VA Mortgage Calculator
Estimate VA loan payments including the VA funding fee by down payment tier, with no PMI required.
Inputs
VA loans allow 0% down. Down payment tier affects the funding fee.
Subsequent use typically means you have had a previous VA loan.
Veterans with a service-connected disability rating of 10%+ and surviving spouses are exempt.
Most borrowers roll the funding fee into the loan rather than paying upfront.
Total Monthly Payment (PITI, no PMI)
$3,035.82
Principal & Interest
$2,515.82
Monthly Property Tax
$400.00
Monthly Insurance
$120.00
VA Funding Fee
$8,600.00
Funding Fee Rate
2.15%
Total Financed Loan
$408,600
Base Loan Amount
$400,000
Down Payment
$0
LTV Ratio
100.00%
Total Interest Paid
$497,095
Monthly PMI Saved vs. Conventional
$266.67
VA loans have no PMI — this is the monthly saving vs. a conventional loan at this LTV.
Step by step
Down payment
$400,000 × 0%
= $0
Base loan amount
$400,000 − $0
= $400,000
VA funding fee (2.15%, first use)
$400,000 × 2.15%
= $8,600.00
Total financed amount (includes funded fee)
= $408,600
Monthly P&I
= $2,515.82
Total monthly PITI (no PMI)
$2,515.82 P&I + $400.00 tax + $120.00 insurance
= $3,035.82
Monthly PMI you avoid vs. conventional loan
= $266.67
VA loans never require PMI, which is typically 0.5–1.5% of the loan amount annually.
How it works
VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible service members, veterans and surviving spouses. They require no down payment and no private mortgage insurance, which are the two biggest financial advantages. Instead, the VA charges a one-time funding fee (typically 1.25–3.3% of the loan, depending on use and down payment) that is usually financed into the loan. Veterans with a service-connected disability rating of 10% or higher are exempt from the funding fee.
Formulas
VA funding fee
Funding Fee = Base Loan × Funding Fee Rate
- f
- Rate from VA table (0.5%–3.3%, based on use and down payment)
Financed loan amount
Financed Loan = Base Loan + Funding Fee (when financed)
VA funding fee rates are current as of 2024. Eligibility rules and fee exemptions require verification with a VA-approved lender. Rates and terms vary by lender.
Frequently Asked Questions
Do VA loans require a down payment?
No — VA loans allow 0% down with no PMI. However, making a 5% or 10% down payment reduces the funding fee tier and therefore the total cost of the loan.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation for a service-connected disability, veterans who would receive compensation but for retirement pay, and surviving spouses of veterans who died in service or from a service-connected disability are all exempt.
Can I use a VA loan more than once?
Yes. The VA entitlement can be restored after a previous VA loan is paid off, or used concurrently if sufficient entitlement remains. Subsequent use carries a higher funding fee (3.3% with less than 5% down) to partially offset the increased risk.
Is there a VA loan limit?
Since 2020, there is no VA loan limit for borrowers with full entitlement — meaning no mandatory down payment regardless of loan size. However, lenders may impose their own limits and require down payments on amounts above the conforming loan limit.