IncomeChecker.com

VA Loan Calculator

Estimate your monthly payment on a VA loan. Enter the price, down payment, rate, and term, choose first use, subsequent use, or exempt, and see the funding fee, the total loan, and your monthly payment.

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$
Monthly payment
$3,065.82
Principal and interest
$2,515.82
Taxes and insurance
$550.00
Funding fee (financed)
$8,600.00
2.15% of the base loan
Total loan amount
$408,600.00

How the payment is built

  • Base loan = price − down payment
  • Funding fee = base loan × fee rate (from your down payment and whether it is your first VA loan), added to the loan
  • Principal and interest on the total loan at your rate and term
  • Monthly total = principal and interest + property tax + insurance

Example. A $400,000 home with no down payment and a first-time VA loan has a 2.15% funding fee of $8,600, so the loan is $408,600. At 6.25% for 30 years, principal and interest is $2,515.82. With $400 a month for tax and $150 for insurance, the monthly total is $3,065.82.

Things to check

  • Funding fee rates for a purchase: with less than 5% down, 2.15% for first use and 3.3% for later use; 5% to under 10% down, 1.5%; 10% or more, 1.25%. Rates change, so confirm the current table with your lender.
  • Veterans receiving VA disability compensation, and some others, are exempt from the funding fee. Choose Exempt to see the payment without it.
  • VA loans have no monthly mortgage insurance. That is a big reason the payment can come in lower than an FHA or conventional loan with a small down payment.
  • Eligibility, entitlement, and loan limits are set by the VA and your lender. This tool only estimates the payment.

Frequently asked questions

What is the VA funding fee?

A one-time fee charged on most VA loans to keep the program running. It is a percentage of the loan and can be paid at closing or rolled into the loan.

Who is exempt from the VA funding fee?

Generally veterans who receive VA disability compensation, surviving spouses of those who died in service or from a service-connected disability, and certain others. Check with the VA or your lender.

Does a VA loan require a down payment?

Often not. Eligible borrowers can usually buy with no down payment, though a down payment above 5% lowers the funding fee.

More free lending tools

Calculators give estimates from the numbers you enter. They are not tax, legal, or accounting advice.