VA Loan Calculator
Calculate VA loan payments online free — funding fee, no PMI, and monthly cost for veteran home loans. No sign-up needed — works entirely in your browser.
VA loan payment with funding fee
- Monthly principal & interest$2,201.34
- VA funding fee (financed)$7,525
- Total loan amount$357,525
- Down payment$0
- Monthly PMI savings vs conventionalNo monthly PMI required
Calculated in your browser — nothing you type is sent anywhere.
What this VA loan calculator works out
A VA payment is not a normal mortgage payment, because two things are different: there is no monthly mortgage insurance at any loan-to-value, and there is a one-off funding fee that most borrowers finance rather than pay in cash. Both change the number you will actually pay, in opposite directions.
On the default example, a 350,000 dollar home with nothing down at 6.5 percent over thirty years, the 2.15 percent funding fee adds 7,525 dollars to the loan, so you finance 357,525 dollars rather than 350,000. Principal and interest come to 2,259.80 dollars a month. Adding property tax and insurance at 1.3 percent of the price a year brings the full monthly cost to 2,638.97 dollars.
Why no PMI matters more than the funding fee
On a conventional loan with nothing down you would pay mortgage insurance every month until you reached roughly 20 percent equity, often for years. A VA loan never charges it. The funding fee is a single charge, and although you pay interest on it when you finance it, it is almost always the cheaper of the two arrangements over the life of the loan.
- Funding fee financed: added to the loan, so it raises both your balance and your interest.
- No monthly PMI: nothing to cancel later, and nothing to refinance away from.
- Down payment still helps: 5 percent down cuts the fee to 1.5 percent, 10 percent down to 1.25 percent.
- Exempt borrowers: enter a fee of 0 and you finance the purchase price alone.
Reading the result honestly
Total interest on the default example is about 456,003 dollars over thirty years, more than the house costs. That is a property of any long mortgage rather than anything specific to the VA programme, and it is the reason the term field is worth experimenting with. Everything here is an estimate: your lender sets the rate, your county sets the tax, and insurance depends on the property. Nothing you type is sent anywhere, so try your real numbers.
Frequently Asked Questions
Do VA loans really need no down payment?
Yes. Full entitlement means no down payment and no loan limit, which is the single biggest advantage of the programme. The calculator defaults to zero down for that reason. Putting money down is still allowed and it lowers the funding fee.
What is the VA funding fee and why is it financed?
It is a one-off fee that funds the programme in place of mortgage insurance. First use with no money down is 2.15 percent of the loan. Most borrowers roll it into the mortgage rather than paying cash, so the calculator adds it to the amount financed and you pay interest on it.
Does a VA loan have PMI?
No. There is no monthly mortgage insurance on a VA loan at any loan-to-value, which is why that row reads none. Over thirty years this is usually worth far more than the funding fee costs you.
How do I lower the funding fee?
Put 5 percent down and the first-use fee drops to 1.5 percent. At 10 percent down it drops to 1.25 percent. Enter your down payment and fee together to see the effect on the amount financed.
Who is exempt from the funding fee?
Veterans receiving compensation for a service-connected disability, and some surviving spouses, pay no funding fee. Enter 0 in the fee field and the amount financed drops to the plain purchase price.
Why is my payment higher than the principal and interest figure?
The headline payment includes property tax and insurance, which is what a lender escrows and what actually leaves your account. Principal and interest alone is shown on its own row so you can compare quotes.
Is the second-use fee different?
Yes. Subsequent use with no money down is 3.3 percent rather than 2.15 percent. The fee field is editable so you can enter whichever rate applies to you.