VA Mortgage Calculator
Calculate VA loan payments including funding fee.
VA Loan Information
VA loans allow $0 down payment
First-time use: 2.3% (no down), 1.65% (5% down), 1.4% (10% down)
VA Loan Summary
About This Calculator
The VA Mortgage Calculator helps eligible veterans, active-duty service members, and surviving spouses calculate VA loan payments. VA loans offer significant benefits including no down payment requirement (in most cases), no private mortgage insurance, and competitive interest rates.
VA loans require a funding fee instead of mortgage insurance. The funding fee percentage varies based on your service category, down payment amount, and whether this is your first or subsequent VA loan. The fee can be paid upfront or financed into the loan.
Formula & Calculation Method
VA Mortgage Calculation:
Loan Amount = Home Price - Down Payment
Funding Fee = Loan Amount × Funding Fee Rate
Total Loan Amount = Loan Amount + Funding Fee (if financed)
Monthly Payment = [P × R × (1+R)^N] / [(1+R)^N - 1]
Where: P = Total Loan Amount, R = Monthly Rate, N = Number of Payments
VA funding fee rates vary: First-time use with no down payment is typically 2.3%, with 5% down is 1.65%, with 10% down is 1.4%. Subsequent use rates are higher. The fee can be paid upfront or financed into the loan amount.
How to Use This Calculator
- Enter Home Price: Input the purchase price of the home.
- Enter Down Payment: Input your down payment (VA loans allow $0 down payment).
- Enter Interest Rate: Input the VA loan interest rate.
- Enter Loan Term: Input the loan duration (typically 15, 20, or 30 years).
- Enter Funding Fee: Input the VA funding fee percentage (typically 2.3% for first-time use with no down payment).
- View Results: See monthly payment, total payment, and funding fee breakdown.
Frequently Asked Questions
Who is eligible for VA loans?
VA loans are available to eligible veterans, active-duty service members, National Guard and Reserve members, and surviving spouses. You must meet service requirements and obtain a Certificate of Eligibility (COE).
What is the VA funding fee?
The VA funding fee is a one-time fee that helps fund the VA loan program. Rates vary from 0% (for disabled veterans) to 3.6% depending on service category, down payment, and whether this is your first or subsequent VA loan.
Do VA loans require a down payment?
VA loans typically require no down payment, though you can make one if desired. Lenders may require a down payment if the loan amount exceeds the VA loan limit for your area.
Do VA loans require mortgage insurance?
No, VA loans do not require private mortgage insurance (PMI). Instead, they use a funding fee system. This can result in lower monthly payments compared to conventional loans with PMI.
Calculator by
NumCalculators Editorial Team
Multi-disciplinary Expert Team