Accessing http url hosted on a VNet Peered VM from another VM

If I peer two Bastion VMs via VNet, and run a web application on one VM, will I be able to access its REST url from the other VM? Is there a charge involved for this type of access? Sorry that I couldn't find it in me to understand all that jargon about ingress, egresss and gateways. I just want the simple answer to my question.