After Your Home Sells

Mortgage Recast Calculator: Lower Your New Mortgage Payment

Once your current home sells, you can use some or all of the net proceeds to lower the mortgage balance on your new home. The calculator below shows your projected payment so you can compare using all of the net proceeds, using part of them, or keeping some cash.

After the mortgage on your current home, selling costs, and the bridge loan are paid, you choose how much to keep and how much to put toward your new mortgage. This is called recasting. We apply the amount you choose to your loan balance and recalculate your required monthly principal and interest payment. Your interest rate and remaining loan term stay the same.

Back To Bridge Loan Results

How To Use This Mortgage Recast Calculator

  1. Step 1

    Review The Numbers We Carried Forward

    We bring over your new home's sales price, first down payment, estimated sale timing, and net proceeds after the bridge loan is paid. You do not enter those numbers again.

  2. Step 2

    Confirm Your Mortgage Rate And Term

    Review the mortgage rate and loan term you entered on the first page. Those stay the same when we recalculate your payment.

  3. Step 3

    Choose How Much Cash To Apply

    Choose how much of the net proceeds from your sale to put toward the new mortgage and how much to keep.

  4. Step 4

    See Your New Monthly Payment

    See the exact new principal and interest payment and how much lower it is each month based on the amount you choose.

Step 1

Review The Numbers We Carried Forward

We brought over the home price, down payment, sale timeline, and estimated net proceeds from your Bridge Loan results.

What We Carried Forward

Straight from your bridge loan results. Change any of it on the bridge loan page and it updates here.
Sales Price Of Your New Home$650,000
Initial Down Payment(20.0%)$130,000
Starting Mortgage On Your New Home$520,000
Estimated Time Until Your Current Home SellsAbout 6 Months
Total Bridge-Related Amount Deducted$192,503
Estimated Net Proceeds After Your Home Sells$117,497
How We Estimated Your Net Proceeds
Open Market Sale Price$500,000
Existing Mortgage Payoff-$175,000
Closing Costs On Your Departing Home-$15,000
Bridge Loan Principal-$177,000
Bridge Closing Charges-$4,712
Carrying Cost Through The Estimated 6-Month Timeline-$10,791
Estimated Net Proceeds$117,497

Your repairs, the debts you paid off, your new home down payment, and your new home closing costs are already inside the bridge loan principal, so they are only counted once.

Step 2

Confirm Your Mortgage Rate And Term

Review the mortgage rate and term you entered on the first page. Recasting keeps that same rate and remaining term.

Your Mortgage Rate And Term

Carried forward from your bridge loan entries. Nothing to re-enter here.
Interest Rate On Your New Mortgage6.500%
Original Mortgage Term30 Years
Payments Made Before The RecastAbout 6 Months

These are illustrative values, not a rate quote. Change them on the bridge loan page.

Change Rate Or Term
$

A possible out-of-pocket servicer fee. It is not added to your loan and does not change the payment math.

Step 3

Choose How Much Of Your Net Proceeds To Apply

Choose how much of your net proceeds to put toward the new mortgage. We will show how that choice lowers your monthly principal and interest payment.

How Much Of Your Net Proceeds Would You Like To Apply?

You can apply up to $117,497. Nothing here is a recommendation.
$0$117,497
$

Capped at $117,497, the lesser of your proceeds and your loan balance.

These shortcuts are neutral starting points, not advice about what to do with your money.

Step 4

Compare Your Estimated Payment

See your new principal and interest payment, how much lower it is each month, the balance left on the mortgage, and the net proceeds you keep.

Your Estimated Payment Before And After A Recast

Your New Monthly Principal And Interest Payment

$2,727

Before recasting: $3,287

Your payment is $559 lower each month.

(Property taxes, homeowners insurance, HOA dues, and any mortgage insurance are added to this payment.)

Monthly Reduction

$559

Required principal and interest only

Annual Reduction

$6,712

Monthly reduction over twelve months

Net Proceeds Kept

$29,497

Net proceeds you keep instead of applying

Before Recasting

Mortgage Balance$517,141
Principal And Interest$3,287
Starting Down Payment$130,000
Loan To Value (Based On Purchase Price)79.6%

After Recasting

Mortgage Balance$429,141
Principal And Interest$2,727
Net Proceeds Applied$88,000
Loan To Value (Based On Purchase Price)66.0%
  • Your interest rate stays the same.
  • Your remaining payoff schedule stays approximately the same.
  • Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit outside principal and interest and may not decrease.

Want Us To Verify Whether Your Loan Can Be Recast?

Send the complete Bridge Loan and recast scenario to Michael Thayer and his team for review.

Prefer to talk it through? Pick a time that works for you.

Booking unlocks once you send your scenario, so Michael has your numbers before the call.

Your information is used only to respond to your mortgage inquiry and is not sold. This is not a loan application and does not constitute any type of formal loan approval.

These results are estimates for educational and planning purposes. A mortgage recast is not a refinance. With this program, you can make an extra payment toward your mortgage balance and ask to have the required payment recalculated using the lower balance, the same interest rate, and the remaining term. Final figures, timing, minimum principal reduction, fees, and processing requirements are confirmed during servicing. Taxes, homeowners insurance, HOA dues, mortgage insurance, and other housing costs are separate from this principal and interest calculation and may not decrease. This is not a loan approval or commitment to lend.