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VA Home Loan Refinance Calculator

This free VA mortgage refinance calculator gives you a look at your potential monthly savings with VA Refinance Loans.


It is estimated that you could and in interest over the life of the loan.

Estimated Monthly Payment

(Payments do not include taxes and insurance.)

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Break Even

Estimated Interest Over Time

Total Interest

VA Home Loan Refinance Totals:

  • Refinance Loan Amount $
  • Cashout Amount $
  • VA Funding Fee $
  • Estimated Closing Costs $
  • Total Loan Amount $
  • Refinancing Costs
  • Refinancing Savings

Chart data is represented in table below.

Estimated Monthly
Estimated Interest
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Yearly Savings Breakdown

  Monthly Payment Savings Interest Payment Savings Total Savings
Year 1 -$1,000 -$1,000 -$1,000
Year 2 -$1,000 -$1,000 -$1,000
Year 3 $1,000 $1,000 $1,000
Year 4 $1,000 $1,000 $1,000
Year 5 $1,000 $1,000 $1,000
Year 6 $1,000 $1,000 $1,000
Year 7 $1,000 $1,000 $1,000
Year 8 $1,000 $1,000 $1,000
Year 9 $1,000 $1,000 $1,000
Year 10 $1,000 $1,000 $1,000
Year 11 $1,000 $1,000 $1,000
Year 12 $1,000 $1,000 $1,000
Year 13 $1,000 $1,000 $1,000
Year 14 $1,000 $1,000 $1,000
Year 15 $1,000 $1,000 $1,000

What is the VA Funding Fee on a refinance?

The VA Funding Fee is charged by the Department of Veterans Affairs to keep the VA loan program running for future military homeowners. The fee goes directly to the VA loan program, not the lender.

The first use funding fee is 2.15% on the amount borrowed with your VA home loan. The fee changes to 3.3% on any future VA purchases or Cash-Out refinances. VA Streamline refinances, also known as IRRRLs (Interest Rate Reduction Refinance Loans), carry a reduced funding fee of 0.5%.

Veterans receiving compensation for a service-connected disability, surviving spouses and select others are exempt from paying the VA Funding Fee.

The VA Funding Fee calculator will help you get an idea of where you stand.

Are there closing costs on a VA refinance?

Closing costs come with every VA purchase or refinance loan. Beyond the VA Funding Fee, closing costs might include: lender origination fees, rate discount points, title and recording fees, the VA appraisal and more.

Typically, closing costs range between 3%-5% of your total loan amount. Closing costs vary borrower to borrower, so discussing them upfront with your lender will prepare you for what to expect.

VA borrowers typically finance these costs into the new loan. Refinancing may result in higher finance charges over the life of the loan.

How soon can you refinance a VA loan?

Seasoning guidelines for VA refinance loans can vary by lender. You’ll typically need to have made at least six monthly payments on the loan being refinanced. In addition, the note date of the refinance loan will usually need to be at least 210 days or more after the date the first mortgage payment was due on the loan being refinanced.

At Veterans United, we currently require seven monthly payments and a minimum 240-day seasoning window.

VA Streamline (IRRRL) vs Cash-Out Refinance

The VA loan benefit offers two refinance options. There are a few key differences to consider between VA Streamlines and VA Cash-Out refinances.

Compare the differences to assess which option might best fit your needs:

VA Streamline (IRRRL) Cash-Out Refinance
  • For existing VA home loans (ARM or fixed-rate)
  • For primary, secondary or investment properties
  • No cash out
  • 0.5% funding fee
  • No appraisal required

Reasons to Streamline Refinance:

  • Lower rate
  • Term change
  • Moving from ARM to fixed rate

More about VA Streamline Refinance (IRRRL) →

  • For existing VA and non-VA home loans
  • Must be primary residence
  • Pull cash from equity
  • Regular funding fees apply (2.15% first-use, 3.3% all future uses)
  • VA Appraisal required

Reasons to Cash-Out:

  • Pay down debt
  • Make home improvements
  • Rate/term reduction

More about VA Cash-Out Refinance →

Is a VA Refinance worth it?

Refinancing can help Veterans save money or free up cash to pay down debt or make home improvements. But every homeowner’s situation is different.

In some cases, part of the consideration is how long it’ll take you to recoup the cost of the refinance. Homeowners who likely to move within a couple years might want to take a closer look at whether a refinance makes sense.

Digging into your financial goals is key. A Veterans United loan specialist can help explain your options.

What is the Current VA Refinance Rate?

Rates frequently change due to a number of factors. The good news for eligible Veterans and service members is that VA Refinance Loan rates are typically lower than other options.

See current estimates for each type of VA loan on our rates page.

VA Loan Rates

Interest rates used in the VA mortgage calculator are shown for illustrative purposes only. Your rate may differ based on a variety of factors, including your credit score and the current market conditions.