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VA Home Loan Refinance Calculator

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


Estimate your monthly savings


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.)

Right Arrow
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
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

Should I refinance my VA loan?

With a VA refinance loan, it’s possible to lower your interest rate, free up cash to pay down debt, or make home improvements. You can even refinance a different mortgage type into a VA loan. But a refinance doesn’t always make financial sense, and every homeowner’s situation is different.

In fact, the VA mandates that refinancing must offer a net tangible benefit before agreeing to finance it.

Here are some key questions to consider before refinancing your mortgage:

1. Are current interest rates lower than your original mortgage rate?

If the current VA loan rates are lower than the rate on your existing VA loan, refinancing can lead to substantial savings in interest over the life of the loan. A lower interest rate means lower monthly payments and the ability to build home equity faster — since more of your payment will go toward the mortgage’s principal balance.

2. How long do you plan to stay in your home?

If you stay in your home long enough, you'll reach a point where the cumulative savings from lower payments exceed the initial costs of refinancing. This is known as the break-even point.

The longer you stay past this point, the more you save. On the other hand, if you move to a new home or refinance again before reaching the break-even point, you may not save enough to recoup your closing costs. Our VA refinance calculator estimates how many years it will take to pay off the costs of refinancing before you break even. This is when your savings will start to kick in.

For a personalized quote, you can speak with a VA loan expert at 1-800-884-5560.

3. What’s the term length of the new mortgage?

The new mortgage term affects both your monthly payments and the total amount of interest you'll pay over the life of the loan. Choosing a 15-year term typically means higher monthly payments, but you'll pay less interest overall because you're paying off the loan faster. A longer term, such as 30 years, will lower your monthly payments but increase the total interest paid due to the extended period of the loan.

While a shorter term can lead to significant long-term savings, it's essential to ensure that the higher monthly payments are manageable within your budget. A longer term may offer more breathing room monthly but can cost more in the long run. Choosing the right term depends on balancing your immediate financial comfort with your long-term financial goals.

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

How much does it cost to refinance a VA loan?

Whether you are refinancing from a VA loan or a different loan type, you must pay the VA Funding Fee. 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.

For a VA IRRRL refinance, the funding fee is 0.5% of the loan amount. If you are refinancing a non-VA loan, the funding fee for a VA Cash-Out is 2.15% of the loan amount. If you are cash-out refinancing an existing VA loan, the funding fee changes to 3.3% of the loan amount for subsequent use.

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.

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.

When refinancing to a VA loan, the difference in rate or terms must provide tangible benefits, such as lower monthly payments, to even be approved. In simple terms, the VA won’t allow you to refinance your loan if it doesn’t improve your financial situation.

This may offer peace of mind for many homeowners, but still make sure to discuss these costs upfront with your lender beforehand.

VA Streamline (IRRRL) vs Cash-Out Refinance

The VA loan benefit offers two refinance options: a VA Streamline and a VA Cash-Out refinance. There are a few key differences to consider between the two, so let’s compare to see which option best fits 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 →

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.

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