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That does sound like a MC failure.
The replacement of the master cylinder is quite easy. Takes a while for the bleeding. Make sure you bench bleed the new cylinder and follow the directions.
Best $2 I've ever spent--bought an extra brake cap, drilled a hole in the top and siliconed in a bicycle tire valve. Hook up a pump and you have a pressure bleeder! I've used it for 8 years now without issue. Just make sure to not let the reservoir run dry while bleeding. That little part has taken my bleeding time from about a half hour with a helper to 10 minutes by myself. Easily worth it!
Good luck!
Nate
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