VA Mortgage Calculator
Estimate a VA loan payment including the VA funding fee, with no down payment required.
About VA Mortgage Calculator
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)
Worked example
With the default values below, VA Mortgage Calculator returns Total Monthly Payment (PITI, no PMI) of $3,035.82. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Home Priceaccepts 10,000–5,000,000 $
- 400,000 $
- Down Paymentaccepts 0–50 %
- 0 %
- Annual Interest Rateaccepts 0–20 %
- 6.25 %
- Loan Termaccepts 10–30 years
- 30 years
- VA Loan Useone of First use, Subsequent use
- First use
- Exempt from Funding Fee
- No
- Finance Funding Fee into Loan
- Yes
- Monthly Property Taxaccepts 0–10,000 $
- 400 $
- Monthly Homeowner's Insuranceaccepts 0–5,000 $
- 120 $
Results
- 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. ConventionalVA loans have no PMI — this is the monthly saving vs. a conventional loan at this LTV.
- $266.67
Step by step
- 1Down payment= $0
- 2Base loan amount= $400,000
- 3VA funding fee (2.15%, first use)= $8,600.00
- 4Total financed amount (includes funded fee)= $408,600
- 5Monthly P&I= $2,515.82
- 6Total monthly PITI (no PMI)= $3,035.82
- 7Monthly PMI you avoid vs. conventional loan= $266.67VA loans never require PMI, which is typically 0.5–1.5% of the loan amount annually.
Assumptions and limits
- The result is derived only from the 9 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take inflation into account.
- Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- 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.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
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.