Freedom Mortgage recast calculator
Enter your Freedom Mortgage balance, rate, months remaining, and lump sum.
- Updated payment.
- Amount of the decrease.
- Interest saved after the fee
- Time to recover the fee.
Only principal and interest are included; taxes and insurance (escrow) are charged separately. Recasting is not available for FHA, VA, or USDA loans.
01 How to request a Freedom Mortgage recast
Who is eligible?
- Freedom states that only conventional loans can be recast.
- Record of payments
- Some lenders set a minimum equity requirement, and Freedom's book is heavily FHA/VA
- Published fee
- The fee for Freedom is not published; the stated range is a general '$150 and $250'
- Published minimum
- No minimum has been published for Freedom; the generic range is '$5,000, $10,000, or more'
02 Recast with Freedom Mortgage, add extra principal, or do nothing
With 300 months remaining, the example applies a $30,000 lump sum to a $300,000 balance at 6.5% and assumes 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 charged by 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 Freedom Mortgage recast questions
Is a recast fee charged by Freedom Mortgage?
No figure has been published. Freedom Mortgage's page says the amount is not published for Freedom. It gives a general '$150 and $250' range.
What is the minimum lump sum for a Freedom Mortgage recast?
No figure has been published. The published information lists no minimum for Freedom; it gives a general range of '$5,000, $10,000, and larger amounts'.
Is recasting an FHA or VA loan possible through Freedom Mortgage?
No voluntary Recast is available for FHA, VA and USDA loans. Extra principal helps you pay off these loans sooner instead. Recast rules for loan types