Mortgage Payment Options at M&T Bank
MANAGE YOUR MORTGAGE
Learn about our convenient payment options and get answers to frequently asked questions.
Set it and forget it.
AUTOMATIC PAYMENT OPTIONS
M&T's Automatic Payment Solutions are easy to set-up, available at no-charge and can be canceled upon request.
Monthly Auto Draft
Once a month your payment is drafted on the day you select - up to the end of your loan's grace period (typically 15 days after your payment due date).
Flex Drafting
Pay in smaller installments - half payments bi-weekly (every 14 days) or twice a month, or quarter payments every week. And with bi-weekly or weekly payments, you'll pay off your loan sooner.
Featured Payment Resources
Payment Methods Comparison
MONTHLY AUTO DRAFT
An automatic payment service: Your payment is drafted once a month on the day you select. Payments can be scheduled up to the end of your loan grace period, which is typically 15 days after the payment due date.
*You can also call us at 1-800-724-2224, Monday – Friday 8:30am – 9pm ET, to request an enrollment form be mailed to you.
Ideal For
- Convenience-minded borrowers
Advantages
- Avoid late payments due to mailing delays
- Saves time - set it and forget it
- Saves on postage
- Can be canceled at any time (2 business days required)
- Allows for the ongoing payment of additional principle (a fixed amount you set)
Other Considerations
- Not ideal if you like to
- vary the day you pay from month to month
- pay additional principle in varying amounts from month-to-month
- pay your loan ahead of schedule (i.e. monthly drafting will cancel)
- Only one attempt will be made to draft your payment
- Your account must be current to enroll
FLEX DRAFTING
An automatic payment service that allows your payment to be drafted in smaller increments on the days you select. Options include:
- Half your monthly payment twice a month
- Half your monthly payment bi- weekly (every 14 days)*
- One quarter of your monthly payment weekly*
*note: results in one "extra" monthly payment being made every year
Ideal For
- Convenience-minded brorrowers
- Customers focused on budgeting for their new mortgage payment
- Customers interested in paying down their loan ahead of schedule
Advantages
- The same as with Monthly Auto Draft, plus
- You can time your mortgage payments with when you get paid, making your payments more manageable
- You can save on interest. Depending on the payment schedule you choose, you'll potentially pay off your loan years sooner and save thousands of dollars in interest
Other Considerations
- The same as with Monthly Auto Draft, plus
- Payments are applied once they're fully collected - not as they're received
- A full payment must be collected prior to the end of your loan's payment grace period
M&T ONLINE BANKING
Accessed via "My Mortgage Info" within your Mortgage Account
Ideal For
- Customers who want to control the timing of their payment from month-to-month
- Customers who often make additional (varying) payments toward their principal
Advantages
- Making manual payments enables you to vary the date you pay from month to month
- If you're paying additional funds, we'll know how you want to apply them (i.e. towards principle, an escrow shortgage, etc.)
- Avoids maling delays
- Saves postage
- Allows scheduling of payments up to 180 days in advance
- Conveniently located within M&T Online Banking
Other Considerations
- Time required
- Don't forget to make your payment!
PAY BY PHONE
Pay using M&T's Automated Telephone Payment Service
Payments can be made via the automated phone system by calling 1-866-241-6014 or with a representative by calling 1-866-462-1156.
Ideal For
- Customers with limited internet access
Advantages
- Automated phone system is available 24 hours a day, 7 days week
- Representatives are available 8:30 AM - 9:00 PM Monday through Friday
- Doesn't require internet access
Other Considerations
- "Extra" payments need to be made with a representative
- Time required
- Don't forget to make your payment!
Ideal
- Customers with limited internet access
Advantages
- Doesn't require internet access
Other Considerations
- Mailing delays - if you chose to mail your payments we strongly recommend:
- Payments be mailed at least 7 calendar days before they're due
- You enroll to receive your statements electronically so they're available immediately
- Less secure as your mortgage and checking account information will be traveling via mail
- Postage costs and time required
- Don't forget to make your payment!
Ideal For
- Customers with limited internet access in close proximity to an M&T Bank Branch
Advantage
- Doesn't require internet access
Other Considerations
- Expense and time traveling to a branch
- Limited branch hours
- Your payment will post 2 business days after visiting the branch
- Don't forget to make your payment!
THIRD PARTY BILL PAY
Pay using another institution's online banking application.
Ideal For
- Customers who want to control the timing of their payment from month to month
Advantage
- Saves postage
- Avoid having another online account to maintain
Other Considerations
Possible customer service issues:
- Customers often submit their previous payment amount after their payment has changed (i.e. a changed in the tax or insurance escrows being collected)
- If you make "extra" payments, we may not know how you'd like them applied
Have questions? We're here to help.
You can make your mortgage payments in the following ways:
Online Payments. Visit onlinebanking.mtb.com. If you haven’t already created a User ID and Passcode, you will need to do so by selecting “Enroll Now.” Learn more about how to enroll in online banking (PDF).
Note: you do not need an M&T Bank checking or savings account to make an online payment–you can use a checking or savings account at any financial institution. If you are already enrolled in M&T Online Banking, click the 'Make an Online Payment' button above.
Payments by Mail. P.O. Box 62182, Baltimore, MD 21264-2182. Be sure to include your coupon with your first payment to M&T. If you’ve misplaced your coupon, write your new M&T mortgage account number on your check. Payments should be made payable to M&T Bank
Automatic Deduction. You can automatically deduct your mortgage payment from the account of your choice through M&T by visiting onlinebanking.mtb.com. To enroll in non-monthly deductions, follow the instructions at mtb.com/achenroll
Pay-by-Phone: 1-866-241-6014
Other Payment Options: Pay in-person at any M&T branch
You can sign up for automatic deduction of your mortgage payments using M&T Online Banking. Log in, navigate to your mortgage account information, select the Payments section in the top navigation bar, and then choose Auto Draft Payment.
Yes, you can cancel your automatic payments in a variety of ways:
1. If you’re enrolled in monthly automatic payments, log in to M&T Online Banking to cancel online or call us at 1-800-724-2224
2. If you’re enrolled in the Flexible Payment Program, call us at 1-800-724-2224
3. If you’re enrolled with an online or third-party bill pay provider, please reach out to that provider to cancel the service
Note: If you choose to call us to cancel this service, you’ll need to call no later than three business days prior to the scheduled deduction.
A late fee will not be charged if the payment is received the next business day after the weekend or holiday.
Online payments may take 24 – 48 hours to be deducted from your account, but will post to your mortgage same day. Please allow 24 hours for your payment to be visible on your mortgage account
Phone payments may take up to 48 hours to deduct from your account, but will be posted to your mortgage same day. Please allow 24 hours for your payment to be visible on your mortgage account
Automatic payments will be deducted from your account on the designated deduction date. Please allow 24 hours for your payment to be visible on your mortgage account
