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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.

Refinancing might save you
$250 a month

Ask us what refinance rate we can offer you

The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

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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. You want refinancing to make sense by lowering your interest rate, lowering your payment, or improving 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 these questions!

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

    When you are refinancing, what matters is that today’s mortgage rates are lower than the rate you have now. 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 have to pick a term of 15 or 30 years. This new term might be higher or lower than your current mortgage’s term. For example, pretend you have 20 years left on your mortgage. Choosing 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 1% and 3% 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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