Mortgage recast
A powerful tool to help lower your monthly payment.
Unlock a lower payment without refinancing
When you pay extra toward your principal, whether through adding to your monthly mortgage payments or by paying a large lump sum, you may have the option to lower your payments through a mortgage recast.
Recasting takes your remaining balance and spreads it over the remaining term of your loan, which will reduce your monthly payment — while keeping your current interest rate.
We make it easy to start benefiting from a recast.
- No appraisal required
- No credit check
- Minimal paperwork
- Just more room in your monthly budget
Watch an example of how a recast could work
See what you could save
Try our savings calculator in Chase MyHome®, to see how small changes today can unlock long-term control over your mortgage.
How a recast works:
You closed on a 30-year, $400,846 mortgage at a 3.5% interest rate. Your required monthly principal and interest payment = $1,800.
Answers to your most common questions
No, you will not be required to submit any documentation other than signing the recast agreement.
No, completing a recast on your loan will not require a credit check. However, your loan must be in good standing.
A mortgage recast does not increase the total interest planned when the loan was originated, but It does reduce or eliminate interest savings gained from making extra principal payments. The main benefit of a recast is lower monthly payments, not interest savings.
The principal and interest portion of your payment will remain the same. Your monthly payment could change based on changes to the escrow portion of your payment.
Yes. You can continue to pay additional principal payments at any time and pay your loan off early.
Yes, if you pay down the principal balance ahead of schedule, you could be eligible to recast your loan again.
No, there is no minimum amount required. However, a recast after a small principal reduction will not significantly lower your payment.
No. All loans are not eligible. FHA, VA and USDA loans are not eligible for a recast. The availability of a recast is based on investor guidelines and can change without notice.
See if you qualify for a recast
Call 1-800-848-9136 to discuss your options.