A mortgage recast lowers your monthly payment by applying a lump sum to the balance and re-spreading the payment over the years left. Enter the balance, the rate, the years left, the lump sum you plan to pay, and the lender's recast fee. The calculator shows the new payment and the net saving.
Each row changes one number by a tenth, and keeps the rest as you entered them.
| Scenario | New monthly payment after the recast | Monthly saving |
|---|
The first result for each scenario, drawn to scale.
Enter your numbers in the boxes. The results update as you type, using the same calculation as the calculator.
The scenario table shows what changes when one number moves. Use it to see which number has the most effect on your result.
The results are estimates. They use only the numbers you enter, so they can differ from what a bank, lender, or adviser calculates.
