Residential · Calculator
VA IRRRL Calculator
The VA IRRRL — Interest Rate Reduction Refinance Loan, better known as the VA streamline refinance — plus its FHA Streamline counterpart: savings, full closing-cost build-up, funding fee or UFMIP refund, and break-even months.
Run a VA IRRRL or an FHA Streamline below. The IRRRL keeps closing costs low — a 0.5% funding fee, no appraisal in most cases — and the costs can be rolled into the new loan, so many veterans structure it with nothing out of pocket. The break-even output tells you whether the rate drop actually pays for itself.
Streamline program
Current VA Loan
New Loan
Payoff Items
Per-diem to closing date.
Statement, recording, etc.
Closing Costs
Lender admin / underwriting / processing.
Negative = lender credit.
New Escrow Setup
Months held in new escrow.
Monthly Savings (P&I)
$213.15
Recoup 13.7 months (closing + funding fee)
Current vs New
Current
$3,306.85/mo
6.5% · $523,180
Total $3,457.85 w/ tax+ins
New
$3,093.70/mo
5.75% · $530,132
Total $3,244.70 w/ tax+ins
Payoff Build-Up
Costs Added to New Loan
Recoup
Frequently asked
About this calculator.
What is a VA IRRRL?
IRRRL stands for Interest Rate Reduction Refinance Loan — VA's streamline refi for borrowers with an existing VA loan. No appraisal, no income docs, no DTI test (in most cases). Funding fee is just 0.5% (vs. 2.15% on a VA purchase). The lowest-friction refi product in mortgage lending.
Is an IRRRL the same as a VA streamline refinance?
Yes — "VA IRRRL," "VA streamline refinance," and "VA streamline" all refer to the same loan: the Interest Rate Reduction Refinance Loan. IRRRL is the VA's official name; "streamline" is the industry nickname because of the reduced documentation. This calculator handles that loan under either name.
What are typical VA IRRRL closing costs?
Expect roughly 2-3% of the loan amount: the 0.5% VA funding fee, lender fees ($1,000-$1,500), title and escrow ($1,500-$2,500 depending on state), recording, and prepaid interest plus escrow setup. On a $300,000 IRRRL that's typically $6,000-$9,000 all-in. There's no appraisal fee in most cases, which saves $500-$700 versus a standard refi. The calculator above itemizes the full closing-cost build-up for your numbers.
Can you do a VA streamline refinance with no closing costs?
Yes, two ways: (1) roll the closing costs and the 0.5% funding fee into the new loan balance — VA allows this on an IRRRL, so you bring nothing to the table but your loan amount rises; or (2) take a slightly higher rate in exchange for a lender credit that pays the costs. "No closing costs" never means the costs vanish — it means they're financed or absorbed in the rate. The break-even output above shows whether either structure still saves you money.
Does an FHA streamline refinance work the same way as a VA IRRRL?
Mostly. The FHA Streamline is FHA's equivalent product for borrowers with an existing FHA loan — same no-appraisal, no-income-docs structure. The key difference is the upfront fee: instead of VA's 0.5% funding fee, FHA charges a new UFMIP (1.75% upfront) — but you typically get a partial refund of your original UFMIP if you're within 36 months of the original closing. This calculator handles both programs; toggle between them above.
How is the new loan amount calculated on FHA Streamline?
HUD requires the lesser of two calculations: (1) current balance + accrued interest + late charges + escrow shortage + 2 months prorated MIP minus the UFMIP refund, OR (2) original loan amount minus the UFMIP refund. Both are shown above so you can see which one binds.
What is the UFMIP refund schedule?
HUD's declining schedule from Mortgagee Letter 2014-04: 80% refund in month 1, 78% in month 2, declining 2% each month down to 10% in month 36. After month 36, no refund. The earlier you streamline, the more of your original UFMIP comes back.
When does a streamline refi NOT make sense?
When the rate improvement is small (under ~0.5%) and the closing costs + funding fee / UFMIP outweigh the monthly savings recouped over the time you plan to keep the loan. The "recoup months" output above is the honest answer — anything past 60 months is usually a no.
Streamlines close fast
21 days, often less.
Both VA IRRRL and FHA Streamline route around the slowest parts of a typical refi. Send us your most recent statement — we\u2019ll quote your scenario against today's rate sheet.
Prefer to talk first? Call (305) 703-9001