Servbank mortgage recast calculator
For your Servbank loan, enter the balance, rate, months left, and lump sum.
- Your new payment
- Amount of the decrease.
- Interest saved after the fee
- Time to get the fee back
Only principal and interest are included. Separate bills cover taxes and insurance (escrow). Recast is not available for FHA, VA and USDA loans.
01 How to request a Servbank mortgage recast
How to make a request
- Servicing request for a Recast (help FAQ)
Eligibility
- Conventional loans only: Fannie Mae and Freddie Mac
- Excludes FHA/VA/USDA
- Only first liens
- No bankruptcy, and the loan is current.
- Your loan is not in an interest-only period
- No rate change for ARMs within 30 days.
- Fees have been paid.
- A servicing release is not scheduled within 15 days.
- Published fee
- The $500 processing fee is paid before the recast is completed.
- Minimum listed
- Within three months of the request, pay $10,000 either at once or through multiple principal reductions.
02 Recast through Servbank, pay extra principal, or do nothing
For this example: $300,000 balance, 6.5% rate, 300 months remaining, $30,000 lump sum, and $500 recast fee.
| 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 | $30,269 | $97,670 | $0 |
| Fee | $500 | $0 | $0 |
| Fee paid back by the lower payment in | 3 months | No fee | No fee |
Amortization schedule in Excel is a month-by-month list of every payment.
03 Other servicers’ Recast charges
| Servicer | Recast fee | Minimum lump sum |
|---|---|---|
 Bank of America | No fee | $5,000 over six months |
 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 |
04 Questions about a Servbank recast
Does Servbank charge for a Recast?
$500. Servbank's page states that the $500 processing fee is paid before the recast is completed.
For a Servbank recast, what is the smallest lump sum?
$10,000. Published terms require $10,000, paid either in one payment or through multiple principal reductions during the three months following your request.
How often are Servbank recasts available to you?
According to Servbank, only one recast is allowed during a 12-month period by some investors.
Can you use Servbank to recast an FHA or VA loan?
No. A voluntary Recast is not available for FHA, VA and USDA loans. Paying extra principal shortens these loans instead. Recast rules by loan type