Bank of America mortgage recast calculator
Enter your Bank of America balance, interest rate, months remaining, and lump sum.
- Your new payment.
- Reduced by.
- Interest saved after the fee
- When the fee is paid back.
Only principal and interest are included. Taxes and insurance (escrow) are billed separately. Recasting is unavailable for FHA, VA and USDA loans.
01 How to request a Bank of America mortgage recast
How to request it
- Call 800.669.6607
- Letter confirming eligibility
- After all borrowers sign the 'recast agreement' with wet signatures, it is mailed back in the prepaid envelope by the deadline.
Eligibility requirements
- All required payments during the first six months are made
- Your loan is current
- During the previous 12 months, no recast occurred.
- According to Bank of America, investor guidelines form the basis of eligibility, which can change without notice
Timing
- Funds are due within 30 days after the request.
- If received by the 15th, your new P&I starts next month; if received on/after the 16th, it starts two months later.
- The signed agreement arrives, and two working days later your payment is updated
- The recast must be complete before you receive a new-payment estimate.
- Published fee
- The fee is zero ('There is no charge for recasting your loan.')
- Published minimum
- Over the last six months, principal curtailment amounts to $5,000 (can be cumulative).
02 Bank of America options: Recast, extra principal, or do nothing
With a $300,000 balance at 6.5%, 300 months remaining, and a $30,000 lump sum:
| Option | Recast | Extra principal | Do nothing |
|---|---|---|---|
| Monthly payment | $1,823.06 | $2,025.62 | $2,025.62 |
| Paid off in | 25 years | 19 years 9 months | 25 years |
| Interest left to pay | $276,918 | $210,016 | $307,686 |
| Interest saved after the fee | $30,769 | $97,670 | $0 |
Amortization schedule in Excel lists every payment by month.
03 Recast fees from other servicers
| Servicer | Recast fee | Minimum lump sum |
|---|---|---|
 Wells Fargo | No fee | $10,000 |
 Rocket Mortgage | $250 | $10,000 |
 PennyMac | $250 | $10,000 |
 Truist | $250 | 10% of the balance |
 U.S. Bank | $250 | Not published |
 Chase | Not published | No minimum |
04 Questions about Bank of America recasts
Does Bank of America charge a fee for a recast?
No charge. On its page, Bank of America states that the fee is zero ('There is no charge for recasting your loan.')
What minimum lump sum does a Bank of America recast require?
Over six months, the amount is $5,000. Published terms: $5,000 of principal curtailment (can be cumulative) over the most recent six months.
How often does Bank of America let you recast?
One recast per rolling period of 12 months.
Does Bank of America allow a recast on an FHA or VA loan?
No. FHA, VA and USDA loans do not permit a voluntary recast. Paying extra principal reduces their term instead. Recast loan-type rules