Calculators · Buying & Financing

VA Loan Calculator

Estimate a VA home loan payment with the VA funding fee for first or subsequent use, or no fee if you are exempt. No down payment and no monthly mortgage insurance.

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How this calculator works

VA home loans are guaranteed by the Department of Veterans Affairs for eligible service members, veterans and some surviving spouses. They allow no down payment and have no monthly mortgage insurance. Most borrowers pay a one-time funding fee, which can be added to the loan.

The funding fee depends on the down payment and whether you have used the benefit before. For a purchase with less than 5% down it is 2.15% for first use and 3.3% after, dropping to 1.5% with 5% down and 1.25% with 10% down (rates effective April 7, 2023). Veterans receiving VA disability compensation and certain others are exempt.

Choose first or subsequent use, and check the box if you are exempt. The fee is calculated on the base loan and added to it unless you uncheck that option.
With full entitlement there is no VA loan limit, but the lender still sets how much you can borrow based on income and credit.

Worked example

Example values are illustrative, not quotes or market data. These are the numbers the calculator above starts with.

Inputs

Loan type: VA
Home price: $350,000
Down payment: $0 (0%)
Interest rate: 6.5%
Loan length: 30 years
Property taxes per year: $7,000
Homeowners insurance per year: $2,400
HOA dues per month: $0
VA loan use: First use
Exempt from the VA funding fee: No

Results

Loan type: VA
Home price: $350,000
Down payment: $0 (0.0%)
Rate / length: 6.5% / 30 yrs
Total monthly housing cost: $3,043
Principal and interest: $2,260
Mortgage insurance (month 1): $0
Loan amount: $357,525
Cash to close (down payment only until costs are entered): $0
Total interest: $456,004
Balance after 5 years: $334,683

Common questions

Who is exempt from the VA funding fee?

Veterans receiving, or eligible to receive, VA compensation for a service-connected disability; surviving spouses receiving Dependency and Indemnity Compensation; service members with a pre-discharge disability rating; and active-duty Purple Heart recipients. Your Certificate of Eligibility shows your status.

Does a VA loan have mortgage insurance?

No monthly mortgage insurance. The funding fee is paid once, at closing or added to the loan.

Can the seller pay my closing costs on a VA loan?

Yes. Sellers can pay a buyer's normal closing costs, and VA separately limits seller concessions (such as paying the funding fee or paying off debts) to 4% of the reasonable value.

Related calculators

Estimate only. Actual loan terms, eligibility, insurance, taxes, and settlement charges require verification. These are planning estimates, not a lender Loan Estimate, Closing Disclosure, appraisal, or approval. Michael O'Neal is a real estate broker, not a lender, appraiser, attorney or tax adviser.

Next step

Want a real financing quote? Connect with Home Front Mortgage.

Andrew Fairleigh, Mortgage Loan Originator, Home Front Mortgage, NMLS #1878546. (979) 595-8979 · [email protected]

Start Your Application Andrew's profile

Rates in these calculators are examples, not Home Front quotes. Your application goes to Home Front's secure site. Do not send financial documents through this website.

Affiliated business arrangement disclosure. This is to give you notice that some agents and owners at Keller Williams Realty Northeast, including Michael O'Neal, have a business relationship with certain providers of services related to your purchase, sale or refinance of real estate, including Home Front Mortgage and Keystone Title & Escrow. Because of this relationship, a referral may provide some owners and agents at Keller Williams Realty Northeast a financial or other benefit. You are NOT required to use either company as a condition for your purchase, your financing or refinance, or any other transaction related to a property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. You will be given the written Affiliated Business Arrangement Disclosure, including estimated charges, to review and sign.