Since you’ve paid extra principal payments, you have the option to lower your monthly payment instead of paying off early. This option is known as a recast. A recast takes your remaining balance and spreads it over the remaining term of your loan, which will reduce your monthly payment.
Mortgage rates moved in different directions today, but one key rate sunk lower. The average for. first or second.
A recast mortgage is a good idea only if you think the decrease in monthly payments is worth the lump sum you paid up front. Some may deem the reduction too small, and their money better serviced elsewhere-maybe paying off any outstanding finances, like student loans or credit card debt.
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In this case, you could benefit from recasting your mortgage to a lower monthly payment. Mortgage Recast Example. original loan amount: 0,000 Mortgage interest rate: 4% Original monthly payment: $1,193.54 Current balance: $175,000. Let’s assume you started out with a $250,000 loan amount on a 30-year fixed mortgage set at 4%.
So now we’re stuck with a higher mortgage payment for a new house that we had planned all along on recasting the mortgage to reduce the monthly payment within the first few years after liquidating other assets to pay down the principal balance and all because QL pulled a bait & switch on us (and I’m sure countless other unsuspecting.
I was considering a move that would result in a temporary decrease in pay, so throwing it at the mortgage and recasting would lower my monthly payment by about $1500. In the end I didn’t do it, but that is the only type of situation where it might make sense.
The main factors determining your monthly mortgage payments are the size and term of the loan. Size is the amount of money you borrow and the term is the length of time you have to pay it back.
Then, use this mortgage loan calculator to see how much you could reduce your monthly payment with recasting. Finally, compare the results to your goals and budget to decide which one makes sense for your bigger financial picture.
Many homeowners dream of being mortgage. the option to reduce them. This could help pay off the loan early and save you money. Lee says another option is to make accelerated bi-weekly payments. A.
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