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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchA mortgage recast can lower your required monthly principal-and-interest payment without changing your interest rate or replacing your loan. You make a substantial principal curtailment, the servicer recalculates the payment over the remaining term, and the original maturity and—under Fannie Mae’s framework—the original rate remain in place. Eligibility, minimum payment, fees and timing are controlled by your loan’s investor and servicing company, so obtain written instructions before sending a lump sum.
What a mortgage recast changes—and what it does not
Fannie Mae defines a recast as occurring when a borrower pays a substantial principal curtailment after closing and the monthly loan payment is recalculated over the remaining term using the new outstanding balance. It is also called re-amortization.
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The payment is recalculated because the balance subject to scheduled repayment is smaller. A recast is not a new mortgage, a new interest-rate negotiation or a refinance. The note, lien and remaining maturity generally continue under the existing loan documents.
| Item | After a recast |
|---|---|
| Outstanding principal | Reduced by the principal curtailment you make |
| Required principal-and-interest payment | Recalculated using the lower balance, existing rate where applicable and remaining term |
| Interest rate | Usually unchanged; a recast is not a rate modification |
| Loan maturity | Usually unchanged; the balance is spread over the term already remaining |
| Credit underwriting | Normally no new loan approval, although the servicer can impose eligibility conditions |
| Escrow for taxes and insurance | Not part of the contractual recast calculation; escrow can change separately |
Your total draft may therefore fall by less than the principal-and-interest reduction if property taxes, homeowners insurance or mortgage insurance change. Ask for a revised payment notice that separates principal and interest from escrow.
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Check eligibility before sending the lump sum
Identify the investor and the servicer
The company that collects your payment may service the loan for an investor with its own rules. Ask the servicer whether the loan is owned or serviced under a program that permits a principal-curtailment recast and whether any servicing “overlay” adds requirements beyond the investor’s guidance. Agency rules and servicer procedures are not interchangeable.
Have your latest statement available. Confirm the loan number, current principal balance, note rate, remaining term, loan type and the exact company that must receive the request. If the account is delinquent, in loss mitigation or involved in an active bankruptcy, ask specifically whether that status blocks a recast.
Confirm the product type
Conventional first liens may be eligible under the applicable investor and servicer rules. Government-insured loans and specialized products can be excluded or handled differently. Do not assume that a recast option available on one loan applies to an FHA, VA, USDA, adjustable-rate, interest-only or negative-amortization loan.
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Ask for the servicer’s requirements in writing
Before transferring funds, request the application or agreement and written answers to these questions:
- What is the minimum principal curtailment?
- Is there a processing fee, and when is it charged?
- Must the account be current, and are bankruptcy or loss-mitigation cases excluded?
- How must the payment be labeled so it is applied to principal rather than treated as an early installment?
- Where should the funds be sent, and what reference or wire instructions are required?
- When will the servicer determine the new payment and what date will it become effective?
- How often may the loan be recast?
- Will the servicer provide a revised amortization schedule or formal payment-change notice?
Keep the response with your payment records. A verbal assurance from a call-center representative is not a substitute for written instructions.
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How to recast your mortgage: the complete process
- Contact the servicing department. Use the phone number or secure message channel on your mortgage statement and state that you want a principal-curtailment recast (re-amortization). Ask the representative to verify investor eligibility and account status.
- Obtain the application and payment instructions. Get the minimum amount, fee, cutoff dates, acceptable payment method and required documents. Ask whether the servicer must receive the principal payment before it will issue the recast agreement or whether the documents must be signed first.
- Calculate the cash you can commit. Reserve an emergency fund and near-term cash needs before deciding how much to apply. The amount used for a recast is no longer liquid, even though it lowers the required payment.
- Send the curtailment exactly as directed. Follow the servicer’s wire, certified-check or online-payment procedure. Identify the payment as an additional principal curtailment and retain proof of delivery. Fannie Mae guidance requires the servicer to identify, process and document the additional principal payment.
- Complete the servicer’s agreement. For Fannie Mae loans, the servicer completes and retains Agreement for Modification, Re-Amortization, or Extension of Mortgage (Form 181) and reports the payment change. Your servicer may use an electronic version or its own workflow while still documenting the transaction.
- Obtain the effective date and new schedule. Ask for the date on which the lower contractual payment begins, the new principal-and-interest amount and a revised amortization or payment notice. Until that date is confirmed, continue paying the amount currently required.
- Check the first changed statement. Verify that the principal balance reflects the curtailment, the payment has the promised effective date and escrow is shown separately. If the amount is wrong, contact the servicer promptly and provide the agreement and payment receipt.
Eligibility, minimums and fees
Fannie Mae’s framework permits a borrower principal curtailment and recast when the original note and underwriting requirements remain compliant. The recast changes the balance and resulting payment; it does not rewrite the original rate or maturity. Your servicer still decides how to administer the request and can apply additional conditions.
There is no single industry-wide minimum lump sum or fee. As one servicer-specific example, LenderFi’s FAQ states that it requires a $10,000 minimum lump sum and charges a $500 processing fee. That FAQ describes availability for conventional Fannie Mae and Freddie Mac first liens, excludes FHA, VA and USDA recasts, requires a current account with no delinquency or active bankruptcy, and notes that a limit such as one recast in a 12-month period may apply. Those are that servicer’s terms, not universal rules; another servicer can set different thresholds, fees, product exclusions or frequency limits.
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|---|---|---|
| Investor permission | Agency guidance can permit recasting when the original loan remains compliant | Whether your specific loan is owned or serviced under that guidance |
| Minimum curtailment | No universal amount | Your servicer’s stated minimum and any percentage-of-balance rule |
| Processing fee | No universal amount; one servicer’s FAQ lists $500 | Whether the fee is charged at application, approval or completion |
| Account status | Servicers may require a current account and exclude active bankruptcy | Whether delinquency, forbearance or loss mitigation affects eligibility |
| Frequency | Some servicers limit recasts, potentially to one in 12 months | The exact waiting period and whether prior recasts count |
| Escrow | Not part of the recast principal-and-interest calculation | Separate tax, insurance and mortgage-insurance changes |
Even when there is no closing-cost package like a refinance, a fee and the opportunity cost of using cash affect the decision. Compare the payment reduction with the return that cash could earn elsewhere and the value of keeping a liquid reserve.
How the new payment is calculated
The servicer uses the lower outstanding principal after the curtailment, the applicable existing interest rate and the number of scheduled months remaining. A fully amortizing payment is then calculated so the revised balance reaches zero at the original maturity, assuming the loan terms call for that structure.
For a standard fixed-rate loan, the payment depends on the rate per period, the revised principal and the remaining number of periods. In spreadsheet software, the principal-and-interest estimate can be modeled with a payment function such as PMT(rate/12, remaining_months, -new_balance). Use the exact note rate, not an advertised rate, and treat the result as an estimate until the servicer issues the official schedule. The formula does not include escrow.
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Consumer Financial Protection Bureau interest-only example
Special loan structures follow different payment rules. In a 2024 Consumer Financial Protection Bureau example, a $200,000 interest-only loan at 7% has an interest-only payment of $1,167 for five years. When it recasts to fully amortize over the remaining 25 years, the payment becomes $1,414. The calculation uses the outstanding balance at recast and fully amortizes it over the term remaining.
An interest-only, adjustable-rate or negative-amortization loan can therefore produce a payment change that is not comparable to a conventional fixed-rate recast. Ask for the contractual provision governing your product and have the servicer show how the new payment was derived.
What a larger curtailment does
A larger principal payment generally produces a larger reduction in the required principal-and-interest payment, but the exact result depends on how many months remain and the note rate. A curtailment near the end of the term has fewer scheduled payments over which to spread the reduced balance. The recast does not retroactively change interest already paid.
Recast, refinance or keep prepaying?
Choose among these options based on whether your priority is a lower required payment, a different rate, faster payoff or preserving liquidity.
| Option | Required cash outlay | Monthly payment | Rate and term | Costs and approval | Liquidity and interest |
|---|---|---|---|---|---|
| Mortgage recast | Large principal curtailment; possible processing fee | Required principal-and-interest payment is recalculated lower when eligible | Existing rate and remaining maturity generally stay in place | Servicer procedure; usually no new credit decision or refinance closing package | Cash becomes home equity; lower scheduled payment can improve monthly flexibility, while total interest falls because the balance is smaller |
| Refinance | Closing costs and any cash needed at closing | Can rise or fall depending on the new rate, term and balance | New rate and term are negotiated through a new loan | New credit, income, property and underwriting review; appraisal or other closing requirements may apply | Cash may be retained if equity is not used, but a new term can increase or reduce total interest depending on the terms |
| Continue prepaying without recasting | Additional principal whenever you choose | Scheduled payment remains unchanged | Existing rate and maturity remain | No recast application or processing fee, subject to your note’s payment rules | Principal and interest can decline faster while you retain the option to make smaller payments; the required monthly obligation does not fall |
A recast is most useful when your existing rate is attractive, you want a lower required payment and you do not want the underwriting and closing costs of a new loan. Refinancing is the tool when changing the rate or term is the primary objective. Continuing to prepay can be preferable when accelerated payoff matters more than reducing the required payment or when retaining recast fees and administrative steps has little value.
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How soon will the payment change?
There is no universal turnaround time. The effective date depends on when the servicer receives the curtailment, verifies eligibility, completes its agreement and reaches its processing cutoff. Ask for both the expected processing interval and the exact payment-change date before you send funds.
Until the effective date appears on a statement or written notice, pay the amount currently due. Do not reduce an automatic draft based only on an estimate. If the first post-recast statement still shows the old amount, contact the servicer and ask whether the payment change was processed, scheduled for a later cycle or held because a document or minimum was missing.
Common mistakes and how to fix them
Sending money before approval
A large transfer can be applied as an ordinary principal payment without creating a recast request. Fix this by obtaining the servicer’s instructions first and using its required wording, account and reference number.
Assuming another lender’s minimum or fee applies
Minimums, fees, product eligibility and frequency limits are servicer-specific. Ask for the current policy attached to your account rather than relying on a friend’s experience or a generic online figure.
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A recast recalculates the payment from the existing terms. If you need a lower rate, compare a refinance separately; a recast does not create a new rate offer.
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Confusing escrow with the recast payment
The contractual calculation covers principal and interest. Property-tax assessments, insurance premiums and mortgage-insurance charges can change independently. Review each line on the revised statement.
Using cash needed for emergencies
Home equity is not the same as accessible cash. Set aside reserves for repairs, income interruptions, taxes and other near-term obligations before choosing the curtailment amount.
Stopping the old payment too early
Continue the existing payment until the servicer confirms the effective date. If an automatic debit is scheduled before that date, leave sufficient funds in the account and change the debit only after receiving a confirmed amount.
A practical decision checklist
- Have you confirmed the investor, servicer and loan type?
- Is the account current, with no status that the servicer says disqualifies a recast?
- Do you have written confirmation of the minimum curtailment, fee and payment instructions?
- Will the payment reduction solve a cash-flow need without exhausting your emergency reserve?
- Have you compared the recast with refinancing and with simply making extra principal payments?
- Do you know the effective date and the amount of the first revised payment, including separate escrow?
- Will you retain the payment receipt, agreement, revised amortization schedule and statements?
If the answer to any eligibility or timing question is unclear, pause the transfer and ask the servicing department to document the answer. The most important protection is making sure the money is accepted and recorded as the specific principal curtailment that triggers the recast.
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