Recast may fit when
You have cash for a principal payment, like your current rate, and mainly want a lower monthly payment.
Decision guide
Recast vs Refinance: Which Saves More?
A recast can lower monthly payment without changing your rate. A refinance can change rate and term, but it may add closing costs and require a new loan approval.
Refinance may fit when
You can get a meaningfully better rate, want to change loan term, or need to remove/add borrowers.
Ask your lender
What fees apply, what minimum principal payment is required, and how soon the new payment starts.
Educational estimates only. This page is not financial advice, a loan offer, approval, quote, or guarantee.