VA Mortgage Calculator

VA Mortgage Calculator

Calculate VA home loan payments and funding fees

Loan Details

VA Loan Information

Property Expenses

VA Loan Benefits

Key Advantages

  • No Down Payment Required: VA loans allow qualified borrowers to purchase with 0% down
  • No Private Mortgage Insurance (PMI): Even with no down payment, VA loans don't require PMI
  • Competitive Interest Rates: VA loans often offer lower interest rates than conventional loans
  • Flexible Credit Requirements: VA guidelines are more flexible regarding credit scores
  • Limited Closing Costs: The VA limits certain closing costs, and sellers can pay all of them

VA Funding Fee

The VA funding fee is a one-time payment that helps offset the cost of the VA loan program. The fee varies based on:

  • Whether it's your first use of the VA loan benefit
  • Your down payment amount
  • Your type of service (regular military vs. National Guard/Reserves)
  • Veterans with service-connected disabilities are exempt from this fee
Eligibility Note: To use a VA loan, you must have a Certificate of Eligibility (COE) proving your qualifying military service. Contact the VA or your lender to obtain your COE.

About VA Home Loans

What is a VA Home Loan?

VA home loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA). They are designed to help eligible veterans, active duty service members, and certain surviving spouses become homeowners with favorable terms and no down payment requirement.

Key Benefits of VA Loans

  • No Down Payment Required: Most borrowers can purchase a home with $0 down
  • No Private Mortgage Insurance (PMI): This can save hundreds of dollars per month compared to conventional loans
  • Competitive Interest Rates: VA loans typically have lower rates than conventional loans
  • Limited Closing Costs: The VA limits the closing costs that veterans can pay
  • No Prepayment Penalty: You can pay off your loan early without fees
  • Assumable Loans: VA loans can be assumed by qualified buyers, potentially offering a lower rate in a higher-rate environment

Who is Eligible?

Eligibility is generally extended to:

  • Veterans who have served a minimum period (typically 90 days during wartime, 181 days during peacetime)
  • Active duty service members who have served for at least 90 continuous days
  • National Guard and Reserve members with 6 years of service
  • Surviving spouses of veterans who died in service or from a service-connected disability
Important Note: To use a VA loan, you must obtain a Certificate of Eligibility (COE) from the VA, which verifies your service history and loan entitlement. Most VA-approved lenders can help you obtain your COE.

Calculation History

No calculation history yet.

Search Our Site

Find Our Advanced Calculators

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

VA Funding Fee Table

Regular Military

Down Payment First Time Use Subsequent Use
Less than 5% 2.15% 3.3%
5% to 9.99% 1.5% 1.5%
10% or more 1.25% 1.25%

Reserves/National Guard

Down Payment First Time Use Subsequent Use
Less than 5% 2.4% 3.6%
5% to 9.99% 1.75% 1.75%
10% or more 1.5% 1.5%
Note: Veterans with service-connected disabilities and certain surviving spouses are exempt from the VA funding fee.

VA Loan Tips

Maximize Your Benefits

  • Check county loan limits to understand the maximum loan amount the VA will guarantee
  • Compare VA lenders as interest rates and service quality can vary
  • Consider a 15-year term if affordable to save on interest costs
  • Ask sellers to pay closing costs - the VA allows this up to 4% of the loan amount
  • Understand the funding fee and how down payments affect it

VA Loan Requirements

  • Property must be your primary residence (not an investment property)
  • Property must meet VA minimum property requirements (MPRs)
  • You must have stable and sufficient income to make the mortgage payments
  • Your debt-to-income ratio is analyzed but there's no specific maximum
  • Credit score minimums vary by lender (typically 580-620+)