- You already have a VA loan.
- Seasoning is commonly about 210 days from the first payment due date and six payments made. We count the days on your loan.
- A net tangible benefit is required — usually a lower rate, or a move from an adjustable rate to a fixed rate that still makes sense.
- An appraisal is often not required. Income documentation is lighter than a full refinance, not always zero.
- The funding fee on an IRRRL is typically lower than a purchase fee. It is lower than a purchase fee.
Break-even
15.0 months
About $400.00 a month before taxes and insurance. You recover the closing costs you typed in after roughly 15.0 months, if nothing else changes. A refinance does not let you skip a payment. The old loan is paid off at closing; prepaid interest and the new first payment still come due. This is an estimate for illustration only, not a quote, rate lock, or loan approval. Rates and terms depend on your full application.