VA Loan Refinance Calculator
Enter your current VA loan and a refinance quote to see the new payment, the monthly savings, how many months it takes to break even, and the interest on both loans.
How this VA loan refinance calculator works
It works out your current payment from the balance, rate and years left, then the payment on the new loan from your quote. The difference is your monthly saving, and your closing costs divided by that saving gives the break even point in months.
What to enter
- Current loan: balance, rate and years remaining, from your latest mortgage statement.
- New rate and term: from your lender loan estimate.
- Costs at closing: fees and any VA funding fee you pay in cash. Costs added to the loan go in the rolled-in box.
Reading the results
A lower payment is not the only goal. Starting a fresh 30 year term can lower the payment while adding interest, so check the interest rows and the total saved after costs. If you plan to sell or move before the break even month, the refinance may not pay off.
VA refinance types
The VA offers the Interest Rate Reduction Refinance Loan (IRRRL), a streamlined refinance for existing VA loans, and a cash-out refinance for eligible borrowers. Rules, fees and eligibility change, so confirm them with the VA or an approved lender. To compare taking cash out, see our cash-out refinance calculator, and for a general check use is refinancing worth it.
This tool is for estimates only and is not financial or lending advice. Taxes, insurance and escrow are not included.
Frequently asked questions
How do I know if a VA refinance is worth it?
Compare the monthly saving with your closing costs to find the break even month, then check total interest on both loans. It is worth it when you keep the loan past the break even point and the total cost falls.
What is the break even point on a refinance?
It is the number of months of savings needed to repay your refinance costs. Divide the costs by the monthly payment saving.
Can I roll closing costs into the new VA loan?
Often some costs can be added to the loan, which raises the balance and the interest. Enter them in the rolled-in box to see the effect, and ask your lender what is allowed.
Does this include taxes and insurance?
No. It shows principal and interest only, so your full monthly housing payment will be higher.
Cash-Out Refinance Calculator · Mortgage Payoff Calculator · Is Refinancing Worth It? · All free calculators