va cash out refinance calculator guide and smart homeowner tips

What it estimates

A good calculator projects your new mortgage payment, total cash available after closing, the VA funding fee, and the breakeven month when savings offset costs. It should also show your post-refinance balance and effective APR, so you can compare keeping your loan versus tapping equity.

Key inputs to try

• Current payoff, rate, and remaining term
• Desired cash-out amount and new term
• Estimated home value to test LTV up to typical 90% caps
• Credit score and discount points to model pricing
• Taxes, insurance, and escrow prepaids

How to read results

Focus on total cost over time, not just the payment. Compare APR and check how long you plan to stay. Ensure your new LTV, debt-to-income, and residual income meet VA and lender overlays. Remember the funding fee may be waived for eligible disability.

Finally, model multiple scenarios: keeping your term, resetting to 30 years, or paying points. Look for a clear breakeven, adequate reserves after cash-out, and occupancy compliance before moving forward.