🇺🇸 VA Loan Calculator
Veterans Affairs Mortgage
How to Use This Calculator
Enter Home Price
Input the purchase price of the home you're considering.
Select Down Payment
Choose your down payment percentage. VA loans allow 0% down payment, which is a major benefit!
Enter Interest Rate and Term
Input the interest rate and select the loan term (15 or 30 years). Also indicate if this is your first-time VA loan use, as this affects the funding fee.
Review VA Loan Results
See your monthly payment, funding fee, loan details, and VA loan benefits. Note that VA loans don't require PMI!
Formula
Loan Amount = Home Price - Down Payment
VA Funding Fee = Loan Amount × Funding Fee Rate
Total Loan Amount = Loan Amount + Funding Fee
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: P = Total Loan Amount, r = Monthly Rate, n = Number of Payments
Example 1: $350,000 Home, 0% Down, First-Time Use
Home Price: $350,000
Down Payment: 0% ($0)
Loan Amount: $350,000
Funding Fee (2.15%): $7,525
Total Loan Amount: $357,525
Interest Rate: 6%, Term: 30 years
Monthly Payment: ~$2,144 (Principal & Interest)
Example 2: $400,000 Home, 10% Down, First-Time Use
Home Price: $400,000
Down Payment: 10% ($40,000)
Loan Amount: $360,000
Funding Fee (1.5%): $5,400
Total Loan Amount: $365,400
About VA Loan Calculator
The VA Loan Calculator is an essential tool for veterans, active-duty service members, and eligible military personnel to calculate VA (Veterans Affairs) mortgage payments and understand the benefits of VA loans. VA loans are government-backed mortgages that offer significant advantages over conventional loans, including no down payment requirement, no private mortgage insurance (PMI), competitive interest rates, and more flexible qualification requirements. This calculator helps you understand your monthly payment, VA funding fee, and total loan costs for a VA loan.
Understanding VA loan payments is crucial for eligible borrowers because VA loans offer unique benefits that can save thousands of dollars compared to conventional loans. The most significant benefit is the ability to purchase a home with no down payment, which can save tens of thousands of dollars upfront. Additionally, VA loans don't require PMI, which can save hundreds of dollars per month compared to conventional loans with less than 20% down payment. However, VA loans do require a funding fee (unless exempt for disabled veterans), which this calculator helps you understand and plan for.
This calculator is valuable for veterans and service members who are considering using their VA loan benefit to purchase a home. It helps you calculate monthly payments, understand the VA funding fee structure, compare different down payment options, and see how VA loans compare to conventional loans. The calculator accounts for first-time vs. subsequent VA loan use, as funding fees vary based on whether you've used your VA loan benefit before. By calculating VA loan payments, you can make informed decisions about using your VA loan benefit, plan for homeownership costs, and understand the financial advantages of VA loans.
When to Use This Calculator
- Home Buying: Calculate VA loan payments when purchasing a home
- Loan Planning: Plan your budget for VA loan payments
- Benefit Evaluation: Understand VA loan benefits and costs
- Down Payment Analysis: Compare different down payment options
- Funding Fee Planning: Understand and plan for VA funding fees
- Loan Comparison: Compare VA loans to conventional loans
Why Use Our Calculator?
- ✅ VA Loan Specific: Designed specifically for VA loans
- ✅ Funding Fee Calculation: Accurate VA funding fee calculations
- ✅ No PMI: Shows savings from no PMI requirement
- ✅ Free Tool: No registration or fees required
- ✅ Veteran Benefits: Helps maximize VA loan benefits
- ✅ Mobile Friendly: Calculate on any device
Understanding VA Loans
VA loans are government-backed mortgages available to eligible veterans, active-duty service members, National Guard and Reserve members, and surviving spouses. VA loans offer significant advantages including no down payment requirement (up to the conforming loan limit), no PMI requirement, competitive interest rates, more flexible qualification requirements, and the ability to use the benefit multiple times. VA loans are guaranteed by the Department of Veterans Affairs, which allows lenders to offer more favorable terms.
VA loans require a funding fee, which helps offset the cost of the VA loan program to taxpayers. Funding fees vary based on whether it's your first-time VA loan use, your down payment amount, and whether you're a regular military member or in the National Guard/Reserves. Disabled veterans are typically exempt from the funding fee. The funding fee can be paid upfront or rolled into the loan amount. This calculator helps you understand the funding fee and how it affects your loan amount and monthly payment.
Real-World Applications
First-Time Homebuyer: A veteran is purchasing their first home for $350,000 using a VA loan with 0% down payment. The calculator shows a monthly payment of approximately $2,144 (principal and interest), with a $7,525 funding fee that can be rolled into the loan, saving them $70,000 in down payment compared to a 20% down conventional loan.
Down Payment Comparison: A service member is comparing 0% down vs. 10% down on a $400,000 home. With 0% down, they save $40,000 upfront but have a higher funding fee. The calculator helps them see the trade-offs and make an informed decision.
PMI Savings: A veteran is comparing a VA loan to a conventional loan with 10% down. The VA loan saves approximately $200-300/month in PMI costs, which adds up to significant savings over the life of the loan.
Important Considerations
- VA loans require a Certificate of Eligibility (COE) from the VA
- Funding fees vary based on first-time use, down payment, and service type
- Disabled veterans are typically exempt from funding fees
- VA loans can be used multiple times, but funding fees increase for subsequent use
- Property must meet VA minimum property requirements
- VA loans have loan limits in high-cost areas, but can exceed limits with down payment
Frequently Asked Questions
What is a VA loan?
A VA loan is a government-backed mortgage available to eligible veterans, active-duty service members, National Guard and Reserve members, and surviving spouses. VA loans offer benefits like no down payment requirement, no PMI, competitive interest rates, and more flexible qualification requirements.
Who is eligible for a VA loan?
VA loan eligibility is available to veterans with qualifying service, active-duty service members, National Guard and Reserve members with qualifying service, and surviving spouses of veterans. Minimum service requirements apply, and you'll need a Certificate of Eligibility (COE) from the VA.
Do VA loans require a down payment?
No, VA loans don't require a down payment for loans up to the conforming loan limit. This is one of the major benefits of VA loans, allowing eligible borrowers to purchase a home with no money down, saving tens of thousands of dollars upfront.
What is the VA funding fee?
The VA funding fee is a one-time fee that helps offset the cost of the VA loan program. Funding fees vary based on whether it's your first-time VA loan use, your down payment amount, and your service type. Disabled veterans are typically exempt from the funding fee. The fee can be paid upfront or rolled into the loan.
Do VA loans require PMI?
No, VA loans don't require private mortgage insurance (PMI), regardless of the down payment amount. This is a significant benefit that can save hundreds of dollars per month compared to conventional loans with less than 20% down payment.
Can I use a VA loan more than once?
Yes, you can use your VA loan benefit multiple times. However, funding fees are higher for subsequent use. You can also have multiple VA loans simultaneously if you have remaining entitlement, or restore your entitlement by paying off a previous VA loan or selling the property.