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VA Mortgage Calculator

Calculate VA loan payments with funding fee.

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The VA Mortgage Calculator shows the true cost of VA loans, including VA funding fees that vary based on down payment percentage and whether it is your first VA loan use. Understand the advantage of zero-down VA loans with no mortgage insurance, making homeownership accessible for eligible veterans and service members.

Enter the home price, down payment (can be $0), interest rate, and loan term. Toggle whether this is your first VA loan use and whether you have a disability exemption. The calculator shows the VA funding fee, monthly payment, and comparison with and without the funding fee.

Examples

First-Time VA Loan with No Down Payment

A first-time VA borrower purchases a $350,000 home with $0 down. The VA funding fee is 2.15% ($7,525), bringing the total loan to $357,525. At 6.25% for 30 years, the monthly principal and interest payment is approximately $2,201. There is no private mortgage insurance required.

Subsequent VA Loan with 5% Down

A veteran using their VA benefit for a second time buys a $280,000 home with 5% down ($14,000), financing $266,000. The funding fee for subsequent use with 5% down is 1.5% ($3,990), making the total loan $269,990. At 6.0% for 30 years, the monthly payment is about $1,618.

Frequently Asked Questions

What is the VA funding fee?
The VA funding fee is a one-time payment that helps offset the cost of the VA loan program to taxpayers. It ranges from 1.25% to 3.30% of the loan amount depending on down payment, first vs subsequent use, and type of service. It can be financed into the loan or paid upfront.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation, those rated eligible for disability compensation but receiving retirement or active-duty pay, surviving spouses of veterans who died in service or from service-connected disabilities, and Purple Heart recipients on active duty are exempt.
What are the advantages of a VA loan?
VA loans offer no down payment required, no private mortgage insurance (PMI), competitive interest rates, limited closing costs, and no prepayment penalties. They are available to eligible veterans, active-duty service members, and qualifying surviving spouses.
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Quick Tips

  • •VA loans are among the best mortgage products available: zero down payment, no PMI, and competitive rates make them superior to conventional loans.
  • •Maximize your VA benefit by shopping rates with multiple VA lenders. VA does not set rates; lenders compete for your business.
  • •If eligible for a disability exemption, take full advantage—eliminating the funding fee saves thousands in interest.
  • •VA entitlement can be restored after use if the home is sold and the loan is paid off, allowing you to use the benefit again.
  • •Do not waive the VA appraisal. The appraisal protects you from overpaying by ensuring the home value supports the loan amount.

The VA Mortgage Calculator shows the true cost of VA loans, including VA funding fees that vary based on down payment percentage and whether it is your first VA loan use. Understand the advantage of zero-down VA loans with no mortgage insurance, making homeownership accessible for eligible veterans and service members.

How to Use This Calculator

Enter the home price, down payment (can be $0), interest rate, and loan term. Toggle whether this is your first VA loan use and whether you have a disability exemption. The calculator shows the VA funding fee, monthly payment, and comparison with and without the funding fee.

Understanding the Formula

VA Funding Fee = Base Loan x Fee Rate (varies by down payment and usage). Total Loan = Base Loan + Funding Fee. Monthly Payment = L[r(1+r)^n] / [(1+r)^n - 1] where L is the total loan amount.

Examples

First-Time VA Loan with No Down Payment

A first-time VA borrower purchases a $350,000 home with $0 down. The VA funding fee is 2.15% ($7,525), bringing the total loan to $357,525. At 6.25% for 30 years, the monthly principal and interest payment is approximately $2,201. There is no private mortgage insurance required.

Subsequent VA Loan with 5% Down

A veteran using their VA benefit for a second time buys a $280,000 home with 5% down ($14,000), financing $266,000. The funding fee for subsequent use with 5% down is 1.5% ($3,990), making the total loan $269,990. At 6.0% for 30 years, the monthly payment is about $1,618.

Frequently Asked Questions

What is the VA funding fee?

The VA funding fee is a one-time payment that helps offset the cost of the VA loan program to taxpayers. It ranges from 1.25% to 3.30% of the loan amount depending on down payment, first vs subsequent use, and type of service. It can be financed into the loan or paid upfront.

Who is exempt from the VA funding fee?

Veterans receiving VA disability compensation, those rated eligible for disability compensation but receiving retirement or active-duty pay, surviving spouses of veterans who died in service or from service-connected disabilities, and Purple Heart recipients on active duty are exempt.

What are the advantages of a VA loan?

VA loans offer no down payment required, no private mortgage insurance (PMI), competitive interest rates, limited closing costs, and no prepayment penalties. They are available to eligible veterans, active-duty service members, and qualifying surviving spouses.

Assumptions & Limitations

  • VA funding fees are financed into the loan (not paid upfront); rates vary from 1.25% to 3.30% based on down payment and usage.
  • Interest rate remains fixed for the loan term; rate availability depends on credit score and lender.
  • Eligibility is not modeled; calculator assumes user is eligible for VA loan benefits.
  • Disability exemption status determines funding fee eligibility; status is not automatically verified.
  • VA loans have specific property requirements and limits; VA does not guarantee the full purchase price in all cases.