VA IRRRL Calculator
Streamline refinance savings, funding fee, and break-even point
Frequently Asked Questions
An Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline Refinance, lets veterans with an existing VA loan refinance to a lower rate with reduced documentation and no appraisal in most cases.
0.5% of the new loan amount, which can be rolled into the loan so you pay nothing upfront. Veterans with a service-connected disability rating of 10% or higher are exempt from the funding fee entirely.
VA requires that your closing costs be recoverable through monthly payment savings within 36 months. This calculator's break-even point shows whether your refinance would meet that requirement.
Generally no — that's the main advantage of the streamline process over a standard refinance. You typically need six consecutive on-time payments on your current VA loan and at least 210 days since your first payment was due.
How this is calculated
Funding fee = 0.5% of the current balance (waived if disability-exempt), rolled into the new loan amount. New payment uses the standard fixed-rate amortization formula on the new balance, rate, and term. Break-even = total closing costs (including funding fee) ÷ monthly savings.