Mortgage payments take up more than a third of the typical U.S. household’s income, according to the Q2 2025 National Association of Home Builders/Wells Fargo Cost of Housing Index. For lower-income families, their monthly mortgage payment is a much higher percentage of their salary. Lowering your monthly payments can keep you from being house poor and free up cash flow for other expenses. How to lower your mortgage payment: 5 practical strategies “Your mortgage payment is typically the largest expense ...

Refinancing is one option if you want to lower your monthly mortgage payments, but it’s not an easy or cheap one by a long shot. It can often take a few weeks or even a month to complete. If all that sounds like too much hassle — and you have a bit of cash on your hands — recasting your mortgage may be a better option. Here’s how a mortgage recast can help you reduce your mortgage payments and pay off your home loan faster. In this article: What is mortgage recasting? A mortgage recast involves two step ...