Bank of America Mortgage Recast Calculator
Bank of America requires at least $5,000 in principal curtailment payments over the last six months, and charges no fee for a recast. It also says it cannot give you the new payment before the recast is done, so estimate it first. On a $300,000 loan at 4.5% with 25 years left, $5,000 lowers the payment by $27.79 a month.
The calculator below works out your own number. The published rules follow it, opened on 2026-10-18.
Who can recast
- Bank of America's recast eligibility requires that the first six months of payments have been made and that the mortgage is current.
- Bank of America requires at least $5,000 in principal curtailment payments over the last six months for a recast.
- Bank of America says you must not have completed a recast within the previous 12 months.
- Bank of America says recast eligibility is based on investor guidelines and can change without notice.
- Bank of America charges no fee for a recast.
For the same facts at other lenders, see recast fees and rules by lender.
How a request works
- Bank of America says you request a recast by phone.
- Bank of America says that if the loan is eligible, it mails an eligibility letter with instructions on how to send the funds.
- Bank of America says that if you go ahead with the recast, all borrowers on the loan must sign the signature page of the recast agreement with original (wet) signatures.
- Bank of America updates the payment within 2 business days after it receives the signed recast agreement, assuming there are no issues.
How much $5,000 and more lowers your payment
The example loan: $300,000 balance, 4.5%, 25 years left, a current payment of $1,667.50 (principal and interest). Escrow is left out.
| Lump sum | New payment | You save a month | Share of payment |
|---|---|---|---|
| $5,000 | $1,639.71 | $27.79 | 1.7% |
| $10,000 | $1,611.91 | $55.58 | 3.3% |
| $25,000 | $1,528.54 | $138.96 | 8.3% |
| $50,000 | $1,389.58 | $277.92 | 16.7% |
The $5,000 minimum is the least the lender asks for, not the amount that makes a recast worthwhile. On this loan it lowers the payment by 1.7%. See how much a recast lowers your payment for other loans.
Before you ask
- Add up the extra principal payments you made in the last six months.
- Check that you have not recast in the last 12 months.
- Estimate the new payment here, so you can check the figure on the agreement you sign.
- If keeping your payment is an option, compare it in recast vs extra principal payment.
Frequently asked questions
Does Bank of America charge a fee to recast?
Bank of America charges no fee for a recast.
What if I have not paid $5,000 in the last six months?
Bank of America says you have 30 days after the request to submit the minimum principal curtailment amount.
How often can I recast?
Bank of America allows a recast to be requested once in any rolling 12-month period.
Can Bank of America tell me my new payment first?
Bank of America says it cannot give an estimate of the new payment before the recast is done. Use the calculator on this page for your own estimate, and expect the signed agreement to show the final figure.
What counts as a principal curtailment?
A curtailment is money applied to principal on top of your regular payment.
Will my whole monthly bill go down?
Only the principal and interest part changes. Bank of America says the escrow part for taxes and insurance might change later, which could affect your total monthly payment.
Sources
Every figure on this page comes from the pages below. Checked 2026-10-18. Rules change, so confirm with your own servicer.
- Bank of America: Mortgage FAQs (eligibility, $5,000, 30 days, no fee, once in 12 months, request steps, 2 business days, no estimate, escrow)
More recast guides
- Free Mortgage Recast Calculator - enter your own loan and see the new payment.
- Recast vs Refinance Calculator - Compare both options on the same loan, with a break-even point.
- Recast Fees and Rules by Lender - Fees, minimums and loan limits published by four large lenders.
- How to Calculate a Recast Payment - The formula, a step-by-step example and the numbers to check.
- How Much Will a Recast Lower My Payment? - The lump sum divided by balance shortcut, with lookup tables.
- Recast vs Extra Principal Payment - The same lump sum two ways: payment, payoff date and interest.
- Recast Amortization Schedule - Balance and interest by year, before and after a recast.
- Chase Mortgage Recast Calculator - No stated minimum, what the lender page says and what a lump sum does.
- Wells Fargo Mortgage Recast Calculator - The jumbo loan recast option, the $10,000 starting point and the rate used.