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The VA streamline refinance (IRRRL) lowers your rate with minimal paperwork and just a 0.5% funding fee. See your new payment, monthly savings, and the break-even — the month the refi starts paying for itself.
Sources: VA — interest rate reduction refinance loan (IRRRL), VA — funding fee, VA mortgage payment calculator
You’d lower your payment by
$395.23/mo
Break-even in 15 months ($5,900 in costs)
The IRRRL (VA streamline refinance) lowers your rate with minimal paperwork — no new appraisal or income verification in most cases. The funding fee is just 0.5% (waived if you're disability-exempt), and closing costs can be rolled in so you bring little to no cash. Watch the break-even: if you might PCS or sell before then, the refi may not pay off.
Estimate only. Resetting to a new 30-year term lowers the payment but can raise total interest over the life of the loan — compare a shorter new term too. Not included: escrow changes and your actual rate/costs. See the mortgage calculator and VA loan guide. Not lending advice.
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Related: the full VA mortgage payment, your entitlement, and the VA home loan guide.