Mr. Cooper 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
Mr. Cooper is one of the largest mortgage servicers in the U.S. (now part of Rocket Companies) and provides a recast option on eligible loans. Use the calculator for an independent estimate, then confirm the details with Mr. Cooper. (This isn't Mr. Cooper's official site.)
Mr. Cooper recast — what to check
Mr. Cooper maintains a mortgage recast help page, and availability generally follows the rules of the investor that owns your loan (for example, Fannie Mae or Freddie Mac) more than the brand itself. Following its 2025 acquisition, you may see Rocket Mortgage branding on statements; the servicing process continues as before. The estimate above is standard math — Mr. Cooper's quote is the official one.
- Eligibility by investor: Two borrowers at Mr. Cooper can get different answers if their loans sit with different investors. Ask about your specific loan.
- Fee: Expect a one-time recast fee in the typical $150–$250 range; confirm the current amount.
- Minimum & seasoning: A minimum principal reduction and a short seasoning period usually apply.
- Branding transition: Continue making payments as normal during any Rocket Mortgage rebranding.
Guies Roc Blanc is not affiliated with Mr. Cooper or Rocket. Verify current terms at mrcooper.com or with servicing.
The investor rule is the real gatekeeper
With Mr. Cooper, the brand on your statement matters less than the investor who actually owns your loan. As a large non-bank servicer, Mr. Cooper administers loans for many different investors, and recast availability, minimums and forms follow those investors' rules — most commonly the Fannie Mae and Freddie Mac servicing guides for conventional loans. That's why the safest question isn't "does Mr. Cooper recast?" but "is my loan eligible to recast?"
The 2025 acquisition by Rocket Companies adds one wrinkle worth knowing: you may gradually see Rocket Mortgage branding on statements and emails. During that transition, Mr. Cooper's guidance is to keep paying and managing your loan exactly as before — the servicing mechanics, including recasting, continue unchanged. If anything about the process looks different mid-transition, confirm through your online account before sending a large payment.
Mr. Cooper recast — FAQ
Does Mr. Cooper offer mortgage recasting?
Yes — Mr. Cooper has a recast option on eligible loans, with availability generally set by the investor that owns your loan. Confirm for your specific mortgage.
Is Mr. Cooper the same as Rocket now?
Mr. Cooper was acquired by Rocket Companies in 2025. You may see Rocket Mortgage branding, but you continue managing and paying your loan as before during the transition.
What's the Mr. Cooper recast fee?
Typically a one-time fee in the $150–$250 range. Confirm the current amount with Mr. Cooper.
Which loans can Mr. Cooper recast?
Conventional loans are the usual candidates; government-backed FHA, VA and USDA loans generally can't be recast.
Will a recast lower my rate?
No. Recasting keeps your interest rate and term and only recalculates the monthly payment on the reduced balance.