Rocket Mortgage recast calculator
Enter a balance, rate, number of months remaining, and lump sum for Rocket Mortgage.
- Updated payment.
- Reduction amount.
- Interest saved after the fee
- Time to recover the fee.
Only principal and interest are included in your payment. Taxes and insurance (escrow) are charged separately. You cannot recast an FHA, VA, or USDA loan.
01 How to ask Rocket Mortgage for a mortgage recast
How to make a request
- Ask the servicer for a recast separately; an extra payment will not start one. No credit check, appraisal, or income documents are required.
Eligibility requirements
- Qualifying conforming loans tied to Fannie Mae or Freddie Mac
- Government-backed loans are not eligible
- It varies for jumbo loans.
- You must have made at least two monthly payments in a row.
- There is no separate equity requirement.
Timing
- According to Rocket, it 'can take up to 90 days'
- Continue paying the current amount until your new payment appears.
- Published fee
- 'Rocket Mortgage charges $250 for recasting a mortgage'
- Published minimum
- You must apply at least $10,000 to principal. The amount can build up during 12 months.
02 Recast through Rocket Mortgage, add extra principal, or do nothing
With a balance of $300,000 at 6.5%, the example has 300 months remaining. It includes 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 |
The Amortization schedule in Excel shows every payment month by month.
03 What other servicers charge for a Recast
| Servicer | Recast fee | Minimum lump sum |
|---|---|---|
 Bank of America | No fee | $5,000 over six months |
 Wells Fargo | No fee | $10,000 |
 PennyMac | $250 | $10,000 |
 Truist | $250 | 10% of the balance |
 U.S. Bank | $250 | Not published |
 Chase | Not published | No minimum |
04 Rocket Mortgage recast questions
Does Rocket Mortgage charge for a recast?
$250. According to Rocket Mortgage's page, the charge is $250 for a mortgage recast.
What is the minimum lump sum for a Rocket Mortgage recast?
$10,000. The published minimum is $10,000 for principal, and it can accumulate during a 12-month period.
How often are you able to recast with Rocket Mortgage?
There is no limit on how many times you can recast with Rocket Mortgage.
For an FHA or VA loan, can you recast with Rocket Mortgage?
FHA, VA, and USDA loans cannot use a voluntary Recast. Extra principal shortens those loans instead. Rules for Recast by loan type