VA Refinance Calculator
Compare your current loan with a VA Interest Rate Reduction Refinance Loan (IRRRL) or a VA cash-out refinance. The calculator adds the VA funding fee to the new loan and shows your new payment and break-even point.
Current loan
New loan
Example rate, not a quote
New monthly payment
$1,735/mo
Principal and interest. Your current payment is $2,054/mo.
- Monthly savings$319
- Break-even on costs14 months
- Interest left on current loan$380,526
- Interest over the new loan$335,282
- Interest saved$45,244
- New loan amount
- $289,440
- Cash due at closing
- $0
- VA funding fee
- $1,440 (0.5%)
Loan type and costs
Disclaimer: These calculators are for educational and comparison purposes only. The interest rates and other values shown are hypothetical examples, not current rates, an advertisement of available terms, an offer of credit, a pre-qualification or pre-approval, or a commitment to lend. Payments shown are estimates of principal and interest plus any taxes, insurance, HOA dues and mortgage insurance you enter; they don’t include every cost of a loan, and the annual percentage rate (APR), which reflects the cost of credit including certain fees, may be higher than the interest rate. Your actual rate, APR, payment and terms depend on your credit, income, assets, loan amount, down payment, property type, occupancy, location and other factors, and are subject to underwriting approval. Rates, fees, taxes, insurance and other costs change without notice. VA funding fees are estimated from the U.S. Department of Veterans Affairs’ published schedule and depend on your eligibility; Federal First Lending LLC is not affiliated with or acting on behalf of the VA or any government agency. Rent vs. buy, DSCR and fix & flip results are not a guarantee of rent, property value, profit or return, and are not tax, legal or investment advice. DSCR and fix & flip loans are business-purpose loans for investment properties. Federal First Lending LLC, NMLS #2381991. Equal Housing Opportunity.
Common questions
What is an IRRRL?
An Interest Rate Reduction Refinance Loan, sometimes called a VA streamline, refinances an existing VA loan into a new VA loan, usually to lower the rate or payment. The funding fee is 0.5% unless you’re exempt.
What does a VA cash-out refinance do?
It replaces your current mortgage, VA or not, with a larger VA loan and pays you the difference in cash, subject to VA and lender limits.
How is the funding fee different for cash-out?
The fee for a cash-out refinance is higher than for an IRRRL and depends on whether it’s your first VA loan. Exempt veterans pay no fee.