Bank of America Mortgage Recast Calculator
Payment breakdown
Interest & break-even
Total monthly housing cost
Where your money goes over time
If the freed-up cash is invested at 7%, the saved payments grow to about $0 by payoff.
Four ways to use that cash
| Scenario | Monthly P&I | Interest left | Payoff | What happens |
|---|
Show the full amortization schedule (before vs after)
| # | Int. now | Prin. now | Bal. now | Int. recast | Prin. recast | Bal. recast |
|---|
How to use this calculator
- Enter your current loan balance, interest rate, and remaining term.
- Enter the lump-sum amount you plan to pay toward principal.
- Click Calculate to see your new payment, interest savings, and comparison.
About this tool
A big principal payment can quietly lower a Bank of America mortgage without a refinance. Run your numbers below to see the new payment and lifetime interest saved — then use our checklist to confirm eligibility, because BofA reviews recasts case by case.
What to verify with Bank of America
Unlike a fixed, published menu, recast eligibility at large servicers often turns on your loan program and the investor behind it. Bank of America typically evaluates requests individually, so the smartest move is to walk in with your target number ready and a short list of questions. The estimate above is that number; the table below is the list.
| Question | Why it matters |
|---|---|
| Is my loan eligible to be recast? | Program and investor rules decide this before anything else. |
| What principal reduction is required? | Sets the minimum you'd need to commit. |
| What is the fee, and when is it charged? | Feeds the break-even the calculator shows. |
| Do I pay first or request first? | Getting the order wrong can misapply your money. |
| When does the new payment start? | Tells you which statement to check. |
Last reviewed: set on verification. Guies Roc Blanc is not affiliated with or endorsed by Bank of America. Confirm all terms at bankofamerica.com or with BofA mortgage servicing.
Recast, pay down, or refinance?
Three paths, one pot of cash. A recast lowers your monthly payment and keeps your rate. Paying down without recasting keeps the higher payment but clears the loan faster and usually saves the most interest. Refinancing only makes sense if today's rate materially beats yours and you'll stay long enough to earn back closing costs. The four-scenario table in the calculator lays all of these out on your own numbers — including how the same cash would grow if you invested it instead.
See all four side by side
Lower payment vs. faster payoff vs. refinance vs. invest — on your figures.
BofA recast questions
Does Bank of America allow recasting?
Bank of America generally considers recasts on a case-by-case basis depending on the loan. Confirm whether your specific mortgage is eligible before you plan around it.
How much do I need to pay?
A minimum principal reduction typically applies where recasting is offered. Ask BofA for the current figure; it varies and can change.
Does a recast affect my interest rate?
No. Your rate and payoff date stay the same; only the principal-and-interest payment drops.
Is recasting cheaper than refinancing with BofA?
Almost always — a recast fee is a small flat charge, versus thousands in refinance closing costs. But refinancing can still win if the rate drop is large enough.