Mortgage Recast: $200K Balance, 5.5%, $30K Lump Sum
Calculate your new monthly payment after recasting a $200,000 mortgage at 5.5% with a $30,000 lump-sum payment and 15 remaining years.
How to use this tool
- Enter your current balance, rate, and the years remaining.
- Enter the lump sum you will apply to principal.
- Read your new monthly payment, monthly savings, and total interest saved.
- Compare against refinancing if rates have changed.
See how a $30,000 lump-sum recast lowers your monthly payment on a $200,000 mortgage at 5.5% with 15 years left.
Frequently asked questions
- How is a recast different from refinancing?
- A recast keeps your existing loan, rate, and payoff date and only lowers the payment after a lump-sum paydown. A refinance replaces the loan entirely with a new rate, term, and closing costs.
- Does a recast lower my interest rate?
- No. The rate stays the same. Your payment drops because the lump sum reduces the principal that the payment is calculated on, and you also pay less total interest.
- Is recasting worth it?
- It often is when you have a lump sum, a good existing rate you do not want to lose, and a lender that allows recasts for a small flat fee — much cheaper than refinancing's closing costs.