A recast re-amortizes your remaining balance after a lump-sum payment — same rate, same term, lower monthly payment. See exactly how much lower.
| Current monthly payment | — |
| New payment after recast | — |
| Lump sum applied | — |
| Total interest saved | — |
A recast keeps your payoff date — it lowers the payment. If you want to pay off FASTER instead, try the biweekly calculator. Estimates only; your servicer's figures govern.