. You keep the same payoff date, so you pay interest for the full remaining term, just on a smaller balance.
• Less total interest saved than paying down and keeping the payment. Because the payment drops, you save less interest than if you had applied the same lump sum and kept paying the higher amount.
• Not always available. FHA, VA, and USDA loans generally cannot be recast, and some lenders or loan types do not offer it.
• A fee applies. Small ($150 to $500), but a cost nonetheless.

None of these are dangerous, unlike borrowing against your home, a recast cannot put you deeper in debt. The real question is whether locking up that cash for a lower payment is the best use of it, versus keeping it invested or liquid, or using it to pay off the loan faster. If lower monthly cash flow is genuinely what you need and you have the cash to spare, the downsides are easily worth it.

How much does it cost to recast a mortgage?

Recasting is remarkably cheap compared to refinancing. The typical recast fee is $150 to $500, a flat charge the servicer applies to re-amortize your loan, and that is essentially the entire cost. There are no closing costs, no appraisal, no title work, no origination fees, and no credit-check cost, because you are not taking out a new loan.

Beyond the fee, most lenders set a minimum lump-sum requirement to recast, commonly $5,000 to $10,000, and some require that the lump sum reduce your balance by a minimum percentage. You also generally need to be current on your payments, and the loan must be eligible (conventional loans usually are; government loans usually are not). Your servicer can confirm their specific minimums and fee.

Compare that to a refinance, which typically costs 2% to 5% of the loan, thousands of dollars, plus the time and paperwork of qualifying. This enormous cost difference is a big part of recasting's appeal: for a couple hundred dollars, you permanently lower your payment without disturbing your rate. The catch, of course, is that you need the lump sum to apply, whereas a refinance lowers your payment through a rate change rather than a large cash outlay. For most people with a low rate and spare cash, the recast fee is trivial next to the benefit.

How a recast affects your escrow and total payment

A common question is how a recast interacts with your escrow account, the portion of your payment that covers property taxes and homeowners insurance. The important point is that a recast changes only the principal and interest part of your payment; it does not change your taxes or insurance, which are based on your home's value and location, not your loan balance.

So when you recast, your principal-and-interest payment drops, but your escrow portion stays roughly the same, your total monthly payment falls by the P&I savings. If your servicer quotes your full payment including escrow, make sure you are comparing the P&I reduction, not expecting your taxes and insurance to change. This calculator focuses on the principal-and-interest payment, which is the part a recast actually affects; add your monthly escrow amount on top to see your full new payment.

One practical note: taxes and insurance change over time regardless of your recast, as assessments and premiums rise, so your total payment may still drift up in future years even after a recast lowers your P&I. That is normal and separate from the recast. To see your complete payment with taxes and insurance included, use our main mortgage calculator, which lets you enter escrow items directly, then apply the P&I savings a recast provides.

Which lenders offer recasting? Chase, Rocket, Mr. Cooper and more

Recasting availability varies by lender and loan type, which is why borrowers search for specific servicers like Chase, Rocket Mortgage, and Mr. Cooper. The general rule is that recasting is available on most conventional loans (those backed by Fannie Mae or Freddie Mac) but not on government loans (FHA, VA, USDA), and the fee and minimums differ by servicer.

Large banks and servicers such as Chase and Mr. Cooper commonly offer recasting on eligible conventional loans, typically for a flat fee in the $150 to $500 range with a minimum lump sum. Rocket Mortgage and other lenders have their own policies; some offer it readily, others limit it or do not advertise it. Because it is not a heavily promoted product, you often have to ask your servicer directly, the customer-service or loan-servicing line, rather than finding it prominently online.

The practical steps are the same regardless of lender: confirm your loan is eligible (usually conventional and current), ask for the recast fee and minimum lump-sum requirement, and request the re-amortization after you make the lump-sum payment. Whoever services your loan, this calculator lets you preview the new payment before you call, so you know what to expect and whether the recast is worth the fee for your situation. Note that the lender who originated your loan may differ from the one who now services it; direct your recast request to the current servicer.

When a recast makes the most sense

A recast is the right move in a specific set of circumstances, and recognizing them helps you use it well. The common thread is that you have a lump sum, a low rate worth keeping, and a desire for lower monthly cash flow.

• You came into a lump sum. A bonus, inheritance, or the proceeds from selling another property, cash you want to put to work lowering your payment.
• You have a low rate you do not want to lose. Refinancing would sacrifice your rate; a recast keeps it.
• You bought before selling your old home. A very common use: you buy a new home, then sell the old one and recast the new loan with the proceeds, resetting to a lower payment based on your larger effective down payment.
• You want lower payments, not a faster payoff. Approaching retirement, a change in income, or simply wanting budget flexibility.
• You want to avoid refinance costs and paperwork. A recast is cheap and simple by comparison.

The buy-before-you-sell scenario deserves emphasis, it is one of the most powerful uses of recasting. If you have to buy your next home before your current one sells, you might take a larger loan than you ultimately want. Once the old home sells, you apply the proceeds and recast the new loan down to the payment you would have had with a full down payment, all without refinancing. If any of these situations fit you, run the numbers in the calculator to see your new payment.

How to request a mortgage recast, step by step

Recasting is simple, but because lenders rarely advertise it, knowing the process helps. Here are the steps from start to finish.

1. Confirm eligibility. Contact your loan servicer and ask whether your loan can be recast. Conventional loans usually qualify; FHA, VA, and USDA usually do not.
2. Ask about the fee and minimums. Get the recast fee ($150 to $500) and the minimum lump-sum requirement (often $5,000 to $10,000).
3. Make the lump-sum principal payment. Apply your lump sum specifically to principal, following the servicer's instructions so it is applied correctly.
4. Request the recast. Formally ask the servicer to re-amortize the loan. Some do it automatically after a qualifying principal payment; most require a specific request.
5. Review the new terms. Confirm the new payment, and verify your rate and remaining term are unchanged.

The whole process is far lighter than a refinance, no application, no credit pull, no appraisal, no closing. It usually takes a few weeks to process. Before you start, preview your new payment in the calculator above so you know the savings, and make sure recasting (lower payment) rather than simply paying down (faster payoff) is the outcome you want, since the servicer may not make the distinction for you.

Building a recast calculation in Excel

Because some people prefer to model it themselves, here is how to calculate a recast in Excel or Google Sheets. The math is a single payment formula applied to the new balance, so it is simpler than an amortization schedule.

Use the PMT function: =PMT(rate/12, remaining_months, -new_balance), where the rate is your existing rate, the remaining months is your remaining term (for example, 300 for 25 years), and the new balance is your current balance minus the lump sum. That single formula gives your recast payment. To see the savings, compute the same PMT on your original balance and subtract.

For a fuller picture, you can build an amortization schedule for the new balance using IPMT and PPMT to track how principal and interest split each month, confirming the loan still pays off on the original date. The key thing your spreadsheet must get right is keeping the rate and remaining term unchanged, only the balance changes, which is precisely what distinguishes a recast from a refinance. This calculator does the same PMT math instantly, but building it yourself makes the mechanics clear: a recast is nothing more than re-running your payment formula on a smaller balance.

Recast and your amortization schedule

A recast changes your amortization schedule in a specific way: the monthly payment drops, but the number of remaining payments stays the same, so the loan still pays off on its original date. Understanding this makes the trade-off concrete.

Before the recast, your schedule amortizes your full balance over the remaining term. After you apply the lump sum and recast, a new schedule amortizes the smaller balance over the same remaining term. Each payment is lower, and because the balance is smaller, less of it goes to interest, so you do pay less total interest than you would have on the original balance, just not as much less as if you had kept your payment the same and shortened the loan.

This is the heart of the recast trade-off, and seeing the schedule clarifies it. A recast gives you a lower payment for the same number of months; an extra payment without recasting gives you the same payment for fewer months. Both save interest versus doing nothing, but they distribute the benefit differently, one as monthly cash flow, the other as an earlier payoff and larger total-interest savings. To see a full amortization schedule and compare making extra payments, use our main mortgage calculator, then use this tool for the recast payment.

Recast mortgage FAQs and common misconceptions

A few misconceptions trip up borrowers considering a recast. Clearing them up helps you decide with confidence.

• "Recasting lowers my rate." It does not. Your rate stays exactly the same; only the balance and payment change. If you want a lower rate, you need a refinance.
• "Recasting pays off my loan faster." No, the payoff date is unchanged. Paying down principal without recasting is what shortens the loan.
• "Recasting requires good credit." No, there is no credit check, because you are not borrowing. Even borrowers who could not qualify for a refinance can typically recast.
• "Any loan can be recast." No, conventional loans usually can; FHA, VA, and USDA loans generally cannot.
• "Recasting is expensive." No, it costs only a small fee ($150 to $500), versus thousands for a refinance.
• "Recasting and refinancing are the same." No, a refinance replaces the loan and changes the rate; a recast keeps the loan and rate and just re-amortizes a lower balance.

The unifying theme is that a recast is a small, targeted adjustment, same loan, same rate, same payoff date, lower payment, funded by a lump sum. Once you understand what it does and does not do, deciding whether it fits your goal is simple. Use the calculator to preview the payment, and weigh it against the pay-down and refinance alternatives covered above.

Recast vs extra payment: the numbers side by side

The clearest way to see the recast trade-off is to compare it directly against making the same lump-sum payment without recasting. The table uses a $350,000 balance at 6.5% with 25 years left and a $50,000 lump sum (new balance $300,000).

The comparison is striking. The recast drops your payment by about $337 a month but keeps the 25-year payoff and pays roughly $308,000 in interest. Making the same $50,000 payment without recasting and continuing to pay $2,363 pays the loan off about seven years early and cuts interest to roughly $209,000, nearly $100,000 less. So paying down and keeping your payment high wins on total interest and payoff speed, while the recast wins on monthly cash flow. Choose based on which you need: lower payments now, or less interest and freedom sooner. The best of both is to recast for a lower required payment, then voluntarily pay extra when you can.

Can a recast remove PMI?

A recast can sometimes help you remove private mortgage insurance (PMI), but not automatically, and the mechanics are worth understanding. PMI, required on conventional loans with less than 20% down, is based on your loan-to-value ratio. A large lump-sum payment that funds a recast reduces your balance, which lowers your LTV, and if it drops you to 80% or below, you may be able to request PMI removal.

The important nuance is that PMI removal and recasting are separate requests. Making the lump-sum payment lowers your LTV whether or not you recast; the recast simply re-amortizes the payment. So if your goal is to cancel PMI, the key is the principal reduction, not the recast itself. You would make the large payment, then separately request PMI cancellation once you reach the 80% threshold (lenders must cancel automatically at 78% on the original schedule, but you can request removal sooner at 80%).

Combining the two can be powerful: a lump sum that both drops you below 80% LTV (ending PMI) and funds a recast (lowering your P&I) delivers a double monthly savings, the removed PMI premium plus the reduced principal-and-interest payment. If PMI removal is part of your goal, confirm your current LTV and your lender's cancellation rules, and check how the lower payment plus dropped PMI affects your budget with our mortgage calculator.

Recasting after buying before you sell

One of the most valuable uses of a recast deserves its own discussion: the buy-before-you-sell scenario. Many homeowners need to purchase their next home before their current one has sold, which forces them to take a larger mortgage than they ultimately want, because their down payment is still tied up in the old house.

A recast solves this elegantly. You buy the new home with whatever down payment you can manage and take the larger loan. Then, once your old home sells, you apply the proceeds as a lump sum to the new mortgage and recast it, resetting your payment as if you had made a full down payment all along, without refinancing, requalifying, or losing your rate. It turns a temporary cash crunch into a permanent lower payment.

This is far cheaper and simpler than the alternative of refinancing after the sale, which would cost thousands and expose you to whatever rates prevail then. With a recast, your rate is locked from the original purchase, and the sale proceeds simply buy down your payment for a couple hundred dollars in fees. If you are planning a move where the timing forces you to buy first, ask your lender in advance whether the new loan will be eligible for a recast, and plan to recast once the old home closes. Preview the reset payment in the calculator using your expected sale proceeds as the lump sum.

How often can you recast, and eligibility requirements

Most lenders allow you to recast more than once over the life of a loan, though policies vary, and each recast requires a qualifying lump sum and the fee. There is usually no strict limit on the number of recasts, but practical requirements govern each one.

Typical eligibility requirements include: a conventional loan (Fannie Mae or Freddie Mac backed), being current on your payments (often with a clean recent payment history), a minimum lump sum (commonly $5,000 to $10,000, or a minimum percentage of the balance), and sometimes a seasoning period requiring the loan to be a few months old before the first recast. Jumbo and portfolio loans may have their own rules, and as noted, FHA, VA, and USDA loans generally cannot be recast at all.

Because the rules differ by servicer, the reliable approach is to ask yours directly about their recast policy: the fee, the minimum lump sum, how many times you can recast, and any waiting period. If you anticipate recasting more than once, perhaps applying several windfalls over time, confirm the per-recast fee so you can weigh whether combining lump sums into one recast is more economical. Whatever the cadence, each recast follows the same simple math this calculator models: re-amortize the reduced balance at your unchanged rate over your remaining term.

Recast vs biweekly payments

Both recasting and biweekly payments are ways to manage a mortgage without refinancing, but they achieve opposite things, and confusing them leads to disappointment. A recast lowers your monthly payment; biweekly payments effectively raise your annual payment to pay the loan off faster.

With a biweekly plan, you pay half your monthly payment every two weeks, which results in 26 half-payments, or 13 full payments, a year instead of 12. That one extra payment per year goes to principal and shortens your loan, typically by four to six years on a 30-year mortgage, saving significant interest. It is essentially a structured way to make extra principal payments, so like paying down principal, it speeds payoff rather than lowering the payment.

So the two serve different goals. If you want a lower monthly payment, recast. If you want to pay off faster and save interest without a lump sum, biweekly payments (or simply adding extra to each payment) are the tool. They are not mutually exclusive, you could recast to lower your required payment and still make extra or biweekly payments toward the smaller balance to pay it off early. To model the payoff-acceleration side, use the extra-payment feature on our mortgage calculator; use this tool for the payment-lowering recast side.

Free and online recast calculators: NerdWallet, Bankrate, and this tool

Because several well-known sites offer recast tools, borrowers search for a free, online recast calculator or name brands like NerdWallet and Bankrate. Knowing what a good one does helps you trust the result, and shows why this one is built the way it is.

A strong recast calculator does three things: it re-amortizes your reduced balance at your unchanged rate over your remaining term (the defining recast math), it shows both your new payment and your savings, and it makes clear that the payoff date does not change. Brand tools from NerdWallet and Bankrate are capable, but many require no more than this simple calculation, which means the main differentiators are privacy and clarity.

This calculator is free, runs entirely in your browser, and needs no personal information, no name, email, or credit check, so you can preview a recast privately and run as many scenarios as you like. It also pairs the recast with links to compare the alternatives, refinancing on our refinance calculator and extra payments on our mortgage calculator, so you can see not just the recast payment but whether a recast is even the right move for your goal. That context, plus complete privacy, is what makes it a genuinely useful tool rather than a lead-generation form.

Pros and cons of recasting your mortgage

Weighing the advantages and disadvantages together gives a clear view of whether a recast fits your situation.

Pros

• Keeps your interest rate, invaluable if you have a low rate you do not want to lose.
• Very cheap, a $150 to $500 fee versus thousands for a refinance.
• No qualifying, no credit check, income verification, or appraisal.
• Lower monthly payment, immediate cash-flow relief.
• Lower risk than borrowing, you are reducing debt, not adding it.

Cons

• Requires a large lump sum that becomes illiquid home equity.
• Does not lower your rate or shorten your term.
• Saves less interest than paying down and keeping your payment high.
• Not available on FHA, VA, USDA, or from every servicer.

The pattern is that a recast is a low-risk, low-cost way to convert a lump sum into lower monthly payments while protecting your rate, ideal when cash flow is the goal. Its limitations, no rate reduction, no faster payoff, are simply the flip side of what it is designed to do. If those limitations matter more than the lower payment, a refinance or an extra-payment strategy may serve you better.

A recast decision checklist

Before you recast, run through this checklist to confirm it is the right move for you.

• Do I have a lump sum to spare? Money you will not need liquid, since it becomes home equity.
• Do I want a lower payment, not a faster payoff? If faster payoff is the goal, pay down without recasting instead.
• Is my rate worth keeping? If rates have fallen below yours, compare a refinance first.
• Is my loan eligible? Conventional loans usually qualify; government loans usually do not.
• Does my servicer offer it, and what is the fee and minimum? Confirm before you apply the lump sum.
• Would the cash serve me better elsewhere? Weigh keeping it invested or liquid against the payment savings.
• Could I remove PMI at the same time? If the lump sum drops you below 80% LTV, request PMI cancellation too.

If most answers point yes, especially having a lump sum to spare, wanting lower payments, and holding a rate worth keeping, a recast is a smart, low-cost move. If you would rather pay off faster, keep the cash flexible, or capture a lower rate, one of the alternatives fits better. Preview your new payment in the calculator, and compare it against the refinance and extra-payment paths before deciding.

Mortgage recast glossary

A quick reference to the terms behind a mortgage recast.

• Recast (re-amortization): lowering your payment by applying a lump sum and recalculating over the same rate and remaining term.
• Lump-sum payment: the one-time principal payment that funds the recast.
• Amortization: the schedule by which a loan is paid off through regular payments of principal and interest.
• Principal: the amount you owe, which the lump sum reduces.
• Remaining term: the years left on your loan, unchanged by a recast.
• Recast fee: the servicer's flat charge to re-amortize, typically $150 to $500.
• Servicer: the company that collects your payments and processes a recast (may differ from the original lender).
• Escrow: the part of your payment for taxes and insurance, unchanged by a recast.
• Refinance: replacing your loan with a new one, which can change the rate and term (unlike a recast).
• Extra payment: a principal payment without recasting, which shortens the loan instead of lowering the payment.

Frequently Asked Questions

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