VA Mortgage Calculator

About the VA Mortgage Calculator

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) and is available to eligible veterans, service members, and surviving spouses. These loans offer significant benefits, most notably the option for 100% financing without requiring a down payment or private mortgage insurance (PMI).

This calculator is specifically designed to estimate the monthly payments for a VA loan.

How it Works

The primary difference between a VA loan and a conventional loan is the VA Funding Fee. This is a one-time fee paid to the VA to help sustain the loan program, reducing the cost to taxpayers.

• VA Funding Fee: The fee is a percentage of the loan amount and varies based on your service type, down payment amount, and whether it's your first time using the benefit. This calculator automatically estimates and rolls the funding fee into your total loan amount.
• Exemption: Veterans receiving VA disability compensation are exempt from paying the funding fee. You can select this option in the calculator.

Key Inputs

• Home Price: The purchase price of the home.
• Down Payment: While not required, making a down payment can reduce your funding fee.
• Interest Rate: The mortgage rate you've been quoted.
• VA Status: Select whether this is your first time using your VA loan benefit and if you receive VA disability.

The calculator provides a complete breakdown of your estimated monthly payment, including principal & interest, and estimated property taxes and homeowners insurance.