How a lump sum and a recast compare to keeping your original mortgage — or to simply prepaying the same amount.
Years left on the loan, not the original term.
1 = recast right now.
A recast applies the lump sum to principal and re-amortizes the remaining balance over the remaining term — your monthly payment drops, but the payoff date stays the same. Prepaying the same amount instead keeps your payment and shortens the loan.
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