Trace your cheesecake pan bottom onto a piece of parchment paper with pencil and cut out. Place the bottom back into the pan and lightly grease with a stick of butter. Place the parchment circle into the bottom of the pan (the butter should help it stay in place).
Place Nilla Wafers into your food chopper (or food processor) and blitz until very fine. Transfer to a small bowl and remove any large chunks. Blitz again, if necessary. Add melted butter to the crumbs and stir and fluff using a fork until the mixture is similar to wet sand and the butter is evenly distributed.
Press crumbs onto the paper-lined cheesecake pan directly into the bottom of the pan and up the sides approximately halfway. The bottom of a measuring cup is helpful to get nice and packed crust that holds together well. Open a plastic roasting bag and transfer your cheesecake pan into the bottom. Pull the top and sides out of the way.
In a large mixing bowl beat together cream cheese and sugar until light and fluffy. Add sweetened condensed milk and vanilla bean paste and beat until just combined. Beat in one egg at a time to the mixture until fully incorporated. Mix just long enough until thoroughly combined. Overmixing will cause the top of your cheesecake to split as it bakes.
Spoon the cream cheese filling into the prepared pan taking care not to dislodge the crust. Gather the top of the bag and pull closed high above the top of the pan. Use the ties that come with the roasting bags to tightly close the bag.
Prepare the water bath by filling a casserole dish halfway with boiling water. Carefully transfer the bagged cheesecake into the water bath, place on a middle rack of a cold oven. Heat the oven to 350° and then bake for 60 minutes. Turn off the oven and crack the door and allow to rest in the warm oven for another hour. Remove from the oven, unbag and place the pan on a cookie rack to cool to room temperature.
Transfer room temperature cheesecake to the refrigerator. Allow to chill overnight. Place the bottom of the pan containing the chilled cheesecake onto a glass or similar item. Push the sides of the pan straight down to de-pan. Gently pry a sharp, thin knife beneath the parchment paper and peel away.
Notes
Overmixing will cause your cheesecake to crack! Stand mixers are pretty, but this is a job for the better control a hand mixer will give you.
Cream cheese must be softened and eggs must be room temperature to blend fully. If you have clumps of cream cheese in the mixture, it was too cold. You can try to correct the situation by putting the mixture into a blender and processing until just smooth, but you run the risk of an overmixed, cracked cheesecake.
Move your oven rack to the center and remove any racks above it to make room for the roasting bag. Always start baking a cheesecake in a cold oven. Start timing the bake after the oven comes to 350°.
The key to a cheesecake that is nice and smooth with a lovely light color on the top is by using a roasting bag. Normally used for turkeys, chickens, and such a roasting bag is my favorite way to have a pretty cheesecake but it also ensures that you don’t have water seeping into the cheesecake pan making your crust a mushy mess.
Never remove the collar of your pan until your vanilla cheesecake has fully set up in the refrigerator. Rushing this step can mean you have a cheesecake that breaks and gushes out.
If using a springform pan rather than a cheesecake pan, run a sharp, thin knife around the edge of the pan to ensure a clean removal once the cheesecake has cooled.
Clean your knife blade after every cut for cheesecake slices that are nice looking with smooth sides.