VA Mortgage Calculator
VA loan payment with no down payment and no mortgage insurance — plus the funding fee from VA's own table, by down payment, loan type and first or subsequent use.
VA Mortgage Calculator: with the default inputs, total monthly payment is $2,966.43.
VA requires none. Putting 5% or 10% down cuts the funding fee.
Refinance fees do not vary with equity, so the down payment field is ignored for the fee on those.
Subsequent use costs more unless you put at least 5% down.
Exempt if you receive VA compensation for a service-connected disability, are entitled to it but take retirement or active-duty pay instead, are a surviving spouse receiving DIC, hold a pre-discharge memorandum rating, or received a Purple Heart while serving.
P&I plus taxes, insurance and HOA. VA loans carry no monthly mortgage insurance.
- Principal & interest
- $2,449.76
- Loan amount including financed fee
- $408,600
- Funding fee rate
- 2.15%
- Funding fee
- $8,600
- Cash needed up front
- $0Down payment, plus the funding fee if you pay it rather than finance it. Excludes other closing costs.
- Total interest over the term
- $473,315
- Fee saved by putting 5% down
- $2,600The fee drops from 2.15% (or 3.3% on subsequent use) to 1.5% at a 5% down payment.
Assumptions
- Funding-fee rates are VA's published table, effective April 7, 2023, verified at va.gov. Regular military and Reserves/National Guard pay the same rates.
- The funding fee is charged on the loan amount before the fee is added, and is financed into the loan unless you say otherwise.
- VA loans carry no monthly mortgage insurance, so no insurance line is added to the payment.
- Qualification is not modelled: VA underwrites on a 41% debt-to-income guideline plus a regional residual-income test (38 CFR 36.4340).
- Entitlement is assumed to be full, so no county loan limit applies. Partial entitlement is not modelled.
- Cash needed up front excludes appraisal, title, escrow and prepaid items.
- Principal & interest$2,45083%
- Property tax$36712%
- Home insurance$1505%
| Down payment | First use | After first use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% or more | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
| Cash-out refinance | 2.15% | 3.3% |
| IRRRL (streamline) | 0.5% | 0.5% |
Source: VA.gov, VA funding fee and loan closing costs. Rates are the same for regular military and Reserves/National Guard.
How this is worked out
The formula
Base loan = price − down payment Funding fee = base loan × rate from the VA table (0% if exempt) Loan amount = base loan + funding fee, when the fee is financed Monthly P&I = L × r(1+r)^n ÷ ((1+r)^n − 1) Total monthly = P&I + tax + insurance + HOA (VA loans carry no mortgage insurance)
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Home price
- A number.in dollars · 0 or more · defaults to 400000
- Down payment
- VA requires none. Putting 5% or 10% down cuts the funding fee.in dollars · 0 or more · defaults to 0
- Interest rate
- A number.a percentage · from 0 to 30 · defaults to 6
- Loan term
- A number.from 1 to 40 · whole numbers only · defaults to 30
- Loan type
- Refinance fees do not vary with equity, so the down payment field is ignored for the fee on those.Purchase or construction · Cash-out refinance · IRRRL (streamline refinance)
- First time using a VA loan
- Subsequent use costs more unless you put at least 5% down.defaults to on
- Exempt from the funding fee
- Exempt if you receive VA compensation for a service-connected disability, are entitled to it but take retirement or active-duty pay instead, are a surviving spouse receiving DIC, hold a pre-discharge memorandum rating, or received a Purple Heart while serving.defaults to off
- Finance the funding fee into the loan(under More options)
- Turn this on or off.defaults to on
- Property tax(under More options)
- A number.a percentage · from 0 to 10 · defaults to 1.1
- Home insurance(under More options)
- A number.in dollars · 0 or more · defaults to 1800
- HOA dues(under More options)
- A number.in dollars · 0 or more · defaults to 0
What you get back
- Total monthly paymentmain answer
- P&I plus taxes, insurance and HOA. VA loans carry no monthly mortgage insurance.
- Principal & interest
- Loan amount including financed fee
- Funding fee rate
- Funding fee
- Cash needed up front
- Down payment, plus the funding fee if you pay it rather than finance it. Excludes other closing costs.
- Total interest over the term
- Fee saved by putting 5% down
- The fee drops from 2.15% (or 3.3% on subsequent use) to 1.5% at a 5% down payment.
What this assumes
- Funding-fee rates are VA's published table, effective April 7, 2023, verified at va.gov. Regular military and Reserves/National Guard pay the same rates.
- The funding fee is charged on the loan amount before the fee is added, and is financed into the loan unless you say otherwise.
- VA loans carry no monthly mortgage insurance, so no insurance line is added to the payment.
- Qualification is not modelled: VA underwrites on a 41% debt-to-income guideline plus a regional residual-income test (38 CFR 36.4340).
- Entitlement is assumed to be full, so no county loan limit applies. Partial entitlement is not modelled.
- Cash needed up front excludes appraisal, title, escrow and prepaid items.
About this calculator
The VA loan is the only mainstream US mortgage that lets a qualified borrower buy with nothing down and pay no mortgage insurance at all. In exchange, VA charges a one-time funding fee that keeps the program self-supporting. This calculator prices the payment and the fee together, using VA's published table rather than a single averaged rate — because the fee swings from 0.5% to 3.3% depending on three things people routinely get wrong.
The three things that move the fee
Down payment. Under 5% costs 2.15% on a first-use purchase. Five percent down drops it to 1.5%; ten percent drops it to 1.25%. On a $400,000 purchase, moving from 0% to 5% down cuts the fee by about $2,600 — a real return on that cash, on top of the smaller loan.
First versus subsequent use. If you have used VA entitlement before and are putting less than 5% down, the fee jumps from 2.15% to 3.3%. At 5% or more down, first and subsequent use cost the same, which makes a small down payment far more valuable the second time around.
Exemption. If you receive VA compensation for a service-connected disability — or are entitled to it but take retirement or active-duty pay instead, or receive DIC as a surviving spouse, or hold a pre-discharge memorandum rating, or received a Purple Heart while serving — the fee is zero. Tick the exemption box and watch what disappears. If you were exempt at closing and paid a fee anyway, you can apply to VA for a refund.
Reading the results
- Loan amount including financed fee is what you amortize. Almost everyone finances the fee, which means starting a 0%-down purchase owing slightly more than the house cost.
- Cash needed up front is the down payment plus the fee only if you pay it in cash. It excludes appraisal, title, escrow and prepaid items, which on a real closing add several thousand more.
- Total monthly payment has no mortgage-insurance line, because there isn't one. That absence is worth roughly $150–$250 a month against a comparable low-down-payment conventional or FHA loan, every month, forever.
Where this breaks down
The calculator prices a fixed-rate loan; it does not check whether you qualify. VA underwrites on a 41% debt-to-income guideline plus a regional residual income test that has no analogue in conventional lending, and a file can pass one and fail the other. Entitlement is also not modelled: veterans with full entitlement have had no VA loan limit since the Blue Water Navy Act took effect in 2020, but partial entitlement — a prior VA loan still outstanding — reintroduces a county-limit calculation this tool does not attempt. Property taxes and insurance are estimates until you have an assessment and a quote.
Frequently asked questions
▸How much is the VA funding fee?
For a first-use purchase with less than 5% down it is 2.15% of the loan; 1.5% at 5–9.99% down and 1.25% at 10% or more. Subsequent use with less than 5% down is 3.3%. A cash-out refinance is 2.15% first use and 3.3% after; an IRRRL is 0.5% (VA, effective April 7, 2023).
▸Who is exempt from the VA funding fee?
Veterans receiving VA compensation for a service-connected disability; those entitled to compensation but receiving retirement or active-duty pay instead; surviving spouses receiving Dependency and Indemnity Compensation; service members with a pre-discharge memorandum or proposed rating; and active-duty members who received a Purple Heart on or before closing.
▸Do VA loans have mortgage insurance?
No. That is the program's main financial advantage — a 0%-down VA loan carries no monthly insurance premium, where a 3.5%-down FHA loan pays MIP for the life of the loan and a low-down conventional loan pays PMI until it reaches 78% loan-to-value.
▸Is there a VA loan limit?
Not for veterans with full entitlement — the Blue Water Navy Vietnam Veterans Act removed loan limits for them effective January 1, 2020. Borrowers with partial entitlement, typically because another VA loan is still outstanding, are still subject to a county-based calculation.
▸Should I put money down on a VA loan?
Often yes, just to reach 5%. That single step cuts the funding fee from 2.15% to 1.5% on first use, and from 3.3% to 1.5% on subsequent use — the highest-return use of a down payment anywhere in US mortgage lending.
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