PennyMac mortgage recast calculator
Enter your balance, rate, months left, and lump sum for PennyMac.
- Your new payment.
- Amount of reduction.
- Interest saved after the fee
- When the fee is paid back.
Principal and interest alone are included; separate bills cover taxes and insurance (escrow). Recasting is unavailable for FHA, VA, and USDA loans.
$250recast fee
$10,000minimum lump sum
NoFHA, VA, USDA
Ask the servicerhow often
01 How to request a recast from PennyMac for your mortgage
How to make a request
- [li] Send an Official recast request first. Then wire funds to JPM Chase, OBI field reading Attn RCSP and your [loan number], or send certified funds to PennyMac Loan Services, Attn: RCSP in Cash Management, 6101 Condor Drive, Moorpark CA 93021.
Eligibility requirements
- PennyMac says recasting is 'exclusively available for Conventional loans'
- Excludes HELOC, closed-end seconds, interest-only, and FHA/VA/GNMA loans
Timing
- PennyMac says it takes 'up to 6 weeks' after receiving the funds and fee
- Your loan must remain current
- The current month's payment is applied first
- Published fee
- The lump sum includes a '$250.00 processing fee'
- Published minimum
- Wire or certified funds are recommended for the 'at least $10,000.00' amount.
02 PennyMac options: Recast, pay extra principal, or do nothing
With a $250 recast fee and a $30,000 lump sum, this example uses a $300,000 balance, 6.5% rate, and 300 months remaining
| 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 |
The 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 |
 Truist | $250 | 10% of the balance |
 U.S. Bank | $250 | Not published |
 Chase | Not published | No minimum |
04 PennyMac recast questions
Is there a PennyMac recast fee?
$250. The '$250.00 processing fee' is included with the lump sum, according to PennyMac's page.
What is the minimum lump sum for a PennyMac recast?
$10,000. The published guidance lists 'at least $10,000.00', with wire or certified funds recommended.
Can PennyMac recast an FHA or VA loan?
No. Recasting by choice is not offered for FHA, VA, or USDA loans; extra principal reduces their term instead. Recast rules by loan type