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...

This shows a breakdown of your payment, including the amounts applied toward principal, interest, and escrow. If there are optional items, late payments or other fees, they will be shown here as well.

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.

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.

On your monthly statement, you’ll see what you owe and how much is going to principal, interest, escrow (taxes & insurance), and anything else. Other key information on your monthly statement includes year-to-date amounts and your current interest rate.

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.

Principal reduction to help homeowners get into more affordable mortgages (recast or modification); and/or Funding to eliminate homeowners’ second lien loans.

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.

Our Mortgage Professionals can help find the type of loan that is right for you.

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.