VA Mortgage Calculator
Calculate VA loan payments with funding fee estimates. See how much you can save with no PMI and zero down payment options for veterans.
VA Loan Summary
Total Monthly Payment
$3,041
No PMI required!
Loan Amount
$408,600
Includes $8,600 funding fee
Service Information
Disabled veterans are exempt from the VA funding fee
Home Price & Down Payment
VA loans allow 0% down payment. Putting down 5-10% reduces the funding fee.
Loan Terms
Funding Fee Options
Add funding fee to loan balance instead of paying at closing
Property Costs
VA Loan Benefits
No Down Payment
100% financing available
No PMI
Saves ~$21,000 vs conventional
Lower Rates
Typically 0.25-0.5% lower than conventional
Limited Closing Costs
VA limits what veterans can pay
Monthly Payment Breakdown
Note: No mortgage insurance (PMI) included - that's a VA loan benefit!
VA Funding Fee Rates (2024)
| Down Payment | First Use | Subsequent Use |
|---|---|---|
| 0% - 4.99% | 2.15% | 3.30% |
| 5% - 9.99% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% |
| Reserves/National Guard: Add 0.15% to above rates | ||
Veterans with service-connected disabilities (10%+) are exempt from funding fees.
Loan Balance Over Time
Quick Answer
VA loans require no down payment and no PMI. The VA funding fee (1.25-3.3%) can be financed. Our calculator includes the funding fee to show your true payment. VA loans often have lower rates than conventional.
Key Facts
- No down payment required
- No PMI requirement
- VA funding fee: 1.25-3.3% (can be financed)
- Disabled veterans may be exempt from funding fee
- Lower rates than conventional typically
- No prepayment penalty
Frequently Asked Questions
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and surviving spouses. VA loans offer significant benefits including no down payment requirement, no private mortgage insurance (PMI), competitive interest rates, and limited closing costs.
The VA funding fee is a one-time fee paid to the VA that helps fund the loan program. It ranges from 1.25% to 3.3% of the loan amount depending on down payment, service type, and whether it's your first VA loan. The fee can be financed into the loan. Disabled veterans are exempt from the funding fee.
Eligibility requires: Active duty with 90+ consecutive days of service (wartime) or 181+ days (peacetime), or 6+ years in Reserves/National Guard, or discharge under conditions other than dishonorable. Surviving spouses of veterans who died in service or from service-connected disabilities may also qualify.
For eligible veterans with full entitlement, there are no VA loan limits as of 2020. You can borrow as much as a lender will approve without a down payment. Veterans with reduced entitlement (previous VA loan) may have county-based limits based on conforming loan limits.
Yes, VA loan benefits can be reused. You can have one VA loan at a time (with some exceptions), and your entitlement is restored when the loan is paid off and the property is sold. However, second-time VA loans have a higher funding fee (3.3% vs 2.15% for zero down).
VA Loan Summary
Total Monthly Payment
$3,041
No PMI required!
Loan Amount
$408,600
Includes $8,600 funding fee