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Don’t Refinance- Recast Your Home Loan!

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Mortgage Recast Calculator. This calculator will calculate the reduced payment amount and resulting interest savings if your home loan lender secretly offers mortgage recasting (A.K.A, re-amortization).Includes a savings comparison chart and an optional re-amortization schedule.

 · Don’t Roll Mortgage Refinance Costs Into Your Balance If You Wouldn’t Pay Them Cash.. Most people don’t keep their loans nearly long enough to justify paying high closing costs. If you know you’re going to sell or refinance within a few years, or think it likely that you will, it’s likely to save you money if you accept a higher rate that.

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 · The answer may be recasting. A recast is not a mortgage refinance. When you recast your loan, you apply a large amount (usually > $10K) to your principle. The servicer will re-amortize your loan at the new principle balance but on the same schedule. The cost to.

Recasting a mortgage is an unknown alternative to refinancing a mortgage, especially if you have received a windfall of money such as a bonus, estate, or sale proceeds from another property. Unlike a refinance , this does not change your interest rate, the term of your loan, or remove individuals from the mortgage (if there is more than one).

If you recast, you gain the ability to make smaller payments, which might feel nice-but you don’t pay off debt any faster. If you refinance, you might actually pay off your loan later than you were going to originally, and you keep paying interest along the way.

Whether you added a little to your monthly mortgage payment or paid a large one-time lump sum, your required monthly payment amount has still stayed the same. Since you’ve payments, you have the option to lower your monthly payment instead of paying off early. This option is known as a recast.

Your mortgage company isn’t required to offer to recast. Since it’s almost impossible to find out if your mortgage lender allows recasting, you’ll need to give them a call. Minimum lump sum: Each lender has a different policy on the minimum lump sum to recast. It runs anywhere from $5,000 to $50,000. There is a small fee.