After Your Home Sells

Mortgage Recast Calculator: Lower Your New Mortgage Payment

Your current home has sold. Now you can put some or all of the cash left from the sale toward your new mortgage. See exactly how that changes your monthly principal-and-interest payment.

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 cash left 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 cash from your sale you want to put toward the new mortgage, and how much you want 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.

With this program, you can apply additional cash to the mortgage and recast the remaining balance. The recast recalculates your required principal-and-interest payment using the lower balance, the same interest rate, and the remaining term.

Step 1

Review The Numbers We Carried Forward

We brought over the home price, down payment, sale timeline, and cash estimate 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
Available Cash After The Sale$117,497
How We Got To Your Available Cash
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
Available Cash$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 Cash To Apply

Choose how much of the cash left from your sale you want to put toward the new mortgage. We’ll instantly show how that choice lowers your monthly principal-and-interest payment.

How Much Of Your Available 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 cash 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

Cash Retained

$29,497

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
Cash 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 apply additional principal and request the payment to be 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.