VA Loan Calculator
Calculate your VA mortgage payment including the funding fee, with no PMI required.
This tool is for informational and educational purposes only. It is not a substitute for professional financial, medical, legal, or engineering advice. See Terms of Service.
Can't find what you need?
Request a ToolHow to Use the VA Loan Calculator
VA loans are available to eligible veterans, active-duty service members, and surviving spouses. This calculator shows your monthly payment including the one-time VA funding fee.
- Enter the home price. VA loans have no official maximum loan amount, though your lender may have limits.
- Set your down payment. VA loans allow zero down payment. Adding a down payment reduces both the funding fee and monthly payment.
- Enter the interest rate. VA loan rates are typically competitive with or lower than conventional rates.
- Choose your loan term. 30 years is the most common choice.
- Select first-time or subsequent use. The VA funding fee is higher for borrowers who have used their VA benefit before with zero down.
- Choose your service type. Regular military, reserves, and national guard all qualify.
The funding fee is a one-time charge rolled into your loan balance. It ranges from 1.25% to 3.3% depending on your down payment and usage history. Veterans receiving VA disability compensation are exempt from the funding fee.
About VA Loans
VA loans are guaranteed by the U.S. Department of Veterans Affairs. They offer several advantages over conventional mortgages: no down payment required, no private mortgage insurance (PMI), competitive interest rates, and limited closing costs.
The VA funding fee replaces PMI as the way the program sustains itself. First-time users with no down payment pay 2.15%. Putting 5% or more down reduces the fee to 1.5%, and 10% or more brings it to 1.25%. Subsequent users with no down payment pay 3.3%.
This calculator runs entirely in your browser. No financial data is collected or stored.
Frequently Asked Questions
What is the VA funding fee?
The VA funding fee is a one-time payment to the Department of Veterans Affairs that helps sustain the VA loan program. It ranges from 1.25% to 3.3% of the loan amount, depending on your down payment and whether it is your first VA loan. The fee is typically financed into the loan.
Do VA loans require PMI?
No. VA loans do not require private mortgage insurance (PMI), even with zero down payment. This is one of the biggest financial advantages of a VA loan compared to conventional or FHA mortgages.
Can I get a VA loan with no down payment?
Yes. One of the primary benefits of a VA loan is the ability to finance 100% of the home price. However, putting money down reduces the VA funding fee and lowers your monthly payment.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation, Purple Heart recipients on active duty, and surviving spouses receiving Dependency and Indemnity Compensation (DIC) are exempt from the VA funding fee.