ERIC HAMILTONMORTGAGES REIMAGINEDStart my application

PLAN YOUR NEXT MOVE

Lump sum payment or recast?

Compare lowering the payment with paying off the mortgage sooner.

Start with these illustrative numbers, then make them your own. Numbers stay in this browser unless you choose to share them in a request below.

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THE SAME LUMP SUM. TWO PAYMENT CHOICES.

What changes when you recast?

Both columns apply the same extra principal payment. The first keeps the prior scheduled payment, which can pay the balance off sooner. The second illustrates an eligible recast with a lower required principal and interest payment, using the same rate and remaining term.

  • Compare the payment, interest, remaining balance and payoff time together.
  • The recast fee belongs only to the recast option. Confirm the actual fee and requirements with the servicer.
  • If the lump sum pays off the entire loan, the illustration shows no principal and interest payment and no recast fee. Taxes and insurance continue.
  • Money paid into the mortgage is no longer available as cash. Keep your other obligations and reserves in the decision.

The illustration assumes the recast takes effect now. Actual processing and waiting periods may differ. Fannie Mae guidance applies to eligible loans; it does not establish that your loan qualifies.

Using future sale proceeds?Check how to fund the purchase and carry both homes before the recast.Comparing other uses for cash?Explore extra principal and uncertain investment assumptions.Book a Discovery CallBring the servicer’s terms and the question you want to answer.

YOUR NEXT STEP

See the example. Make a plan for you.

Which numbers fit your life? Eric can help you look at the payment, the cash you keep and what could change next.

  1. 1Explore an example
  2. 2Choose what to share
  3. 3Plan a Discovery Call
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A conversation about your numbers.

Send Eric a request to help arrange a Discovery Call. No application is needed. Your calculator remains free to use.

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Prefer to choose a time? Book a Discovery Call. You can also call Eric at 630 728 7918.