VA IRRRL Refinance Calculator
- By Jim Blackburn
- on
- Tags: Calculators, New Construction, Spec Homes
Reduce Your Monthly Payment With a Streamlined VA Refi
If you already have a VA loan, you may qualify for an Interest Rate Reduction Refinance Loan (IRRRL)—a simple way to lower your monthly payment without income verification, appraisals, or out-of-pocket costs. Here’s how to estimate your new payment and savings using real numbers from your current mortgage.
Step 1: Gather Your Current Mortgage Info
| Field | Value |
|---|---|
| Current Loan Balance | $300,000 |
| Current Monthly P&I Payment | $3,600 |
| Estimated Home Value | $500,000 |
| Homeowners Insurance (Monthly) | $200 |
| Property Taxes (Monthly) | $300 |
| Remaining Loan Term | 300 months |
| HOA (Monthly, if applicable) | $0 |
| Estimated New Interest Rate | 7% |
VA IRRRL Summary
| Calculation | Amount |
|---|---|
| Base Loan Amount | $300,000 |
| VA Funding Fee (.5%) | $0 (waived if disabled) |
| Final Loan Amount | $309,000 (includes estimated 3% closing costs) |
| New Principal & Interest Payment | $1,996 |
| Monthly Insurance | $200 |
| Monthly Taxes | $300 |
| Tax Exemption (if disabled) | -$300 |
| HOA (if any) | $0 |
| Total Monthly Housing Expense | $2,196 |
| Monthly Savings | $1,604 |
| Annual Savings | $19,249 |
What’s the Real Benefit?
With a monthly savings of $1,604, that’s over $19,000/year redirected back into your life—available for savings, investments, or other strategic goals. You don’t need a new appraisal, and in most cases, income or asset verification isn’t required.
Can You Still Buy Another Home Later?
Yes. Even after refinancing, your VA entitlement may still allow you to buy another home in the future if:
- You sell or refinance your current property into a non-VA loan.
- You apply for a one-time entitlement restoration.
- You occupy the next home as your primary residence.
What’s Required to Qualify?
VA loans allow flexible debt-to-income ratios—often over the standard 41%—when supported by:
- Strong credit
- High residual income
- Solid employment history or cash reserves
| Target Monthly Income to Qualify | $4,392 |
Ready to Take the Next Step?
If you’re a veteran or currently serving, and your mortgage interest rate is higher than today’s available VA IRRRL rates, this might be your opportunity to reposition your finances and build wealth faster.
Request Your Custom VA IRRRL Quote
Let our team of VA loan experts review your numbers and provide a clear path forward—whether you’re refinancing to save or planning your next move.
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.
