How to recast a mortgage loan in Quicken?


A few years ago, someone asked how to recast a loan in Quicken. The basic answer proposed at that time seemed to be to create a new loan and close the old one. That discussion is now closed.

I just had to recast a mortgage and it was way easier than I thought. All I did was change the P&I monthly payment within the "Loan Payment" pop-up after pushing the "Edit Terms" button on the Loan Details page of the account. DO NOT PUSH THE "Recalculate" POPUP BUTTON. I just pushed "OK" and Quicken recalculated the loan payments for the remainder of the original 30 year term. I have only processed one new payment since the recast, so it remains to be seen how close Quicken actually came with the payment recalculation. I expect it to be very close if not exact.

This was on a Windows 10 PC running Quicken Deluxe version R56.9 Build


  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭

    What do you mean by "recast"? What changed in the loan terms?

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • RalphC
    RalphC Member ✭✭✭✭

    I've never heard the term "recast" as it pertains to a mortgage loan, either. Perhaps you're speaking of a refinance? If so, that's really a new loan and I would set up (and have many times) a new loan account with the new terms.

  • QuickUserPSP
    QuickUserPSP Member, Windows Beta Beta
    edited June 5

    Recast is usually available for jumbo mortgages that are not sold to a secondary market. For such mortgage, you can add an additional principal amount to recalc the loan payments without having to refinance the mortgage.

    It is not the same as a refinance and limited to a select group of mortgages.

This discussion has been closed.