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Recast

Mortgage recast calculator and request letter

Estimate how a lump sum principal payment plus a recast can lower your monthly mortgage payment without refinancing, then generate a recast request packet.

Mortgage recast calculator

Current payment

$1,891

New payment

$1,722

Monthly savings

$169

Estimate only. Your servicer sets the recast fee, minimum lump sum, and whether the investor allows a recast. This does not automatically cancel PMI.

What a recast does

A mortgage recast, sometimes called a reamortization, applies a lump sum to principal and then recalculates the monthly payment over the remaining term at the same interest rate. You keep the same loan. You do not reset the clock the way a refinance does. There is usually a modest fee, often a few hundred dollars. Minimum lump sums vary. Ask your servicer.

When a recast is useful

A recast is useful if you have a cash gift, bonus, or sale proceeds, your current rate is already attractive, and you want a lower required payment. It is also useful if you are not yet at 80 percent loan to value for PMI cancellation but want immediate payment relief while you wait.

What a recast does not do

A recast does not automatically cancel PMI. It can help you reach the PMI threshold sooner because principal drops. After the recast, you still send a cancellation request if HPA or your servicer requires one. Many FHA loans cannot be recast. Investor rules vary.

Use the calculator on this page

Enter your current balance, rate, remaining months, and planned lump sum. The calculator estimates the new payment and monthly savings. If the numbers work, you can add a recast request letter to your packet after the free check.

Common questions

Often a few hundred dollars. Some servicers waive it. That is still far less than typical refinance closing costs. Your servicer sets the fee.

Often no. Recasts are more common on conventional loans. Ask your servicer before you plan on it.

Not by itself. A lower balance may help you hit 80 percent or 78 percent loan to value. Then you still request cancellation, or wait for automatic termination if that test is met and you are current.

It varies. Many servicers want several thousand dollars. The calculator lets you try amounts. The servicer’s rule is what counts.

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Last updated: September 14, 2026