VA Loan Calculator

Understanding VA Loans

VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs. They are available to veterans, active-duty service members, National Guard members, and eligible surviving spouses. The government guarantee reduces lender risk, allowing favorable terms for borrowers.

VA Loan Benefits

• No Down Payment Required: Up to 100% financing available — one of the only programs offering this
• No PMI: No private mortgage insurance required, saving $200-400/month compared to conventional loans
• Competitive Rates: Typically 0.25-0.5% lower than conventional loans
• Flexible Credit: More lenient credit requirements — most lenders require 620+, no VA minimum
• Assumable: Can be transferred to another eligible buyer when you sell
• No Prepayment Penalty: Pay off early or make extra payments without fees

VA Funding Fee

The VA funding fee is a one-time fee required on most VA loans to help keep the program running. It can be paid upfront or rolled into the loan.

Funding Fee Rates

• First Use: 2.15% with no down payment
• First Use: 1.50% with 5-10% down
• First Use: 1.25% with 10%+ down
• Subsequent Use: 3.3% with no down payment

Note: Veterans with service-connected disabilities are exempt from the funding fee.

How to Use This Calculator

1. Enter the home price you're considering
2. Set your down payment (0% is fine for VA loans)
3. Enter your interest rate and loan term
4. Review your estimated monthly payment, including the VA funding fee

The calculator includes the VA funding fee in the total loan amount by default. If you're exempt from the funding fee (service-connected disability), uncheck that option to see your actual payment without it.

Eligibility Requirements

• Active Duty: At least 181 days of continuous service, or 90 days if currently serving
• Veterans: At least 90 days of active service during wartime, or 180 days during peacetime
• National Guard/Reserve: At least 6 years of service, or 90 days of active duty
• Surviving Spouses: Of veterans who died in service or from service-connected disabilities

For a full eligibility check, see our VA Eligibility Checker. Your lender will verify eligibility through the VA's Certificate of Eligibility (COE) process.