Fairway Home Mortgage recast calculator
Enter the balance, rate, months remaining, and lump sum for your Fairway Home Mortgage loan.
- The new payment.
- The reduction.
- Interest saved after the fee
- Time to pay back the fee.
This covers principal and interest only, while taxes and insurance (escrow) come on a separate bill. A recast is not available on FHA, VA or USDA loans.
Fairway Home Mortgage used to be called Fairway Independent Mortgage.
01 How to request a recast with Fairway Home Mortgage
How to make the request
- 'Written request is required; it is a formal loan modification, so documents must be produced, mailed, signed by customers, then returned to the servicer'
Who is eligible?
- Conventional Fannie Mae/Freddie Mac loans are eligible
- Not eligible: FHA, USDA, VA
- No earlier modifications
- No delinquency and no bankruptcy
- Interest-only loans not eligible
- ARMs reviewed ≥ 6 months ahead of the first rate change
- Waiting periods differ from one servicer to another.
- Published fee
- 'A recast fee may be charged, and it varies by servicer' (Fairway Home Mortgage sells the servicing; the new servicer processes the recast)
- Published minimum
- 'usually 10% of the unpaid principal balance or $10,000.00'
02 Choices: Recast with Fairway Home Mortgage, pay extra principal, or do nothing
Assume a balance of $300,000 at 6.5%, 300 months left, plus a $30,000 lump sum, and a $250 recast fee:
| Option | Recast | Extra principal | Do nothing |
|---|---|---|---|
| Monthly payment | $1,823.06 | $2,025.62 | $2,025.62 |
| Paid off in | 25 years | 19 years 9 months | 25 years |
| Interest left to pay | $276,918 | $210,016 | $307,686 |
| Interest saved after the fee | $30,519 | $97,670 | $0 |
| Fee | $250 | $0 | $0 |
| Fee paid back by the lower payment in | 2 months | No fee | No fee |
Amortization schedule in Excel lists every payment, month by month.
03 Recast fees from other servicers
| Servicer | Recast fee | Minimum lump sum |
|---|---|---|
 Bank of America | No fee | $5,000 over six months |
 Wells Fargo | No fee | $10,000 |
 Rocket Mortgage | $250 | $10,000 |
 PennyMac | $250 | $10,000 |
 Truist | $250 | 10% of the balance |
 U.S. Bank | $250 | Not published |
04 Questions about a Fairway Home Mortgage recast
Does a recast fee apply at Fairway Home Mortgage?
The servicer sets it. On the Fairway Home Mortgage page: 'A recast fee may be charged, and it varies by servicer' (Fairway Home Mortgage sells the servicing; the new servicer processes the recast).
For a recast through Fairway Home Mortgage, what is the smallest lump sum?
The figure is either 10% of the balance, or $10,000. Published figure: $10,000.00 usually, or 10% of the principal you still owe.
How frequently are recasts allowed with Fairway Home Mortgage?
According to Fairway Home Mortgage, the servicer may limit how many recasts you can get, so ask before planning a second recast.
Can an FHA or VA loan be recast with Fairway Home Mortgage?
No. Voluntary recast is not available on FHA, VA or USDA loans. Extra principal shortens those loans instead. See Recast rules by loan type for details.