Mortgage Recast vs. Refinance Calculator
See if you should pay $300 to recast your mortgage, or $4,000 to completely refinance it after receiving a lump sum.
Don't pay a bank $5,000 in loan origination fees if you don't have to. You might just need a Recast.
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The Best Kept Secret in Mortgages
If you acquired a lump sum of cash (an inheritance, a massive commission check, or selling a previous home), applying it to your mortgage principal is great. But simply applying it won’t lower your required monthly payment—it just shortens the loan.
To lower your required monthly payment, you must Recast or Refinance.
How it’s used
Input your current mortgage details alongside the lump sum of cash you intend to inject into the principal. Then, input the current market interest rate for a refinance, accounting for those heavy bank closing fees.
Why it matters
If you currently hold a favorable interest rate, a recast is a superpower. You pay a negligible administrative fee, keep your amazing rate, and immediately drop your monthly payment footprint. If current market rates are actually lower than your existing mortgage, refinancing might make sense—but this calculator proves mathematically whether the interest savings actually outpace the harsh closing costs.
Frequently Asked Questions
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