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<p>[QUOTE=&quot;Garlicus, post: 3114403, member: 73190&quot;]Thanks for that info. I&#039;ll have to look into that.</p><p><br /></p><p>Found this, so far <a href="https://www.bankrate.com/finance/mortgages/what-is-mortgage-recasting-and-why-do-it-1.aspx" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.bankrate.com/finance/mortgages/what-is-mortgage-recasting-and-why-do-it-1.aspx" rel="nofollow">https://www.bankrate.com/finance/mortgages/what-is-mortgage-recasting-and-why-do-it-1.aspx</a></p><p><br /></p><p>edit, after speaking to bank:</p><p>Oh, man. Going to have to figure out some algebraic equations to see if this makes sense for me, lol.</p><p>I have to do an initial payment of 10k, which will reduce my payment by $186/mo.</p><p>10k/186 = 54 months (to &#039;get back&#039; my 10k)</p><p>Save $31/mo interest (+ another dollar added each mo) = ~$390 1st year</p><p><br /></p><p>Looks like I would save $3k in interest, over the full remaining term of the loan. (hmm, now what is the rate of return on my 10k &#039;investment&#039;?)</p><p><br /></p><p>If I then add a total of an extra $500/mo, then:</p><p>Estimated Payoff Date</p><p><font size="4"><b>March 23, 2024</b></font></p><p><br /></p><p>And an extra $900/mo (really ambitious, lol):</p><p>Estimated Payoff Date</p><p><font size="4"><b>August 23, 2022</b></font>[/QUOTE]</p><p><br /></p>

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