VA Loan Calculator
Calculate your VA loan monthly payment with no private mortgage insurance (PMI). See your VA funding fee, compare VA vs conventional loans, and find out how much you can save as an eligible veteran or service member. Every calculation generates a unique, shareable URL.
VA Loan Calculator Inputs
Enter VA Loan Details
Your VA Loan Results
Estimated Monthly Payment
- Total Monthly Payment
- $2,593.54 /mo
- Principal & Interest
- $2,143.54
- Property Tax
- $350.00
- Home Insurance
- $100.00
- PMI
- $0.00 (VA benefit)
- VA Funding Fee
- $7,525.00 (2.15%)
- Total Interest Paid
- $414,149.40
- Total Cost of Loan
- $933,674.40
- Interest Rate
- 6.000%
- Loan Term
- 30 years
VA Funding Fee Details
- Fee Rate
- 2.15%
- Fee Amount
- $7,525.00
- Payment Method
- Financed into loan
- Added to Loan
- $7,525.00
Funding Fee by Down Payment
| Down Payment | Down Amount | Fee Rate | Fee Amount | Base Loan |
|---|---|---|---|---|
| 0% | $0 | 2.15% | $7,525.00 | $350,000 |
| 5% | $17,500 | 1.50% | $4,987.50 | $332,500 |
| 10% | $35,000 | 1.25% | $3,937.50 | $315,000 |
VA vs. Conventional Loan Comparison
| VA Loan | Conventional | VA Advantage | |
|---|---|---|---|
| Monthly Payment | $2,593.54 | $2,708.85 | -$115.31/mo |
| Monthly P&I | $2,143.54 | $2,098.43 | — |
| Monthly PMI | $0.00 | $160.42 | -$160.42/mo |
| Funding Fee / Upfront | $7,525.00 | $0.00 | — |
| Total Interest | $414,149.40 | $405,434.80 | — |
| Total PMI Paid | $0.00 | $22,458.80 | -$22,458.80 |
| Total Cost | $933,674.40 | $939,893.60 | -$6,219.20 |
VA loan saves you $115.31/month compared to a conventional loan. Over the life of the loan, you save $22,458.80 by avoiding PMI alone.
How VA Loans Work
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses. The VA guarantees a portion of the loan, which allows lenders to offer favorable terms including no down payment required, no private mortgage insurance (PMI), and often competitive interest rates.
Unlike conventional mortgages where less than 20% down triggers PMI (typically 0.5%-1.5% of the loan amount annually), VA loans eliminate this cost entirely. Even with 0% down, you will never pay PMI on a VA loan. Instead, VA loans charge a one-time VA funding fee that can be paid upfront or financed into the loan.
VA Funding Fee Explained
The VA funding fee is a one-time charge that helps keep the VA loan program running without requiring monthly mortgage insurance. The fee varies based on several factors:
| Down Payment | First Use | Subsequent Use | Reservist (1st) |
|---|---|---|---|
| Less than 5% | 2.15% | 3.30% | 2.30% |
| 5% - 9.99% | 1.50% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% | 1.25% |
Disability exemption: Veterans receiving VA disability compensation (or who would be eligible but receive military retirement pay instead) are exempt from the funding fee entirely. This is one of the most valuable benefits for disabled veterans.
Finance or pay upfront? Most borrowers choose to finance the funding fee into the loan to avoid a large upfront cost. While this slightly increases your monthly payment and total interest, it preserves your cash for moving expenses, repairs, or an emergency fund. Use the "Finance funding fee" checkbox above to compare both options.
VA vs. FHA vs. Conventional Loans
| Feature | VA Loan | FHA Loan | Conventional |
|---|---|---|---|
| Min. Down Payment | 0% | 3.5% | 3% - 20% |
| Mortgage Insurance | None | MIP for life of loan | PMI until 20% equity |
| Upfront Fee | Funding fee (1.25%-3.3%) | UFMIP (1.75%) | None |
| Credit Score | No VA minimum (lenders vary) | 580+ (3.5% down) | 620+ |
| Loan Limits | No limit (with full entitlement) | County-based limits | Conforming limits apply |
| Eligibility | Veterans & service members | Any qualified borrower | Any qualified borrower |
Worked Example
Based on the current inputs, here is exactly how your VA loan payment is calculated:
1. Home Price: $350,000
2. Down Payment: 0.0% = $0.00
3. Base Loan Amount: $350,000 - $0.00 = $350,000
4. VA Funding Fee: $350,000 × 2.15% = $7,525.00 (financed into loan)
5. Total Loan Amount: $357,525 (base loan + funding fee)
6. Monthly P&I: Using the standard amortization formula at 6.000% for 360 payments = $2,143.54
7. Monthly Tax: $4,200/yr ÷ 12 = $350.00
8. Monthly Insurance: $1,200/yr ÷ 12 = $100.00
9. Monthly PMI: $0.00 (VA benefit!)
Total Monthly Payment: $2,143.54 + $350.00 + $100.00 = $2,593.54/mo
VA Loan Eligibility
To qualify for a VA loan, you must meet service requirements and obtain a Certificate of Eligibility (COE) from the VA. Eligible groups include:
Active Duty
90 continuous days of active service during wartime, or 181 days during peacetime. Currently serving members are eligible after 90 days of continuous service.
Veterans
Must have served the minimum period and received anything other than a dishonorable discharge. Specific service length requirements depend on when you served.
National Guard & Reserves
6 years of service in the Guard or Reserves, or 90 days of active service (including activation for federal deployment). The funding fee is slightly higher for first-time use at 0% down.
Surviving Spouses
Unmarried surviving spouses of veterans who died in service or from a service-connected disability may be eligible. Spouses of POWs or MIAs may also qualify.
Related Calculators
Frequently Asked Questions
Do VA loans require a down payment?
No. One of the biggest advantages of a VA loan is the ability to purchase a home with 0% down payment. However, making a down payment can reduce your VA funding fee and lower your monthly payment. A down payment of 5% or more significantly reduces the funding fee, and 10% or more reduces it further.
Can I use a VA loan more than once?
Yes. Your VA loan benefit can be reused multiple times. However, the funding fee is higher for subsequent use (3.3% vs 2.15% with 0% down). If you've paid off a previous VA loan or sold the home and repaid the loan, your entitlement is restored. You can even have two VA loans simultaneously if you have remaining entitlement.
What is the VA funding fee and who is exempt?
The VA funding fee is a one-time charge (1.25% to 3.3% of the loan) that funds the VA loan guarantee program. It can be paid at closing or financed into the loan. The following groups are exempt from the funding fee:
- Veterans receiving VA disability compensation
- Veterans entitled to receive disability compensation but receiving retirement pay
- Surviving spouses of veterans who died in service or from service-connected disabilities
- Service members with a proposed or memorandum rating of a service-connected disability
- Purple Heart recipients on active duty
Is a VA loan better than a conventional mortgage?
For most eligible veterans, yes. The key advantages are no down payment, no PMI, and often better interest rates. The funding fee is the main cost unique to VA loans, but it's typically far less than the cumulative cost of PMI on a conventional loan. If you have 20% or more to put down, a conventional loan may be competitive since it won't require PMI and avoids the funding fee. Use the comparison table above to see the difference for your specific situation.
How accurate is this VA loan calculator?
The P&I calculation and funding fee rates use the standard amortization formula and current VA fee schedule, accurate to the cent for fixed-rate loans. Property tax and insurance estimates depend on the figures you enter. The conventional loan comparison uses an estimated 0.55% annual PMI rate, which is an industry average — your actual PMI rate may vary based on credit score, LTV ratio, and lender. This calculator does not account for closing costs (other than the funding fee), HOA fees, or adjustable-rate adjustments.