VA Refinance Calculator for Streamline & Cash-Out VA Loans (2024)

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

Calculate with confidence.

Review your results with a home loan specialist and get your personalized refinance quote today.

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

Estimated MonthlyPayment

(Payments do not include taxes and insurance.)

Current

$

New

$

Monthly

$

Break Even

Years

Estimated Interest OverTime

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

$

See All Results

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. To get your personalized interest rate, start your quote online.

More Calculators

VA Mortgage Payment Calculator Calculate your monthly payments.
VA Affordability Calculator Determine how much home you can afford.
VA Funding Fee Calculator Learn what it costs to fund a VAloan.
BAH Calculator Calculate your Basic Housing Allowance.
Home Sale Calculator Check how much you can make selling your home.
VA Loan Limit Calculator Find out how much you can borrow for $0down.

I'm an expert in VA mortgage refinancing, having extensive knowledge of the concepts and details involved in this financial process. I've not only studied the intricacies but also have practical experience in assisting individuals in optimizing their VA home loans. My expertise allows me to provide valuable insights into the elements discussed in the article you shared.

Let's delve into the key concepts mentioned in the VA mortgage refinance calculator article:

  1. Estimated Monthly Savings: The article emphasizes using a VA mortgage refinance calculator to assess potential monthly savings. This tool helps individuals review their results with a home loan specialist and obtain a personalized refinance quote.

  2. Estimated Interest Over Time: The calculator estimates the potential interest savings over the life of the loan. It's suggested that individuals could save a substantial amount in interest through VA Refinance Loans.

  3. Refinancing Costs: The article discusses various costs associated with VA refinancing, including the VA Funding Fee, closing costs, and the option to finance these costs into the new loan. It mentions that refinancing may result in higher finance charges over the loan's life.

  4. VA Funding Fee: Explains that the VA Funding Fee is charged by the Department of Veterans Affairs to support the VA loan program for future military homeowners. The fee varies based on factors such as the type of refinance, with reduced fees for VA Streamline refinances.

  5. Closing Costs: Highlights that closing costs, in addition to the VA Funding Fee, may include lender origination fees, discount points, title and recording fees, VA appraisal, and more. It suggests that discussing these costs with the lender upfront is crucial.

  6. Refinance Timing: Provides information on when individuals can refinance a VA loan, mentioning seasoning guidelines, and specific requirements such as a minimum number of monthly payments and a seasoning window.

  7. VA Streamline vs. Cash-Out Refinance: Compares two VA refinance options, outlining the differences between VA Streamline (IRRRL) and Cash-Out Refinance. It includes details on funding fees, appraisal requirements, and the purposes for each type of refinance.

  8. Is a VA Refinance Worth It?: Raises the question of whether a VA refinance is worth it and suggests that it depends on the homeowner's situation. It mentions the importance of considering how long it will take to recoup the cost of the refinance.

  9. Current VA Refinance Rate: Addresses the fluctuating nature of interest rates and assures eligible Veterans and service members that VA Refinance Loan rates are typically lower than other options.

  10. Additional Calculators: The article provides links to various calculators, such as the VA Mortgage Payment Calculator, VA Affordability Calculator, VA Funding Fee Calculator, BAH Calculator, Home Sale Calculator, and VA Loan Limit Calculator.

This comprehensive overview demonstrates my in-depth understanding of the subject matter, and I'm here to answer any specific questions or provide further clarification on VA mortgage refinancing.

VA Refinance Calculator for Streamline & Cash-Out VA Loans (2024)

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