Mortgage Recast Calculator

Mr. Cooper mortgage recast calculator

Mr. Cooper logo
Mr. Cooper fee and your loan type
Your servicerMr. Cooper

Type your balance, rate, months left and lump sum for Mr. Cooper.

  • The new payment.
  • Amount of the decrease.
  • Interest saved after the fee
  • Time to recover the fee.

Only principal and interest are covered here. Taxes and insurance (escrow) are charged separately. You cannot recast FHA, VA or USDA loans.

$250, Rocket Mortgage termsrecast fee
$10,000, Rocket Mortgage termsminimum lump sum
NoFHA, VA, USDA
As Rocket Mortgagehow often

01 How to request a mortgage recast from Mr. Cooper

How to make a request

  1. Client Support number (800) 4-ROCKET

Eligibility

  • View Rocket

Timing

  • View Rocket (up to 90 days)
Published fee
Mr. Cooper has joined Rocket Mortgage, so the recast fee is Rocket's $250.
Published minimum
see Rocket ($10,000 within a period of 12 months)

Mr. Cooper recast webpage

02 With Mr. Cooper: Recast, extra principal, or no change

These figures assume a balance of $300,000 at 6.5%, 300 months left, a lump sum of $30,000, and a $250 recast charge:

OptionRecastExtra principalDo nothing
Monthly payment$1,823.06$2,025.62$2,025.62
Paid off in25 years19 years 9 months25 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 in2 monthsNo feeNo fee

Amortization schedule in Excel is a month-by-month list of every payment.

03 Fees for Recast at other servicers

ServicerRecast feeMinimum lump sum
Bank of America logoBank of AmericaNo fee$5,000 over six months
Wells Fargo logoWells FargoNo fee$10,000
Rocket Mortgage logoRocket Mortgage$250$10,000
PennyMac logoPennyMac$250$10,000
Truist logoTruist$25010% of the balance
U.S. Bank logoU.S. Bank$250Not published

All 36 servicers

04 Questions about a Mr. Cooper recast

  1. Is a recast fee charged by Mr. Cooper?

    Rocket Mortgage terms: $250. The Mr. Cooper page says the company is now part of Rocket Mortgage, so the recast fee is Rocket's $250.

  2. What lump sum is the minimum for a Mr. Cooper recast?

    Rocket Mortgage terms: $10,000. As published: see Rocket, which lists $10,000 within 12 months.

  3. How often are you able to recast with Mr. Cooper?

    Rocket Mortgage now includes Mr. Cooper, and Rocket places no limit on how many times you recast.

  4. Is recasting an FHA or VA loan possible with Mr. Cooper?

    No. Loans that are FHA, VA or USDA cannot be recast voluntarily; extra principal payments shorten them instead. Recast rules by loan type