mortgage recast calculator
RecastPilot estimates the new payment after a lump-sum principal reduction while keeping the original remaining term. It focuses on the recast calculation first, then explains the difference between recasting and refinancing.
A mortgage recast usually keeps the loan, rate, and maturity date, but recalculates the monthly principal-and-interest payment after a large principal payment. Lenders may charge a fee and not every loan allows it. This calculator is an estimate, not a lender quote.
A recast usually keeps the same loan and interest rate. A refinance replaces the loan. That difference matters because a recast can lower the monthly payment after a principal payment without starting the whole mortgage process again.
The page focuses on the calculator and the exact recast concept: same loan, reduced principal, and a recalculated payment over the remaining term.