mortgage-recast-calculator

[mortgage-recast-calculator]

Mortgage Recast Calculator

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Calculate Now

A Mortgage Recast Calculator is a handy financial tool that helps homeowners estimate the new monthly payments and potential savings when they make a large lump-sum payment toward their mortgage principal. Unlike refinancing, which often involves closing costs and changing your loan terms, a mortgage recast simply recalculates your monthly payments based on the reduced principal balance while keeping the same interest rate and loan term. This can significantly lower your monthly burden and save you thousands in interest over the life of the loan. By inputting key details like your current loan balance, interest rate, monthly payment, and the amount of the lump sum you plan to pay, the calculator quickly shows you what your new payment will look like. It's an excellent resource for those who come into extra funds—like a bonus, inheritance, or savings-and want to improve their financial position without the hassle of refinancing.