Mortgage Recast Calculator

How to Use the Mortgage Recast Calculator

The Mortgage Recast Calculator helps you determine the impact of making a lump sum payment on your mortgage. By entering the current loan details and the lump sum amount, you can see how it affects your monthly payment and loan term.

How It Works

Follow these steps to use the Mortgage Recast Calculator:

1. Enter Current Loan Amount: Input the remaining balance of your mortgage loan.
2. Enter Current Interest Rate: Provide the current annual interest rate on your mortgage.
3. Enter Loan Term Remaining: Specify the number of years remaining on your mortgage.
4. Enter Lump Sum Payment: Input the amount you plan to pay towards your mortgage.
5. Calculate: Click the ‘Calculate New Monthly Payment’ button to see the updated monthly payment.

New Monthly Payment Formula: This calculator recalculates the new monthly payment based on the remaining balance and new loan term after the lump sum payment.

Making a lump sum payment can reduce your monthly mortgage payments or shorten the loan term. This tool helps you understand how your additional payment affects your mortgage.