Mortgage recast questions and answers

No universal eligibility rule is established by this calculator. Loan type, investor requirements and account conditions matter. Your servicer must confirm whether your mortgage can be re-amortized.

Check directly with the servicer of your particular loan and request written terms. A lender name alone is not enough to establish the rules for your account. We do not maintain a bank-by-bank policy list.

Do not assume so. A principal payment and a request to lower the contractual payment are distinct steps.

Not necessarily. The result covers principal and interest. Taxes, insurance and escrow adjustments are separate.

If your loan permits extra principal payments, continuing to pay more than the new required amount can shorten the modeled payoff. Confirm how the excess should be allocated.

The lump-sum principal reduction reduces future interest. Compared with applying the same lump sum and keeping the old payment, lowering subsequent payments usually means paying interest for longer.

The effective balance, number of remaining payments, posting date and rounding may differ. The calculator assumes a fixed rate and monthly amortization from a defined starting point.

No. Request a dated payoff statement from your servicer.

The site cannot decide that for you. It does not assess your cash reserve, other obligations or personal goals. Start with the comparison calculator to understand the loan arithmetic, then seek qualified help when needed.