RECAST MORTGAGE PAYMENT CALCULATOR FOR FREE

To recast your loan, you’ll simply make a lump-sum payment toward the balance.

Most homebuyers are familiar with a refinance, but what is a recast mortgage? Mortgage recasting is a form of prepaying your mortgage. Recasting might be simpler and cheaper than refinancing, depending on how much you pay in the lump sum.

When you recast your mortgage, you’ll keep the same interest rate and term. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.Ī recast mortgage allows you to pay a lump sum toward your mortgage in order to reduce your remaining monthly payments and interest. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

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This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. The offers that appear on this site are from companies that compensate us.

RECAST MORTGAGE PAYMENT CALCULATOR FOR FREE

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Recast mortgage payment calculator