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 VA loan refinance calculator

Our free VA refinance calculator can help you estimate how much you might save by lowering your rate. 

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How much can you save?

Find out how much you might save by refinancing your home to a lower rate with a VA loan. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!

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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Refinancing might save you
$250 a month

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Ask us what refinance rate we can offer you

Calculator assumes a new loan term of 30 years and closing costs of 3.5% of the new loan amount. This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

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Talk to Freedom Mortgage about home refinancing today

About our VA loan refinance calculator

Our VA refinance calculator is a simple way to estimate how much you might save in interest. Keep in mind that by refinancing, the total finance charges may be higher over the life of the loan.

VA homeowners often ask, “Is refinancing worth it?” when mortgage interest rates are low. Refinancing makes sense if you can lower your interest rate, lower your payment, or improve other terms of your mortgage.

The good news is you can often use the Interest Rate Reduction Refinance Loan (“IRRRL”) program to refinance a VA loan. IRRRL refinances let you lower your interest rate with less paperwork and a faster closing. IRRRLs also have a funding fee of just 0.5% of the loan amount, which is significantly lower than the VA funding fee most Veterans need to pay when they purchase a house. Also think about the following questions before making a decision!

  • Are rates today lower than the rate on your VA loan?

    If current mortgage rates are lower than the rate you have now, refinancing may be a good option. You want to get significant savings to make refinancing worthwhile.

  • How long will you live in your home?

    You pay the costs of refinancing when you close your loan and get the savings over time. If you sell your home soon after you refinance, you might not “break even”—which is when your refinance savings equal your closing costs.

  • How long is your new mortgage term?

    Sometimes when you refinance, you are required pick a term of 15 or 30 years. This new term might be higher or lower than your current mortgage term. For example, if you have 20 years left on your mortgage, refinancing to a 15-year term can help you save on interest but may increase your monthly payment. Choosing a 30-year term can lower your monthly payment but may cost you more money in interest over the life of the loan. At Freedom Mortgage, we are often able to allow our current customers to keep their remaining loan term the same when they refinance with us.

The closing costs of VA refinances are often between 2% and 6% of the loan amount. The costs can include the funding fee, lender fees, discount points, and payments for taxes and insurance (escrow). Learn more about VA loan closing costs.

When you want to understand refinance closing costs, look at the APR vs the interest rate of the loan. APR stands for “annual percentage rate” and can help you better understand the cost of refinancing. When there is a large difference between the interest rate and annual percentage rate, this can mean the loan comes with higher closing costs. When the difference is small, this often means the loan has lower closing costs.

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