VA Cash Out Refinance Calculator
- By Jim Blackburn
- on
- Tags: Calculators, New Construction, Spec Homes
Turn Home Equity Into Opportunity With a VA Refinance
If you’re a veteran or active-duty service member, a VA cash out refinance can help you tap into your home’s equity to access cash—whether it’s for consolidating debt, renovating your home, investing, or buying another property. Use the calculator details below to estimate what your new payment might look like and how much cash you could walk away with.
Loan Details
| Category | Amount |
|---|---|
| Current Loan Balance | $300,000 |
| Estimated Home Value | $500,000 |
| Desired Cash Back | $100,000 |
| New Interest Rate | 7.00% |
| Current Monthly Principal & Interest | $3,600 |
| Homeowners Insurance (Monthly) | $200 |
| Property Taxes (Monthly) | $300 |
| Monthly HOA (if any) | $0 |
VA Loan Eligibility Notes
Are you a disabled veteran?
If you are 100% service-connected and permanently disabled, you may be exempt from the VA funding fee and eligible for property tax exemptions in states like TX, FL, WV, OK, and CO. This can make a significant impact on your monthly payment.
Estimated Refi Summary
| Description | Amount |
|---|---|
| Max Allowable Loan (Based on Value) | $500,000 |
| Desired Loan Amount | $400,000 |
| VA Funding Fee | $0 (if exempt) |
| Final Loan Amount | $400,000 |
| Estimated Principal & Interest Payment | $2,661 |
| Monthly Insurance | $200 |
| Monthly Taxes | $300 |
| Tax Credit (Disabled Vet in Eligible States) | -$300 |
| Total Monthly Housing Expense | $2,861 |
| Estimated Cash Back to You | $88,000 |
This includes typical 3% closing costs; these may vary by state and lender.
Monthly Income Target to Qualify
| Factor | Value |
|---|---|
| Target Monthly Income (based on DTI) | $5,722 |
VA loans are flexible with higher-than-average DTI limits—often 50% or more with strong credit or residual income. That means more veterans qualify compared to conventional loan options.
Buying Another Home With a VA Loan?
Yes, you can use your VA loan benefit again even after a cash-out refinance. If you’re:
- Moving over 50 miles for work or family
- Have remaining entitlement
- Or refinance into a non-VA loan (then restore your benefit)
—you can use your benefit again, as long as the next home will be your primary residence.
Ready to Start?
With your housing expenses and estimated cash-out calculated, your next step is simple:
Talk to a VA loan specialist who can tailor your refinance to your financial goals and confirm your eligibility.
Ready to Take Your First Step?
Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.
- 💡 Takes just 5 minutes
- 📊 Tailored results based on your answers
- 🔒 No credit check required
Need a Pre-Approval Letter—Fast?
Buying a home soon? Complete our short form and we’ll connect you with the best loan options for your target property and financial situation—fast.
- 💡 Only 2 minutes to complete
- 📊 Quick turnaround on pre-approval
- 🔒 No credit score impact
Got a Few Questions First?
Let’s talk it through. Book a call and one of our friendly advisors will be in touch to guide you personally.
Schedule a CallImportant Disclaimer
This calculator is for illustrative purposes only and does not constitute financial, legal, or investment advice. Results are based on general assumptions and may not reflect actual performance or eligibility. This is not a loan estimate or approval. Please consult with a licensed mortgage advisor before making financial decisions.
