Follow the default numbers.
With current principal balance of $300,000, the model gives new recast monthly p&i: $1,688.
The formula is new payment on reduced principal at unchanged rate and term. Open the breakdown to trace expenses and assumptions. Change one input at a time to see how your decision changes. This example uses scenario inputs; it is not an offer, tax bill, appraisal or legal determination.
A recast changes the payment, not the rate
The estimate subtracts the lump-sum principal payment from current balance and calculates a new payment at the existing note rate over the remaining term. The lender’s recast fee is separate. Eligibility, minimum curtailment and timing depend on the loan and servicer. The tool assumes a fixed-rate amortizing loan with no prepayment penalty.
Keep paying the old payment
Without a recast, applying the same lump sum and continuing the original payment can pay the loan off sooner. The comparison models that path and shows months and interest. Recasting reduces the required payment but keeps the original remaining term; it does not create the same payoff acceleration unless you continue paying extra.
Refinancing adds a new cost decision
The refinance comparison uses the reduced balance, entered new rate and same remaining term. It assumes closing costs are paid in cash. A lower payment alone does not establish savings, especially if a real refinance extends the term. Compare total remaining interest and incremental fees before choosing which use of sale proceeds fits your goals.
Keep your assumptions with the result
Save the calculation to your deal file to reuse compatible inputs in another tool. The file stays in this browser on this device. Download the CSV to open the complete inputs, results and schedule in Excel or Google Sheets. Use PDF to print the report or save it as a PDF. A share link includes entered financial figures in its URL, so use it only with people you intend to share those numbers with.