VA Mortgage Calculator
Specialized financial planning for our nation's heroes.
VA Mortgage Calculator
VA loans are one of the best mortgage benefits available to veterans, active-duty service members, and eligible surviving spouses. No down payment, no PMI, and competitive rates. This calculator shows you exactly what your VA loan payment will be.
What Is a VA Loan?
VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs. The government guarantee allows lenders to offer favorable terms including 0% down payment and no private mortgage insurance requirement — saving veterans thousands.
How to Use This Calculator
- Enter the home purchase price.
- Enter your down payment (can be $0 with a VA loan).
- Enter the interest rate.
- Select your loan term (typically 15 or 30 years).
- Select your VA funding fee category (first use, subsequent use, or exempt).
VA Funding Fee Rates (2025)
- First-time use, 0% down: 2.15% of loan amount
- First-time use, 5%–9.99% down: 1.5%
- First-time use, 10%+ down: 1.25%
- Subsequent use, 0% down: 3.3%
- Exempt: Veterans with 10%+ service-connected disability pay no funding fee
Example Calculation
Home price: $350,000 | Down payment: $0 | Rate: 6.5% | 30 years | First VA use
- Funding fee: $350,000 × 2.15% = $7,525 (rolled into loan)
- Total loan: $357,525
- Monthly P&I: ≈ $2,261
- No PMI required → saves ~$175/month vs. conventional with 0% down
VA Loan vs. Conventional vs. FHA
- VA: 0% down, no PMI, funding fee (waived for disabled vets) — best overall deal for qualifying veterans.
- FHA: 3.5% down, MIP required — good for non-veterans with lower credit.
- Conventional: 3%–20% down, PMI until 20% equity — best for buyers with strong credit and larger down payments.
Common Mistakes to Avoid
- Assuming any military service qualifies — Eligibility requires minimum service lengths. Check your Certificate of Eligibility (COE) first.
- Forgetting the funding fee — It's significant if rolled into the loan. Paying it upfront saves interest over the loan life.
- Not shopping VA lenders — VA rates vary by lender. Compare at least three offers.
- Skipping the home inspection — VA appraisals check minimum property requirements, but they're not full inspections. Get your own inspection.
Frequently Asked Questions
Who qualifies for a VA loan?
Generally: veterans who served 90 days active duty during wartime or 181 days in peacetime, current active-duty members after 90–181 days, National Guard/Reserve members after 6 years, and eligible surviving spouses.
Is there a VA loan limit?
VA loans have no loan limit for veterans with full entitlement. But the lender may have its own limits, and jumbo VA loans may require a small down payment.
Can I use a VA loan more than once?
Yes. As long as you have remaining entitlement and meet eligibility requirements, VA loans can be reused. Subsequent use funding fees are higher (3.3% with 0% down).
Do VA loans have prepayment penalties?
No. You can pay off your VA loan early with no penalty, which pairs well with our Mortgage Payoff Calculator.
What is an IRRRL?
The Interest Rate Reduction Refinance Loan (streamline refi) lets VA borrowers refinance to a lower rate with minimal paperwork and no appraisal required. Check our Refinance Calculator to see if it's worth it.
Conclusion
If you've served and you qualify, the VA loan is almost always the best mortgage available. Zero down, no PMI, and competitive rates — it's a well-earned benefit. Use this calculator to see your exact monthly payment.
Related: Mortgage Calculator | FHA Loan Calculator | Down Payment Calculator | Refinance Calculator
Expert Tip
The VA Funding Fee can be paid in cash at closing or rolled into your total loan amount. Most buyers choose to finance it to keep their "out-of-pocket" costs low!
