Newrez mortgage recast calculator
Enter your Newrez balance and rate, plus months left and lump sum.
- Your new payment.
- Reduced by.
- Interest saved after the fee
- When the fee is paid back.
Only principal and interest are included; taxes and insurance (escrow) are billed separately. You cannot recast FHA, VA or USDA loans.
01 How to ask Newrez for a mortgage recast
How to make the request
- 'Submit a formal request'; after that, make the principal curtailment
Eligibility
- Possible qualifying loans: conventional, Fannie Mae/Freddie Mac, ARMs that are in repayment. You cannot qualify with HELOC, bond loans, interest-only, GNMA, most jumbo, or VA/USDA/FHA.
Timing
- Often, 30 days separate your curtailment submission from the new schedule.
- Published fee
- Published amount: '$250 administration fee', which does not apply in all states. Shellpoint's fee schedule lists 'Recasting Fee $0-$300', as state law permits.
- Published minimum
- 'a minimum of $10,000 or 10% of your principal balance that remains unpaid (UPB)'
02 Choices for Newrez: Recast, extra principal, or no change
With $300,000 owing at 6.5%, 300 months remaining, 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 is a month-by-month list of every payment.
03 Other servicers and their Recast fees
| 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 Newrez recast questions
Is there a recast fee at Newrez?
$250. Newrez's page shows '$250 administration fee', which does not apply in all states. Shellpoint's fee schedule lists 'Recasting Fee $0-$300', subject to state law.
What is the minimum lump sum for a Newrez recast?
The amount is $10,000 or 10% of what you owe. As published: 'a minimum of $10,000 or 10% of your principal balance that remains unpaid (UPB)'.
Does Newrez allow you to recast an FHA or VA loan?
No. Voluntary recast is not available for FHA, VA and USDA loans; extra principal shortens those loans. Recast rules by loan type