$
%
years
$
Amount to apply to principal
$
%
$
Total interest: $195,706
Three ways to use your lump sum
Monthly Payment
Total Interest
Monthly Payment
Total Interest
Monthly Payment
Total Interest
Which option saves the most?
Current
$359,679
Recast
$303,729
Refinance
$318,763
Prepay Only
$195,706
Key differences at a glance
✓ Low fee ($250)
✓ Keep current rate
✓ Lower payment
✓ Quick process
✓ New rate (6%)
✓ Reset term
✓ Higher costs ($6000)
✓ More paperwork
✓ No fees
✓ Same payment
✓ Pay off 9 years early
✓ Most interest saved
Recast: Pay $250 fee, lower payment to $1,770/month (saves $328/month)
Refinance: Pay $6,000 costs, new payment $1,619/month at 6%
Prepay only: Keep $2,098/month payment, pay off 9 years early
Best for total interest: Prepay Only ($195,706 interest)
Recast is cheap ($250) and gives you flexibility with lower payments
With $50,000 to apply, Prepay Only saves the most interest ($195,706 total). Recast lowers your payment to $1,770/mo for just $250 fee.
Here are the exact formulas behind your numbers. No black boxes — just math.
Recast Payment
Refinance Payment
Recast Fee
Refinance Closing Costs
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