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VA loans permit refinancing up to 100% of your home's appraised value.
Determine how much cash you can access by refinancing with a VA cash-out refinance.
| Principal & Interest | $2,650 |
| Property Tax | $833 |
| Home Insurance | $208 |
| Home Value | $500,000 |
| Existing Mortgages | $400,000 |
| Available Cash-out | $100,000 |
| VA Funding Fee 2.15% | $8,600 |
| New VA Loan | $408,600 |
| Actual Cash-out | $0 |
Available cash-out is your home's $500,000 value minus your $400,000 mortgage balance(s).
Actual cash-out is the $400,000 loan amount you've chosen minus the same $400,000 mortgage balance.
The portion of your monthly payment that applies to and reduces your loan balance is called principal.
Interest accrues on your loan every day. When you make a payment, the interest that has accumulated since your last payment is paid first, bringing your accrued interest balance to zero.
While VA loans do not impose monthly or annual mortgage insurance, there is typically a funding fee that is added to the base VA loan amount at inception. The funding fee is determined by eligibility status, down payment, the purpose of the loan (purchase or refinance).
If this is not the first time you've used your VA loan eligibility, your new VA loan will be considered subsequent use when determining the applicable funding fee.
The VA funding fee can be waived in certain circumstances.
VA lenders may require that you pay your property taxes every year through your lender. The lender will divide the annual property tax amount by 12 and include it in your monthly house payment.
Similarly to property taxes, your lender will likely pay your homeowners insurance annually. This premium is divided by 12 and added to your monthly payment.
Since these payments are made annually (sometimes semi-annually or quarterly), your lender will hold the funds in an account called an escrow or impound account. The lender then pays from this account when the bills are due.
Eligible veterans and active duty military can access 100% of their VA appraised home value with a VA cash-out refinance.
With property values rising nationwide, many people are taking advantage of their positive equity to pay off debt, improve their home, and many other worthwhile reasons. Use our VA cash-out refinance calculator to estimate how much money you can use for nearly any reason.
Understanding the VA refinance process will assure your experience goes smoothly.
An approved VA lender will complete your request. Here's what to expect.
VA loans are available to eligible veterans, reservists, and active duty military personnel. If your current mortgage is a VA loan or you've had a VA loan in the past, that's okay. Your VA eligibility is typically restored upon paying off your previous VA loan, and VA eligibility is simultaneously restored when paying off an existing VA loan.
Learn everything about VA loans, their benefits, and how to qualify. Discover why they’re a top choice for eligible homebuyers in 2025.
VA loans likely have the best mortgage terms available in the marketplace. Why aren’t more veterans using them?
Homelessness in the most advanced country in the world is unacceptable. Allowing military veterans to make up any portion of that is worse.
Using VA benefits to buy a home is not dissimilar to traditional financing, but there are a few things every VA homebuyer should know upfront.
Veteran's should be on the lookout for these new scams.
VA home loan benefits are geared towards protecting VA homebuyers throughout the buying process. Those protections are making it more difficult to buy using a VA loan.
