This free VA IRRRL Refinance Calculator gives you a look at your potential monthly savings with a Interest Rate Reduction Refinance Loan.
Refinancing Made Easy: Let’s Run the Numbers
Get a tailored estimate and guidance from a dedicated VA lending specialist.
VA IRRRL Savings Estimator
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New VA Refinance
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Estimates show principal & interest (P&I) only; taxes, insurance, and HOA are not included. Costs are assumed to be financed into the new loan.
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VA Refinance FAQs
Should I refinance my VA loan?
A VA refinance can help you lower your rate, reduce your monthly payment, or tap home equity. You can also convert a non-VA mortgage into a VA loan. The VA requires every refinance to deliver a clear net tangible benefit to the borrower.
- Are today’s rates lower than your current loan? Lower rates can shrink payments and speed up equity growth.
- How long will you stay? Savings build after you pass your break-even point.
- Which term fits? 15-year = higher payment, less total interest; 30-year = lower payment, more interest over time.
How much does a VA refinance cost?
Expect two buckets: the VA funding fee and standard closing costs such as origination, title/recording, and sometimes an appraisal. The VA also requires the new loan to provide a measurable benefit compared with your existing loan.
What is the VA funding fee?
The funding fee is a one-time charge that helps sustain the VA home loan program. It’s paid to the Department of Veterans Affairs, not the lender.
- IRRRL (Streamline): typically 0.5% of the loan amount.
- Cash-Out: generally 2.15% for first use and 3.3% for subsequent use.
- Exemptions: many Veterans with qualifying service-connected disability compensation, eligible surviving spouses, and certain others do not pay the fee.
What’s the difference between a VA Streamline (IRRRL) and a Cash-Out refinance?
VA Streamline (IRRRL): for existing VA loans; usually no appraisal, limited docs, and a 0.5% fee. Common uses: lower rate, change term, move from ARM to fixed.
VA Cash-Out: available for VA and non-VA loans; requires appraisal, has standard funding fees (2.15%–3.3%), and lets you access equity for projects or debt payoff.
What is the current VA refinance rate?
Rates change with the market and vary by credit, loan amount, and term. VA refinance rates are often competitive versus other loan types. Use the calculator for estimates and request a personalized quote to see your exact options.
VA Loan Rates
Interest rates and savings shown in the VA IRRRL Refinance Calculator are for illustration only. Your actual rate and savings will depend on factors such as credit score, loan amount, and market conditions. To see your personalized rate, start your quote online.