Mortgage Recast Calculator

M&T Bank mortgage recast calculator

M&T Bank logo
M&T Bank fee and your loan type
Your servicerM&T Bank

Enter your lump sum, months remaining, rate, and M&T Bank balance.

  • The new payment.
  • Amount of the decrease.
  • Interest saved after the fee
  • Fee payback period.

Only principal and interest are included, while taxes and insurance (escrow) are billed on their own. You cannot recast FHA, VA and USDA loans.

Not publishedrecast fee
Not publishedminimum lump sum
NoFHA, VA, USDA
Ask the servicerhow often

01 How to request a M&T Bank mortgage recast

How to request it

  1. Request directed to M&T

Eligibility

  • Ask M&T after you make the first mortgage payment
  • Your maturity date stays the same
Published fee
Unpublished.
Published minimum
not published (a large payment that goes only to your principal)

M&T Bank recast webpage

02 Recast through M&T Bank, pay extra principal, or do nothing

The example assumes a $250 recast fee and a $30,000 lump sum. It starts at 6.5% on $300,000, with 300 months remaining:

OptionRecastExtra principalDo nothing
Monthly payment$1,823.06$2,025.62$2,025.62
Paid off in25 years19 years 9 months25 years
Interest left to pay$276,918$210,016$307,686
Interest saved after the fee$30,519$97,670$0
Fee$250$0$0
Fee paid back by the lower payment in2 monthsNo feeNo fee

Amortization schedule in Excel is a month-by-month list of every payment.

03 What other servicers charge for a Recast

ServicerRecast feeMinimum lump sum
Bank of America logoBank of AmericaNo fee$5,000 over six months
Wells Fargo logoWells FargoNo fee$10,000
Rocket Mortgage logoRocket Mortgage$250$10,000
PennyMac logoPennyMac$250$10,000
Truist logoTruist$25010% of the balance
U.S. Bank logoU.S. Bank$250Not published

All 36 servicers

04 Questions about M&T Bank recast

  1. Is there a recast fee at M&T Bank?

    Unpublished. M&T Bank's own page states: not published.

  2. For a M&T Bank recast, what is the minimum lump sum?

    Unpublished. As published: not published, with the note ('a large payment applied only to your principal').

  3. Does M&T Bank let you recast an FHA or VA loan?

    No. Extra principal shortens FHA, VA and USDA loans instead, because these loans have no voluntary recast. Recast rules by loan type