A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. It's available to veterans, active-duty service members, and eligible surviving spouses. VA loans typically offer competitive interest rates and require no down payment or private mortgage insurance.

Do VA loans require a down payment?

No, VA loans do not require a down payment. However, if you put less than 20% down, you may be required to pay a funding fee which can be rolled into the loan.

What is the VA funding fee?

The VA funding fee is a one-time fee required on most VA loans. It's typically 2.15% for first-time use with no down payment, 3.3% for subsequent uses, and can be lower for veterans with service-connected disabilities.

VA Loan Calculator | Calculate Monthly Payments

Loan Details

Home Price

Down Payment

VA loans may not require down payment

Interest Rate

Loan Term

VA Funding Fee

Funding Fee (%)

Monthly Payment$2,463per month

Principal & Interest$2,463

VA Funding Fee$8,600

No PMI required✓

VA Loan Amount$400,000

Total Interest$486,633

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.

VA Loan Benefits

No Down Payment Required: Up to 100% financing available
No PMI: No private mortgage insurance required
Competitive Rates: Typically lower than conventional loans
Flexible Credit: More lenient credit requirements
Assumable: Can be transferred to another eligible buyer

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.