VA Refinance Calculator
Run a VA interest-rate-reduction refinance or a cash-out against your current payment, with the funding fee included in the comparison.
The loan you have
The new loan
Illustrative — not a quoted rate.
Lower each month by
$275
Costs and fee recovered at payment 38
An IRRRL is designed to lower the rate on an existing VA loan and has lighter documentation than a cash-out. Programme limits are set by the VA and the lender, not by this page.
Schedule for the new loan
30 years, running totals at each year end.
| Year | Paid in year | Interest | Principal | Balance | Interest to date | Principal to date |
|---|---|---|---|---|---|---|
| Year 1 · 2026 | $25,933 | $21,507 | $4,426 | $356,024 | $21,507 | $4,426 |
| Year 2 · 2027 | $25,933 | $21,234 | $4,699 | $351,324 | $42,740 | $9,126 |
| Year 3 · 2028 | $25,933 | $20,944 | $4,989 | $346,335 | $63,684 | $14,115 |
| Year 4 · 2029 | $25,933 | $20,636 | $5,297 | $341,038 | $84,320 | $19,412 |
| Year 5 · 2030 | $25,933 | $20,309 | $5,624 | $335,414 | $104,629 | $25,036 |
| Year 6 · 2031 | $25,933 | $19,962 | $5,971 | $329,444 | $124,592 | $31,006 |
| Year 7 · 2032 | $25,933 | $19,594 | $6,339 | $323,105 | $144,186 | $37,345 |
| Year 8 · 2033 | $25,933 | $19,203 | $6,730 | $316,375 | $163,389 | $44,075 |
| Year 9 · 2034 | $25,933 | $18,788 | $7,145 | $309,231 | $182,177 | $51,219 |
| Year 10 · 2035 | $25,933 | $18,347 | $7,585 | $301,645 | $200,525 | $58,805 |
| Year 11 · 2036 | $25,933 | $17,880 | $8,053 | $293,592 | $218,404 | $66,858 |
| Year 12 · 2037 | $25,933 | $17,383 | $8,550 | $285,042 | $235,787 | $75,408 |
| Year 13 · 2038 | $25,933 | $16,856 | $9,077 | $275,964 | $252,643 | $84,486 |
| Year 14 · 2039 | $25,933 | $16,296 | $9,637 | $266,327 | $268,939 | $94,123 |
| Year 15 · 2040 | $25,933 | $15,701 | $10,232 | $256,096 | $284,640 | $104,354 |
| Year 16 · 2041 | $25,933 | $15,070 | $10,863 | $245,233 | $299,710 | $115,217 |
| Year 17 · 2042 | $25,933 | $14,400 | $11,533 | $233,700 | $314,110 | $126,750 |
| Year 18 · 2043 | $25,933 | $13,689 | $12,244 | $221,456 | $327,799 | $138,994 |
| Year 19 · 2044 | $25,933 | $12,934 | $12,999 | $208,457 | $340,733 | $151,993 |
| Year 20 · 2045 | $25,933 | $12,132 | $13,801 | $194,656 | $352,865 | $165,794 |
| Year 21 · 2046 | $25,933 | $11,281 | $14,652 | $180,004 | $364,146 | $180,446 |
| Year 22 · 2047 | $25,933 | $10,377 | $15,556 | $164,448 | $374,523 | $196,002 |
| Year 23 · 2048 | $25,933 | $9,418 | $16,515 | $147,932 | $383,941 | $212,518 |
| Year 24 · 2049 | $25,933 | $8,399 | $17,534 | $130,399 | $392,340 | $230,051 |
| Year 25 · 2050 | $25,933 | $7,318 | $18,615 | $111,783 | $399,657 | $248,667 |
| Year 26 · 2051 | $25,933 | $6,169 | $19,764 | $92,019 | $405,826 | $268,431 |
| Year 27 · 2052 | $25,933 | $4,950 | $20,983 | $71,037 | $410,777 | $289,413 |
| Year 28 · 2053 | $25,933 | $3,656 | $22,277 | $48,760 | $414,433 | $311,690 |
| Year 29 · 2054 | $25,933 | $2,282 | $23,651 | $25,109 | $416,715 | $335,341 |
| Year 30 · 2055 | $25,933 | $824 | $25,109 | $0 | $417,539 | $360,450 |
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How to use the va refinance calculator
Choose the kind of VA refinance: a streamline (IRRRL) or a cash-out refinance.
Enter your current balance, current rate and years remaining, plus the home value for a cash-out refinance.
Enter the new rate, new term, closing costs and any cash out.
Choose your funding fee status.
Read the final loan amount, loan-to-value, new payment and break-even month.
Terms used in this calculator
- VA IRRRL
- The Interest Rate Reduction Refinance Loan, or VA streamline: a refinance from one VA loan into another, usually to lower the rate, with limited paperwork.In the glossary : VA IRRRL (streamline refinance)
- VA cash-out refinance
- A VA refinance that can replace any type of loan with a VA loan and let you take cash from your equity.
- VA funding fee
- A one-time fee on VA loans that can be financed into the new loan. It is lower on an IRRRL than on a cash-out refinance, and some borrowers are exempt.In the glossary : VA funding fee
- Net tangible benefit
- A VA requirement that a refinance must clearly benefit you, for example through a lower rate or a move from an adjustable to a fixed rate.
- Recoupment
- The VA's break-even rule for refinances: the costs should generally be recovered through monthly savings within 36 months.
- Loan-to-value ratio (LTV)
- The new loan divided by the home's value. It matters most on a cash-out refinance, where it limits how much cash you can take.In the glossary : Loan-to-value ratio (LTV)
Frequently asked questions
An IRRRL (streamline) refinances an existing VA loan, mainly to lower the rate, and usually doesn't allow cash out. A VA cash-out refinance can replace any loan with a VA loan and lets you take cash from your equity, with a full appraisal and underwriting.
The VA doesn't require an appraisal or income verification for an IRRRL, though individual lenders can add their own requirements. That is why it is usually faster than a cash-out refinance.
For most VA refinances, the costs of the refinance should be recovered through monthly savings within 36 months. The break-even figure in this calculator gives you an early read on that.
The VA allows up to the home's full appraised value in many cases, but many lenders set lower limits, and the funding fee is added on top. The loan-to-value shown here helps you see how close you are.
Yes. The IRRRL funding fee is lower than the fee on a cash-out refinance, and exempt borrowers pay none. Choose your status in the calculator to see the effect.
Yes. Jeremy can compare VA lenders and confirm the net benefit, costs and break-even for your loan. The results here are estimates until you have a quote.
More questions? See the full FAQ or request a personalized quote.