Calculate potential savings and costs for your VA Interest Rate Reduction Refinance Loan.
VA IRRRL Refinance Details
Enter the outstanding principal balance of your current VA loan.
Enter your current VA loan's annual interest rate.
Enter the estimated annual interest rate for the new IRRRL.
Include all fees, VA funding fee (if applicable), appraisals, etc.
Enter the number of months left on your current VA loan.
30 Years
25 Years
20 Years
15 Years
10 Years
Select the desired loan term for your new IRRRL.
IRRRL Savings Summary
—Estimated Monthly Savings
Current Estimated Payment: —
New Estimated Payment: —
Total Interest Paid (Original Term): —
Total Interest Paid (New Term): —
Break-Even Point (Months): —
Total Savings Over New Term: —
Formula Basis: Standard mortgage payment calculations (P&I) using the amortization formula M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is monthly payment, P is principal loan balance, i is monthly interest rate (annual rate / 12), and n is total number of payments (loan term in months). Closing costs are factored into the break-even and total savings calculations.
Total Interest Paid Comparison
Comparison of total interest paid over the remaining term of the original loan versus the new IRRRL, including estimated closing costs in the new loan's total cost.
Loan Amortization Comparison
Year
Original Loan Balance Remaining
Original Loan Interest Paid
New IRRRL Balance Remaining
New IRRRL Interest Paid
Enter loan details to populate table.
Yearly breakdown of remaining loan balances and interest paid for both your current VA loan and the proposed VA IRRRL.
What is a VA IRRRL Calculator?
A VA IRRRL calculator is a specialized financial tool designed to help eligible Veterans and service members estimate the potential benefits and costs associated with refinancing their existing Department of Veterans Affairs (VA) guaranteed home loan through an Interest Rate Reduction Refinance Loan (IRRRL). The primary goal of a VA IRRRL is to lower your monthly mortgage payment, your total monthly mortgage cost, or to convert your loan from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. This calculator simplifies the complex calculations involved, allowing users to input key details about their current loan and proposed refinance to see projected outcomes.
Who should use it: Active duty military personnel, Veterans, and eligible surviving spouses who currently have a VA-guaranteed loan and are looking to refinance. It's particularly useful for those who have seen interest rates drop since they obtained their original loan, or whose existing loan is an adjustable-rate mortgage they wish to stabilize. The VA IRRRL calculator is a crucial first step before speaking with lenders, enabling informed decision-making.
Common misconceptions: A common misunderstanding is that an IRRRL is just another mortgage refinance. However, VA IRRRLs have specific streamlined requirements and benefits, often involving fewer closing costs and less paperwork than conventional refinances. Another misconception is that you must be getting out of the military to do one; this is false. The VA IRRRL calculator helps clarify these benefits by showing tangible savings. It's also important to note that while the IRRRL aims to reduce costs, the upfront closing costs must be considered, as demonstrated by the break-even analysis in the results.
VA IRRRL Calculator Formula and Mathematical Explanation
The core of the VA IRRRL calculator relies on the standard mortgage payment formula, commonly known as the amortization formula. It calculates the principal and interest (P&I) payment for both the current loan and the proposed IRRRL. The calculator then factors in closing costs to determine savings, break-even points, and total interest paid.
The Amortization Formula
The formula to calculate the monthly payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Variable Explanations
Here's a breakdown of the variables used in the calculation:
Variable
Meaning
Unit
Typical Range
M
Monthly Mortgage Payment (Principal & Interest)
Currency ($)
Varies based on loan details
P
Principal Loan Balance (Current or New)
Currency ($)
$50,000 – $1,000,000+
i
Monthly Interest Rate
Decimal (Annual Rate / 12)
0.002 (0.25%) – 0.083 (8.33%) or higher
n
Total Number of Payments (Loan Term)
Months
120 (10 years) – 360 (30 years)
Current Loan Balance
Principal amount outstanding on the existing VA loan.
Currency ($)
$50,000 – $1,000,000+
Current Interest Rate
Annual interest rate of the existing VA loan.
Percent (%)
1.0% – 10%+
New Interest Rate
Annual interest rate offered for the new VA IRRRL.
Percent (%)
1.0% – 10%+ (Ideally lower than current)
Remaining Loan Term
Number of months left on the current VA loan.
Months
60 – 360
New Loan Term
Desired loan term (in months) for the new VA IRRRL. Can be same, shorter, or longer (up to 30 years).
Months
120 – 360
Closing Costs
Total estimated fees and charges for the IRRRL.
Currency ($)
$1,000 – $10,000+
Calculation Steps in the VA IRRRL Calculator:
Calculate Current Monthly Payment: Using the current loan balance (P_current), current annual interest rate (IR_current), and remaining loan term in months (n_current), the formula calculates the current P&I payment (M_current). The monthly interest rate 'i' is derived as IR_current / 100 / 12.
Calculate New Monthly Payment: Using the current loan balance (P_current) (as IRRRLs typically don't allow cash-out and only roll in costs), the new annual interest rate (IR_new), and the new loan term in months (n_new), the formula calculates the projected P&I payment (M_new). The monthly interest rate 'i' is derived as IR_new / 100 / 12.
Calculate Total Interest Paid (Original): M_current * n_current – P_current.
Calculate Total Interest Paid (New): M_new * n_new – P_current (assuming closing costs are rolled into the loan balance). For simplicity in this tool, we calculate M_new * n_new and then subtract the *original* principal, as the closing costs are handled separately for break-even. The true new total cost is M_new * n_new + Closing Costs.
Calculate Closing Costs: The amount entered by the user.
Calculate Break-Even Point: The point where the savings from the lower monthly payment offset the upfront closing costs. Formula: Closing Costs / (M_current – M_new).
Calculate Total Savings: This is the sum of the monthly savings over the new loan term, minus the closing costs. Formula: (M_current – M_new) * n_new – Closing Costs.
The VA IRRRL calculator presents these figures clearly, with the primary result often being the estimated monthly savings or total savings over the life of the loan.
Practical Examples (Real-World Use Cases)
Example 1: Lowering Monthly Payments
Scenario: A Veteran has an existing VA loan with a balance of $280,000 at 5.0% interest, with 25 years (300 months) remaining. They are offered a new VA IRRRL with a rate of 4.0% and a closing cost estimate of $6,000. They opt for a new 30-year term (360 months) to lower their payment further.
Total Savings Over New Term: ~$117,500 (approx. (328.53 * 360) – 6000)
Financial Interpretation: This Veteran can significantly reduce their monthly housing payment by approximately $328. This refinance makes sense even with the $6,000 in closing costs, as they would recoup those costs in under 2 years. Over the full 30-year term of the new loan, they could save over $100,000 in interest, assuming rates stay the same and they keep the loan for the entire duration.
Example 2: Switching from ARM to Fixed Rate with Cost Savings
Scenario: A service member has an adjustable-rate VA loan with a balance of $190,000. The current rate is 4.8% and will adjust upwards soon. There are 28 years (336 months) remaining. They secure a VA IRRRL with a fixed rate of 4.2% and closing costs of $4,500. They choose a new 30-year term (360 months) to lock in a payment.
Total Savings Over New Term: ~$33,650 (approx. (109.30 * 360) – 4500)
Financial Interpretation: While the monthly savings are less dramatic in this case (around $109), the primary benefit is converting from a potentially risky ARM to a stable fixed-rate loan, providing payment certainty. The break-even point is longer at over 3 years, but if the service member plans to stay in the home long-term, the overall interest savings of approximately $33,000 over the 30-year new term are substantial. This mortgage refinance calculator can help compare different scenarios.
How to Use This VA IRRRL Calculator
Using the VA IRRRL calculator is straightforward. Follow these steps to understand your potential refinance savings:
Gather Your Current Loan Information: You'll need your current VA loan balance, the exact interest rate, and the remaining term in months. You can find this on your latest mortgage statement.
Estimate New Loan Terms: Determine the interest rate you anticipate securing for the IRRRL. Lenders can provide quotes, but use a realistic estimate. Also, find out the estimated closing costs associated with the refinance. Finally, decide on your desired new loan term (e.g., 30 years, 25 years). Remember, extending the term can lower payments but increase total interest paid over time.
Input the Data: Enter each piece of information into the corresponding fields in the calculator. Ensure accuracy, especially with interest rates and loan balances.
Calculate: Click the "Calculate Savings" button.
Interpreting the Results:
Estimated Monthly Savings: This is the difference between your current estimated P&I payment and the new estimated P&I payment. A positive number indicates savings.
New Estimated Payment: This is the projected monthly P&I payment for the IRRRL.
Break-Even Point (Months): This tells you how many months it will take for your monthly savings to equal the closing costs. If you plan to move or refinance again before this point, the IRRRL might not be financially beneficial in the short term.
Total Savings Over New Term: This estimates your total interest savings over the entire duration of the new loan, after accounting for closing costs. This is a key figure for long-term financial planning.
Decision-Making Guidance:
Consider the break-even point in relation to how long you plan to stay in the home. If the savings are significant and the break-even point is reasonable (typically under 3-5 years), the mortgage payment calculator can help you visualize affordability. Also, weigh the benefit of a lower payment or a fixed rate against the potential for paying more interest over a longer loan term. The VA IRRRL is designed to be cost-effective, but it's crucial to ensure it aligns with your financial goals.
Key Factors That Affect VA IRRRL Results
Several factors critically influence the outcome of a VA IRRRL and the figures generated by this VA IRRRL calculator:
Interest Rate Differential: The larger the gap between your current rate and the new rate, the greater your monthly and total interest savings will be. This is the most significant driver of savings in an IRRRL.
Closing Costs: VA IRRRLs have limitations on closing costs, but they can still add up. These include the VA funding fee (often financed, reducing upfront cost), appraisal fees, title insurance, recording fees, etc. Higher closing costs increase the break-even point and reduce net savings. Our loan closing cost calculator can help estimate these expenses.
Loan Term: Choosing a longer loan term (e.g., 30 years vs. 25 years remaining) will result in a lower monthly payment but will increase the total interest paid over the life of the loan. Conversely, a shorter term saves more interest but increases the monthly payment.
Current Loan Balance: A larger principal balance generally leads to larger potential savings in absolute dollar amounts, assuming comparable rates and terms.
Original Loan Terms: The original interest rate and term length set the baseline. A high initial rate or a long remaining term on the original loan creates more opportunity for savings with an IRRRL.
Lender Fees and Points: While VA regulations limit certain fees and require costs to be rolled in if they exceed a certain threshold, lenders may still charge points to lower the interest rate. These should be carefully evaluated against the rate reduction they provide.
Inflation and Economic Conditions: While not directly in the calculator's formulas, understanding the broader economic picture helps. If inflation is high and expected to rise, locking in a lower fixed rate via IRRRL can be advantageous against future rising costs. Conversely, if rates are expected to fall dramatically, waiting might be considered, though IRRRLs are generally pursued when rates are favorable.
Home Value and Equity: Although IRRRLs typically do not require an appraisal and have limits on loan-to-value ratios, the underlying value of the home impacts the lender's risk and the rates they might offer.
Frequently Asked Questions (FAQ)
Q1: Can I get cash out with a VA IRRRL?
A: No, a key feature of the VA IRRRL is that it is not designed for cash-out refinancing. The loan proceeds are primarily used to pay off the existing VA loan and to finance the closing costs associated with the new loan.
Q2: Does a VA IRRRL require an appraisal?
A: Typically, no. One of the major benefits of the VA IRRRL is that it's a streamlined refinance process, often eliminating the need for a formal appraisal, credit underwriting, or employment verification, provided the borrower has been making timely payments on the existing VA loan.
Q3: What are the closing costs for a VA IRRRL?
A: Closing costs can include the VA funding fee (which can often be financed into the loan), lender origination fees, title insurance, recording fees, and other miscellaneous charges. VA limits the amount of closing costs that can be financed into the loan (generally up to 2% of the loan amount).
Q4: How much can my interest rate be reduced with an IRRRL?
A: While there's no strict minimum, VA loans generally require the new interest rate to be lower than the existing rate to justify the refinance. The VA IRRRL calculator shows potential savings based on the rates you input.
Q5: Can I extend my loan term with a VA IRRRL?
A: Yes, you can extend your loan term up to 30 years (360 months) with a VA IRRRL. This can help lower your monthly payment, but remember it might increase the total interest paid over the life of the loan, as illustrated by the VA IRRRL Calculator.
Q6: What happens to my VA loan entitlement after an IRRRL?
A: Your VA loan entitlement is generally restored or remains available after an IRRRL, as it's still a VA-guaranteed loan.
Q7: How soon can I do a VA IRRRL?
A: Typically, you can perform an IRRRL once you have made at least six monthly payments on your existing VA loan and it has been at least six months since the effective date of the original loan.
Q8: What if my credit score has dropped since my original VA loan?
A: While IRRRLs are streamlined, lenders will still review your payment history. If you've been making on-time payments, a lower credit score may not be a disqualifier, but it could impact the interest rate you are offered. Always check with your lender about their specific requirements.
Q9: Can I use the VA IRRRL calculator if I don't have a VA loan currently?
A: No, this specific calculator is only for refinancing an existing VA loan into another VA loan using the IRRRL program. For other types of refinances, you would need a general mortgage refinance calculator.
Related Tools and Internal Resources
Mortgage Payment CalculatorEstimate your monthly principal and interest payments based on loan amount, interest rate, and term.
Mortgage Refinance CalculatorCompare different refinance scenarios to understand potential savings and break-even points for any mortgage.
Loan Closing Cost CalculatorEstimate the various fees and expenses you might encounter when closing on a new mortgage or refinance.
VA Loan Eligibility CheckerDetermine if you qualify for VA home loan benefits and understand your Certificate of Eligibility (COE).
VA Loan Rates OverviewGet an understanding of current market rates for VA loans and how they compare.
Guide to VA IRRRLA detailed explanation of the VA Interest Rate Reduction Refinance Loan program, its benefits, and requirements.
// Charting Library (Pure JavaScript)
var chart = null;
var chartCanvas = document.getElementById('irrrlChart');
var ctx = chartCanvas.getContext('2d');
function drawChart(currentBalance, currentRate, newRate, currentTerm, newTerm, closingCosts) {
if (chart) {
chart.destroy();
}
var years = 30; // Max years to display
var monthlyInterestRateCurrent = currentRate / 100 / 12;
var monthlyInterestRateNew = newRate / 100 / 12;
var labels = [];
var currentInterestPaidPerYear = [];
var newInterestPaidPerYear = [];
var currentBalanceRemaining = [];
var newBalanceRemaining = [];
var currentTotalInterestPaid = 0;
var newTotalInterestPaid = 0;
var currentYrInterest = 0;
var newYrInterest = 0;
var currentRemainingPrincipal = currentBalance;
var newRemainingPrincipal = currentBalance; // Start with same principal, costs added implicitly by lower payment
for (var year = 0; year 0 && monthlyInterestRateCurrent > 0) {
var currentPayment = calculateMonthlyPayment(currentBalance, currentRate, currentTerm);
for (var month = 0; month < currentLoanMonthsThisYear; month++) {
if (currentTerm – (year * 12) – month 0 && currentBalanceRemaining[year-1] == 0) { // Stop if already paid off
// Fill remaining with 0s for consistency if needed
for(var y = year; y < years; y++) {
if(labels.length 0 && monthlyInterestRateNew > 0) {
var newPayment = calculateMonthlyPayment(currentBalance, newRate, newTerm); // Recalculate payment based on new loan
for (var month = 0; month < newLoanMonthsThisYear; month++) {
if (newTerm – (year * 12) – month 0 && newBalanceRemaining[year-1] == 0) { // Stop if already paid off
// Fill remaining with 0s for consistency if needed
for(var y = year; y < years; y++) {
if(labels.length < years) labels.push(y + 1);
//currentInterestPaidPerYear.push(0); //already handled above
newInterestPaidPerYear.push(0);
//currentBalanceRemaining.push(0); //already handled above
newBalanceRemaining.push(0);
}
break; // Exit loop if loan is paid off
}
}
newInterestPaidPerYear.push(newYrInterest);
// Ensure arrays are correctly sized if loop breaks early
if (labels.length < years) {
for(var y = year + 1; y 0 && remainingMonths > 0) {
return years + ' years, ' + remainingMonths + ' months';
} else if (years > 0) {
return years + ' years';
} else {
return remainingMonths + ' months';
}
}
// Calculate Monthly Payment (P&I)
function calculateMonthlyPayment(principal, annualRate, termInMonths) {
if (principal <= 0 || annualRate < 0 || termInMonths <= 0) {
return 0;
}
var monthlyRate = annualRate / 100 / 12;
var n = termInMonths;
var P = principal;
var numerator = monthlyRate * Math.pow(1 + monthlyRate, n);
var denominator = Math.pow(1 + monthlyRate, n) – 1;
if (denominator === 0) return 0; // Avoid division by zero if rate is 0
var M = P * (numerator / denominator);
return M;
}
// Calculate Total Interest Paid
function calculateTotalInterest(principal, monthlyPayment, termInMonths) {
if (principal <= 0 || monthlyPayment <= 0 || termInMonths <= 0) {
return 0;
}
return (monthlyPayment * termInMonths) – principal;
}
// Validate Input Fields
function validateInputs() {
var errors = false;
var inputs = {
currentLoanBalance: { min: 10000, max: 10000000, req: true, msg: "Please enter a valid current loan balance (e.g., 250000)." },
currentInterestRate: { min: 0.1, max: 20, req: true, msg: "Please enter your current interest rate (e.g., 4.5%)." },
newInterestRate: { min: 0.1, max: 20, req: true, msg: "Please enter the new interest rate (e.g., 3.5%)." },
closingCosts: { min: 0, max: 50000, req: true, msg: "Please enter estimated closing costs (e.g., 5000)." },
loanTermMonths: { min: 60, max: 480, req: true, msg: "Please enter the remaining loan term in months (e.g., 300)." }
};
for (var id in inputs) {
var el = document.getElementById(id);
var errEl = document.getElementById('err_' + id);
var value = parseFloat(el.value);
var isValid = true;
// Clear previous errors
errEl.innerText = '';
errEl.classList.remove('visible');
el.style.borderColor = 'var(–border-color)';
if (inputs[id].req && (el.value === '' || isNaN(value))) {
isValid = false;
errEl.innerText = 'This field is required.';
} else if (value inputs[id].max) {
isValid = false;
errEl.innerText = inputs[id].msg;
} else if (id === 'newInterestRate' && value >= parseFloat(document.getElementById('currentInterestRate').value)) {
isValid = false;
errEl.innerText = "New rate should ideally be lower than the current rate for savings.";
// Don't mark as critical error, just a warning. var calculation proceed.
} else if (id === 'loanTermMonths' && value < 6) {
isValid = false;
errEl.innerText = "Loan term must be at least 6 months.";
}
if (!isValid) {
errors = true;
errEl.classList.add('visible');
el.style.borderColor = 'var(–error-color)';
}
}
return !errors;
}
// Main Calculation Function
function calculateIRRRL() {
if (!validateInputs()) {
document.getElementById('primaryResultValue').innerText = '–';
document.getElementById('primaryResultLabel').innerText = 'Invalid Input';
document.getElementById('currentPayment').innerText = '–';
document.getElementById('newPayment').innerText = '–';
document.getElementById('totalInterestOriginal').innerText = '–';
document.getElementById('totalInterestNew').innerText = '–';
document.getElementById('breakEvenMonths').innerText = '–';
document.getElementById('totalSavingsNewTerm').innerText = '–';
// Clear chart and table
if (chart) { chart.destroy(); chart = null; }
document.getElementById('amortizationTableBody').innerHTML = '
Please correct errors and recalculate.
';
return;
}
var currentLoanBalance = parseFloat(document.getElementById('currentLoanBalance').value);
var currentInterestRate = parseFloat(document.getElementById('currentInterestRate').value);
var newInterestRate = parseFloat(document.getElementById('newInterestRate').value);
var closingCosts = parseFloat(document.getElementById('closingCosts').value);
var loanTermMonths = parseInt(document.getElementById('loanTermMonths').value);
var newLoanTermMonths = parseInt(document.getElementById('newLoanTermMonths').value);
// Calculations
var currentPayment = calculateMonthlyPayment(currentLoanBalance, currentInterestRate, loanTermMonths);
var newPayment = calculateMonthlyPayment(currentLoanBalance, newInterestRate, newLoanTermMonths);
var monthlySavings = currentPayment – newPayment;
var totalInterestOriginal = calculateTotalInterest(currentLoanBalance, currentPayment, loanTermMonths);
var totalInterestNew = calculateTotalInterest(currentLoanBalance, newPayment, newLoanTermMonths);
var breakEvenMonths = 0;
if (monthlySavings > 0) {
breakEvenMonths = closingCosts / monthlySavings;
} else {
breakEvenMonths = Infinity; // Cannot break even if no monthly savings
}
var totalSavingsNewTerm = (monthlySavings * newLoanTermMonths) – closingCosts;
// Update Results Display
var primaryResultValue = document.getElementById('primaryResultValue');
var primaryResultLabel = document.getElementById('primaryResultLabel');
if (monthlySavings >= 0) {
primaryResultValue.innerText = formatCurrency(monthlySavings);
primaryResultLabel.innerText = 'Estimated Monthly Savings';
primaryResultValue.style.backgroundColor = 'var(–success-color)';
} else {
primaryResultValue.innerText = formatCurrency(Math.abs(monthlySavings));
primaryResultLabel.innerText = 'Estimated Monthly Increase';
primaryResultValue.style.backgroundColor = 'var(–error-color)';
}
document.getElementById('currentPayment').innerText = formatCurrency(currentPayment);
document.getElementById('newPayment').innerText = formatCurrency(newPayment);
document.getElementById('totalInterestOriginal').innerText = formatCurrency(totalInterestOriginal);
document.getElementById('totalInterestNew').innerText = formatCurrency(totalInterestNew);
document.getElementById('breakEvenMonths').innerText = isFinite(breakEvenMonths) ? Math.ceil(breakEvenMonths) + ' months' : 'N/A';
document.getElementById('totalSavingsNewTerm').innerText = formatCurrency(totalSavingsNewTerm);
// Update Table
populateAmortizationTable(currentLoanBalance, currentInterestRate, loanTermMonths, newInterestRate, newLoanTermMonths, closingCosts);
// Update Chart
drawChart(currentLoanBalance, currentInterestRate, newInterestRate, loanTermMonths, newLoanTermMonths, closingCosts);
}
function populateAmortizationTable(currentBalance, currentRate, currentTerm, newRate, newTerm, closingCosts) {
var tableBody = document.getElementById('amortizationTableBody');
tableBody.innerHTML = "; // Clear previous data
var monthlyRateCurrent = currentRate / 100 / 12;
var monthlyRateNew = newRate / 100 / 12;
var currentPayment = calculateMonthlyPayment(currentBalance, currentRate, currentTerm);
var newPayment = calculateMonthlyPayment(currentBalance, newRate, newTerm);
var currentRemainingPrincipal = currentBalance;
var newRemainingPrincipal = currentBalance;
var currentTotalInterestPaid = 0;
var newTotalInterestPaid = 0;
var maxYears = Math.max(Math.ceil(currentTerm / 12), Math.ceil(newTerm / 12), 30); // Ensure we cover at least 30 years or the loan term
for (var year = 0; year < maxYears; year++) {
var row = tableBody.insertRow();
var cellYear = row.insertCell();
cellYear.textContent = year + 1;
var currentYearInterest = 0;
var newYearInterest = 0;
var currentYearPrincipalPaid = 0;
var newYearPrincipalPaid = 0;
for (var month = 0; month < 12; month++) {
var currentMonthIndex = year * 12 + month;
// Current Loan Amortization
if (currentMonthIndex 0) {
var interestThisMonth = currentRemainingPrincipal * monthlyRateCurrent;
var principalThisMonth = currentPayment – interestThisMonth;
currentYearInterest += interestThisMonth;
currentYearPrincipalPaid += principalThisMonth;
currentRemainingPrincipal -= principalThisMonth;
currentRemainingPrincipal = Math.max(0, currentRemainingPrincipal); // Ensure it doesn't go negative
currentTotalInterestPaid += interestThisMonth;
}
// New Loan Amortization
if (currentMonthIndex 0) {
var interestThisMonthNew = newRemainingPrincipal * monthlyRateNew;
var principalThisMonthNew = newPayment – interestThisMonthNew;
newYearInterest += interestThisMonthNew;
newYearPrincipalPaid += principalThisMonthNew;
newRemainingPrincipal -= principalThisMonthNew;
newRemainingPrincipal = Math.max(0, newRemainingPrincipal); // Ensure it doesn't go negative
newTotalInterestPaid += interestThisMonthNew;
}
}
// Add cells for current loan remaining balance and interest
var cellCurrentBalance = row.insertCell();
cellCurrentBalance.textContent = currentRemainingPrincipal === 0 ? '0' : formatCurrency(currentRemainingPrincipal);
var cellCurrentInterest = row.insertCell();
cellCurrentInterest.textContent = formatCurrency(currentYearInterest);
// Add cells for new loan remaining balance and interest
var cellNewBalance = row.insertCell();
cellNewBalance.textContent = newRemainingPrincipal === 0 ? '0' : formatCurrency(newRemainingPrincipal);
var cellNewInterest = row.insertCell();
cellNewInterest.textContent = formatCurrency(newYearInterest);
// If both loans are paid off, stop populating
if (currentRemainingPrincipal === 0 && newRemainingPrincipal === 0 && currentMonthIndex >= Math.max(currentTerm, newTerm) ) {
// Fill remaining years with zeros if needed, but exit loop
for (var fillYear = year + 1; fillYear < maxYears; fillYear++) {
var fillRow = tableBody.insertRow();
fillRow.insertCell().textContent = fillYear + 1;
fillRow.insertCell().textContent = '0.00';
fillRow.insertCell().textContent = '0.00';
fillRow.insertCell().textContent = '0.00';
fillRow.insertCell().textContent = '0.00';
}
break; // Exit the loop
}
}
}
// Reset Calculator
function resetCalculator() {
document.getElementById('currentLoanBalance').value = '';
document.getElementById('currentInterestRate').value = '';
document.getElementById('newInterestRate').value = '';
document.getElementById('closingCosts').value = '';
document.getElementById('loanTermMonths').value = '';
document.getElementById('newLoanTermMonths').value = '360'; // Default to 30 years
// Reset error messages and borders
var inputs = document.querySelectorAll('.loan-calc-container input, .loan-calc-container select');
for (var i = 0; i < inputs.length; i++) {
var errEl = document.getElementById('err_' + inputs[i].id);
if (errEl) {
errEl.innerText = '';
errEl.classList.remove('visible');
}
inputs[i].style.borderColor = 'var(–border-color)';
}
document.getElementById('primaryResultValue').innerText = '–';
document.getElementById('primaryResultLabel').innerText = 'Estimated Monthly Savings';
document.getElementById('currentPayment').innerText = '–';
document.getElementById('newPayment').innerText = '–';
document.getElementById('totalInterestOriginal').innerText = '–';
document.getElementById('totalInterestNew').innerText = '–';
document.getElementById('breakEvenMonths').innerText = '–';
document.getElementById('totalSavingsNewTerm').innerText = '–';
// Clear chart
if (chart) {
chart.destroy();
chart = null;
}
ctx.clearRect(0, 0, chartCanvas.width, chartCanvas.height); // Clear canvas explicitly
// Clear table
document.getElementById('amortizationTableBody').innerHTML = '
Enter loan details to populate table.
';
}
// Copy Results to Clipboard
function copyResults() {
var currentLoanBalance = document.getElementById('currentLoanBalance').value;
var currentInterestRate = document.getElementById('currentInterestRate').value;
var newInterestRate = document.getElementById('newInterestRate').value;
var closingCosts = document.getElementById('closingCosts').value;
var loanTermMonths = document.getElementById('loanTermMonths').value;
var newLoanTermMonths = document.getElementById('newLoanTermMonths').value;
var primaryResultValue = document.getElementById('primaryResultValue').innerText;
var primaryResultLabel = document.getElementById('primaryResultLabel').innerText;
var currentPayment = document.getElementById('currentPayment').innerText;
var newPayment = document.getElementById('newPayment').innerText;
var totalInterestOriginal = document.getElementById('totalInterestOriginal').innerText;
var totalInterestNew = document.getElementById('totalInterestNew').innerText;
var breakEvenMonths = document.getElementById('breakEvenMonths').innerText;
var totalSavingsNewTerm = document.getElementById('totalSavingsNewTerm').innerText;
var summary = "VA IRRRL Calculation Summary:\n\n";
summary += "Input Details:\n";
summary += "- Current Loan Balance: " + (currentLoanBalance ? formatCurrency(parseFloat(currentLoanBalance)) : '–') + "\n";
summary += "- Current Interest Rate: " + (currentInterestRate ? currentInterestRate + '%' : '–') + "\n";
summary += "- New Interest Rate: " + (newInterestRate ? newInterestRate + '%' : '–') + "\n";
summary += "- Estimated Closing Costs: " + (closingCosts ? formatCurrency(parseFloat(closingCosts)) : '–') + "\n";
summary += "- Remaining Loan Term: " + (loanTermMonths ? formatMonths(parseInt(loanTermMonths)) : '–') + "\n";
summary += "- New Loan Term: " + (newLoanTermMonths ? formatMonths(parseInt(newLoanTermMonths)) : '–') + "\n\n";
summary += "Results:\n";
summary += primaryResultLabel + ": " + primaryResultValue + "\n";
summary += "Current Estimated Payment: " + currentPayment + "\n";
summary += "New Estimated Payment: " + newPayment + "\n";
summary += "Total Interest Paid (Original Term): " + totalInterestOriginal + "\n";
summary += "Total Interest Paid (New Term): " + totalInterestNew + "\n";
summary += "Break-Even Point: " + breakEvenMonths + "\n";
summary += "Total Savings Over New Term: " + totalSavingsNewTerm + "\n";
navigator.clipboard.writeText(summary).then(function() {
// Success feedback – briefly change button text
var originalText = document.querySelector('.results-container .btn-success').innerText;
document.querySelector('.results-container .btn-success').innerText = 'Copied!';
setTimeout(function() {
document.querySelector('.results-container .btn-success').innerText = originalText;
}, 2000);
}, function(err) {
console.error('Failed to copy text: ', err);
// Failure feedback
var originalText = document.querySelector('.results-container .btn-success').innerText;
document.querySelector('.results-container .btn-success').innerText = 'Failed!';
setTimeout(function() {
document.querySelector('.results-container .btn-success').innerText = originalText;
}, 2000);
});
}
// Initial calculation on load if values are present (e.g., from URL parameters) – optional
document.addEventListener('DOMContentLoaded', function() {
// Add event listeners for real-time updates (optional, but good UX)
var inputFields = document.querySelectorAll('.loan-calc-container input, .loan-calc-container select');
for (var i = 0; i < inputFields.length; i++) {
inputFields[i].addEventListener('input', function() {
// Debounce or simple call calculateIRRRL()
// Simple call for immediate feedback
if(validateInputs()) { // Only calculate if inputs are currently valid enough to proceed
calculateIRRRL();
} else {
// If validation fails, clear results or show error state
document.getElementById('primaryResultValue').innerText = '–';
document.getElementById('primaryResultLabel').innerText = 'Invalid Input';
document.getElementById('currentPayment').innerText = '–';
document.getElementById('newPayment').innerText = '–';
document.getElementById('totalInterestOriginal').innerText = '–';
document.getElementById('totalInterestNew').innerText = '–';
document.getElementById('breakEvenMonths').innerText = '–';
document.getElementById('totalSavingsNewTerm').innerText = '–';
if (chart) { chart.destroy(); chart = null; }
document.getElementById('amortizationTableBody').innerHTML = '
Please correct errors and recalculate.
';
}
});
}
// Initial call to set default states if any
// calculateIRRRL(); // Uncomment if you want it to calculate immediately with default values or URL params
});