VA Mortgage Calculator

Calculate Your VA Mortgage Payment with Precision

Our comprehensive VA Mortgage Calculator helps military veterans, active-duty service members, and eligible surviving spouses determine their exact monthly mortgage payments using current VA loan rates and funding fees. Get instant calculations that include all costs associated with your VA home loan.

How to Use the VA Mortgage Calculator

Step 1: Enter Your Home Details

• Home Purchase Price: Enter the total price of the home you’re considering
• Down Payment: While VA loans allow 0% down, you can enter any down payment amount to see how it affects your funding fee
• Interest Rate: Input the current VA loan rate (typically competitive with conventional loans)
• Loan Term: Choose from 15, 20, 25, or 30-year loan terms

Step 2: Configure VA-Specific Settings

• VA Loan Usage: Select whether this is your first VA loan or subsequent use (affects funding fee rates)
• County Type: Choose between standard counties ($806,500 limit) or high-cost areas ($1,209,750 limit)
• Disability Status: Check if you’re a disabled veteran with 10%+ rating to eliminate the funding fee
• Additional Costs: Include property taxes, home insurance, and HOA fees for complete monthly payment calculation

Step 3: Review Your Results

The calculator provides detailed breakdowns including:

• Monthly principal and interest payment
• Total monthly payment with taxes and insurance
• VA funding fee amount
• Complete loan summary with total interest costs

Understanding VA Loan Benefits

No Down Payment Required

VA loans are among the few mortgage programs that allow qualified borrowers to purchase homes with zero down payment. This benefit helps veterans achieve homeownership without needing substantial savings for a down payment.

No Private Mortgage Insurance (PMI)

Unlike conventional loans that require PMI when you put down less than 20%, VA loans never require monthly mortgage insurance premiums. This can save hundreds of dollars monthly compared to other loan programs.

Competitive Interest Rates

VA loans typically offer interest rates that are competitive with or better than conventional mortgages. The VA guarantee reduces lender risk, often resulting in better rates for borrowers.

Reusable Benefits

Your VA loan entitlement can be used multiple times throughout your lifetime. After paying off a previous VA loan, you can restore your full entitlement and use it again for future home purchases.

Current VA Loan Limits and Funding Fees

Loan Limits

• Standard Counties: $806,500 for single-family homes
• High-Cost Areas: Up to $1,209,750 in expensive markets
• Full Entitlement: Veterans with full entitlement have no loan limits

Funding Fee Rates

The VA funding fee helps sustain the loan program for future generations of veterans:

• First-Time Use: 2.15% with no down payment, 1.5% with 5%+ down
• Subsequent Use: 3.3% with no down payment, 1.25% with 10%+ down
• Disabled Veterans: Complete exemption from funding fees with 10%+ disability rating

Maximizing Your VA Loan Benefits

Consider Your Down Payment Strategy

While VA loans don’t require down payments, putting money down can:

• Reduce your funding fee significantly
• Lower your monthly payment
• Build immediate equity in your home
• Potentially secure better interest rates

Understand County Loan Limits

If you’re purchasing in a high-cost area, verify the specific loan limits for your county. Veterans with full entitlement can exceed these limits without down payments, while those with partial entitlement may need to contribute funds for amounts above the limit.

Factor in All Monthly Costs

Your mortgage payment extends beyond principal and interest. Budget for:

• Property taxes (varies by location)
• Homeowners insurance
• HOA fees (if applicable)
• Maintenance and utilities

VA Loan Eligibility Requirements

Service Requirements

Eligibility varies based on service history:

• Active Duty: 90 consecutive days during wartime, 181 days during peacetime
• Veterans: Minimum service requirements based on service dates and discharge status
• National Guard/Reserves: Six years of service or 90 days of active duty
• Surviving Spouses: Eligible under specific circumstances

Credit and Income Standards

While the VA doesn’t set minimum credit scores, most lenders require:

• Credit scores of 580 or higher
• Stable income and employment history
• Debt-to-income ratios typically under 41%
• Sufficient residual income for living expenses

Smart Tips for VA Home Buyers

Shop Multiple Lenders

VA-approved lenders can offer different rates and terms. Compare offers from several lenders to ensure you’re getting the best deal available for your situation.

Consider the Certificate of Eligibility (COE)

Obtain your COE early in the process. This document proves your eligibility to lenders and can be requested online through the VA’s eBenefits portal or through your lender.

Budget for Closing Costs

While VA loans limit what veterans can pay in closing costs, budget for allowed expenses such as:

• Appraisal fees
• Credit report costs
• Title insurance
• Recording fees

Understand Assumable Loans

VA loans are assumable, meaning qualified buyers can take over your loan payments and terms. This feature can be valuable when selling in a rising interest rate environment.

Frequently Asked Questions

Can I use my VA loan benefit multiple times?

Yes, VA loan benefits are reusable. You can restore your full entitlement by paying off your previous VA loan or by having a qualified veteran assume your loan.

What happens if I exceed the county loan limit?

Veterans with full entitlement can borrow above county limits with no down payment. Those with partial entitlement may need to make a down payment equal to 25% of the amount exceeding the limit.

Can I refinance my VA loan?

VA offers two refinance options: the Interest Rate Reduction Refinance Loan (IRRRL) for lowering rates, and cash-out refinancing for accessing home equity.

Are there property restrictions with VA loans?

VA loans must be used for primary residences. The property must meet VA’s Minimum Property Requirements to ensure it’s safe, sound, and sanitary.

How long does VA loan approval take?

The VA loan process typically takes 30-45 days from application to closing, similar to conventional loans. Having your COE ready can expedite the process.

Can I buy a fixer-upper with a VA loan?

Standard VA loans require properties to be move-in ready. However, VA renovation loans allow you to finance both the purchase and renovation costs in a single loan.

What if my disability claim is pending?

You can request a funding fee refund if your disability claim is approved after closing. The VA will refund the fee once your disability rating is confirmed.

Making the Most of Your Military Home Buying Benefits

Your military service has earned you access to one of the most powerful home buying programs available. The VA loan program removes many barriers to homeownership, offering competitive terms that can save thousands of dollars over the life of your loan.

Use this calculator to explore different scenarios and understand how various factors affect your monthly payment. Whether you’re a first-time homebuyer or looking to upgrade to a larger home, VA loans provide flexibility and benefits that make homeownership more accessible and affordable for those who’ve served our country.

Remember that while this calculator provides accurate estimates based on current rates and fees, your actual loan terms may vary based on your specific financial situation, credit profile, and lender requirements. Always consult with VA-approved lenders to get personalized quotes and explore all available options for your unique circumstances.