Editorial policy

How the numbers get worked out

The payment follows the standard fixed-rate formula: multiply the balance by the monthly rate, then divide by one minus (1 + monthly rate) raised to minus the months left. With a recast, that formula uses the balance left after the lump sum, and the rate and months stay the same. Paying extra principal leaves the old payment in place and counts the months down to zero. With a refinance, you take out a new 30-year loan for the same balance, using the rate you enter and paying closing costs in cash.

Where the servicer terms come from

Each row of the table quotes the servicer's own page for its fees, minimums, and rules, and links to that page. We write "not published" whenever a servicer does not publish a figure, and we never fill in a guess. For loan types, we rely on the Fannie Mae Servicing Guide and the Freddie Mac Guide, plus HUD Handbook 4000.1.

Corrections

To report a correction, email contact@mortgage-recast-calculator.com and include a link to that servicer's page. We compare it with the source and, if it holds up, we change the table.