Recasting a mortgage happens when you put down a lump-sum payment toward the principal balance and the lender re-amortizes the loan. Since you are paying down your principal by a large amount, your monthly payment will be lowered, but your interest rate and loan terms will remain...

The trick is to apply the entire amount to your mortgage’s principal balance, which is what you owe before interest, taxes, and insurance are added in. A top tip to paying off a mortgage early is to make one extra monthly payment annually.

Depending on the type of insurance, you will need enough to cover the lower of either the replacement cost of the property or the remaining principal balance on your loan.

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying.

We accept payments from checking, saving, and money market accounts, as well as checks, money orders, and cashier’s checks. Payments can be made many different ways. Note: We do not accept debit or credit card payments at this time. Why did my monthly payment change?

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying.

There will be 2 months during the year when a 3rd half-payment will be drafted and posted to the account, as a principal payment. The 2 extra half-payments will help reduce the overall interest you pay on the loan and accelerate the payoff.

Learn how to recast your mortgage and lower your monthly payment by making a lump-sum payment toward the principal balance. Find out the eligibility requirements, fees, and process for recasting your loan with Mr. Cooper.

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying. Describes amortization schedule, where to view yours, and how to calculate changes.

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying. Describes amortization schedule, where to view yours, and how to calculate changes.