VA Mortgage Calculator
Calculate your VA home loan payments, funding fee, and total costs with zero down payment
VA Loan Benefits
No down payment required • No PMI • Competitive rates
VA loans allow 0% down payment
VA Loan Options
First-time users get lower funding fees
Disabled veterans, Purple Heart recipients, etc.
Roll the funding fee into your loan
Monthly Payment
Principal & Interest Only
Base Loan
Home price - down payment
VA Funding Fee
Total Loan
PMI Savings
Estimated monthly savings
VA Loan Details
| Home Price | |
| Down Payment | (LTV: %) |
| Base Loan Amount | |
| VA Funding Fee (%) | |
| VA Funding Fee | Exempt |
| Total Loan Amount | |
| Loan Term | years ( payments) |
| Interest Rate | % per year |
| Monthly Payment | |
| Total Interest | |
| Total Cost of Loan |
About VA Funding Fees
- • First Use: 2.15% (0% down), 1.50% (5%+ down), 1.25% (10%+ down)
- • Subsequent Use: 3.30% (0% down), rates same for 5%+ down
- • Exempt: Disabled veterans, Purple Heart recipients, surviving spouses
- • Tip: You can finance the funding fee into your loan or pay at closing
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About VA Mortgage Calculator
What is a VA Loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) and issued by private lenders. VA loans help eligible veterans, active-duty service members, and surviving spouses purchase homes with favorable terms including no down payment and no private mortgage insurance (PMI).
Key Features of VA Loans
No Down Payment Required
- Zero down payment on most VA loans
- No PMI requirement, saving hundreds per month
- Competitive interest rates (often lower than conventional loans)
- No prepayment penalties
VA Funding Fee
The VA funding fee is a one-time payment that helps offset the cost of the VA loan program:
| Category | First Use | Subsequent Use |
|---|---|---|
| Down Payment < 5% | 2.15% | 3.30% |
| Down Payment 5-9.99% | 1.50% | 1.50% |
| Down Payment ≥ 10% | 1.25% | 1.25% |
Exempt from Funding Fee:
- Veterans receiving VA disability compensation
- Surviving spouses of veterans who died in service or from service-connected disability
- Purple Heart recipients on active duty
2024 VA Loan Limits
- No loan limit for veterans with full entitlement
- County-based limits apply only if you have reduced entitlement
- Check your Certificate of Eligibility (COE) for your entitlement amount
How to Use This Calculator
- Enter Home Price: The total purchase price of the home
- Enter Down Payment (optional): VA loans allow 0% down
- Select Loan Term: Choose between 15, 20, or 30 years
- Enter Interest Rate: The annual interest rate from your lender
- First VA Loan?: Select whether this is your first VA loan usage
- Funding Fee Exempt?: Check if you qualify for a waiver
Understanding Your Results
Monthly Payment
- Principal & Interest: The base mortgage payment
- No PMI: VA loans don't require private mortgage insurance
- Total Monthly: Your complete payment amount
VA Funding Fee
- One-time fee based on down payment and loan usage
- Can be paid at closing or financed into the loan
- Ranges from 1.25% to 3.30% of the loan amount
VA Loan Formula
Monthly Payment Formula:
M = P × [r(1+r)^n] / [(1+r)^n – 1]
Where:
- M = Monthly payment
- P = Principal (loan amount + financed funding fee if applicable)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (years × 12)
VA Funding Fee: Loan Amount × Funding Fee Rate (based on down payment and usage)
Source: U.S. Department of Veterans Affairs, VA.gov
VA Loan vs Other Loan Types
| Feature | VA Loan | FHA Loan | Conventional |
|---|---|---|---|
| Down Payment | 0% | 3.5% | 3-20% |
| Mortgage Insurance | None | MIP required | PMI until 80% LTV |
| Credit Requirements | Flexible | 580+ | 620+ typically |
| Funding Fee | 1.25-3.30% | 1.75% + annual | None |
| Property Types | Primary residence | Primary residence | Any |
Frequently Asked Questions
Who is eligible for a VA loan?
VA loans are available to:
- Veterans who meet minimum service requirements
- Active-duty service members
- National Guard and Reserve members (with qualifying service)
- Surviving spouses of veterans who died in service or from service-connected causes
Can I use a VA loan more than once?
Yes! You can use your VA loan benefit multiple times. However, the funding fee increases for subsequent uses unless you put down 5% or more.
What's the maximum VA loan amount?
For veterans with full entitlement, there is no maximum loan amount. The limit is what the lender is willing to approve based on your income and credit.
Can I refinance with a VA loan?
Yes, VA offers the Interest Rate Reduction Refinance Loan (IRRRL) for streamlined refinancing without a new appraisal or credit underwriting.
What properties qualify for VA loans?
VA loans can be used to purchase:
- Single-family homes
- Condos (in VA-approved complexes)
- Multi-unit properties (up to 4 units if you occupy one)
- New construction
- Manufactured homes (with land)
Disclaimer: This calculator provides estimates for educational purposes only. Actual rates, fees, and loan terms may vary. Contact a VA-approved lender for specific information about your eligibility and options.
VA Loan Tips
💡 Lower Your Funding Fee
Put down 5% or more to reduce your VA funding fee from 2.15% to 1.50%, or 10%+ for just 1.25%.
🏠 No PMI Savings
VA loans don't require PMI, potentially saving you $100-$300+ per month compared to conventional loans.
Note: This calculator shows principal and interest only. Your actual monthly payment may also include property taxes, homeowners insurance, and HOA fees if applicable.