The trick is to apply the entire amount to your mortgage’s principal balance, which is what you owe before interest, taxes, and insurance are added in. A top tip to paying off a mortgage early is to make one extra monthly payment annually.

Recasting a mortgage happens when you put down a lump-sum payment toward the principal balance and the lender re-amortizes the loan. Since you are paying down your principal by a large amount, your monthly payment will be lowered, but your interest rate and loan terms will remain...

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying.

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying.

Learn how to recast your mortgage and lower your monthly payment by making a lump-sum payment toward the principal balance. Find out the eligibility requirements, fees, and process for recasting your loan with Mr. Cooper.

There will be 2 months during the year when a 3rd half-payment will be drafted and posted to the account, as a principal payment. The 2 extra half-payments will help reduce the overall interest you pay on the loan and accelerate the payoff.

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying.

How do I set up my online account? All you need is your loan number, Social Security Number, and property ZIP code to create your account. Then you can download our secure mobile app in the App Store or Google Play to manage your account anytime, anywhere.

The trick is to apply the entire amount to your mortgage’s principal balance, which is what you owe before interest, taxes, and insurance are added in.A top tip to paying off a mortgage early is to make one extra monthly payment annually.

Recasting a mortgage happens when you put down a lump-sum payment toward the principal balance and the lender re-amortizes the loan. Since you are paying down your principal by a large amount, your monthly payment will be lowered , but your interest rate and loan terms will remai...