 TITLE: How to Pay Off Your Mortgage Early CONTENT: Recast Your Mortgage\n--------------------\nEssentially, a mortgage recast is a recalculation of your mortgage after you make a sizable lump-sum payment—perhaps with \"bonus\" money you've received, as mentioned above. In a recast, your lender adjusts the monthly payment and interest rate to match your lower balance for the remainder of the loan. While your loan's term length and interest rate stay the same, the recast will reduce the amount of interest you'll pay on the loan as well as your monthly payment. A loan recast will typically cost around $200 to $250, which is significantly less than a typical refinance.\nAnother plus: You may be eligible for this option even if you don't qualify for refinancing or the current prevailing interest rates don't make refinancing worthwhile. What if you don't need lower payments? Go back to step 1 and add more principal to your payments—there's your strategy for a quicker payoff. END