VA loans require no down payment and no mortgage insurance for eligible veterans, service members and surviving spouses. Veterans receiving VA disability compensation are exempt from the funding fee.
How to use the VA Loan Calculator
- Home value
- Down payment
- Is this your first VA loan?
- Exempt from the funding fee (disability compensation)?
- VA loan term
- Annual interest rate
- Property tax (yearly)
- Homeowner insurance (yearly)
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter the home value, down payment, whether it is your first VA loan or you are exempt, the term and interest rate.
Tips
- Get a written loan estimate and compare the APR, not just the interest rate.
- Include property tax, insurance, HOA fees and maintenance in your monthly budget.
- A larger down payment lowers the payment and can remove mortgage insurance.
- Rates change daily – use a current quote for the most accurate result.
Common mistakes to avoid
- Looking only at the monthly payment instead of the total cost of the loan.
- Forgetting closing costs and fees.
- Assuming home prices always rise.
Inputs explained
| Field | What to enter |
|---|---|
| Home value | Amount in your currency |
| Down payment | In % |
| Is this your first VA loan? | Choose one: Yes, No – subsequent use |
| Exempt from the funding fee (disability compensation)? | Choose one: No, Yes |
| VA loan term | Units: years, months |
| Annual interest rate | In % |
| Property tax (yearly) | Amount in your currency |
| Homeowner insurance (yearly) | Amount in your currency |
What each result means
- Base loan amount = [Home value]×(1 – [Down payment]÷100)
- Funding fee = [Base loan amount]×[Funding fee rate]÷100
- Total loan cost (financed) = [Base loan amount] + [Funding fee]
- Net monthly payment (P&I) = pmt([Annual interest rate]÷1200, [VA loan term], [Total loan cost (financed)])
- Total monthly payment = [Net monthly payment (P&I)] + [Property tax (yearly)]÷12 + [Homeowner insurance (yearly)]÷12
- Total interest = [Net monthly payment (P&I)]×[VA loan term] – [Total loan cost (financed)]
Example values
How the main result changes when Home value changes and everything else stays at the example values above:
| Home value | Total monthly payment |
|---|---|
| 200,000 | 1,733.22 |
| 300,000 | 2,345.66 |
| 400,000 | 2,958.1 |
| 500,000 | 3,570.54 |
| 600,000 | 4,182.98 |
| 800,000 | 5,407.86 |
Formula
Funding fee (purchase): first use 2.15% (< 5% down), 1.5% (5–9.99%), 1.25% (10%+); subsequent use 3.3% (< 5% down)Total loan = base loan + funding fee (if financed)Payment = pmt(rate ÷ 12, months, total loan)Worked example
Inputs — Home value: $400,000; Down payment: 0 %; Is this your first VA loan?: Yes; Exempt from the funding fee (disability compensation)?: No; VA loan term: 30 years; Annual interest rate: 6 %; Property tax (yearly): $4,400; Homeowner insurance (yearly): $1,700.
Results — Base loan amount = $400,000.00; Funding fee rate = 2.15 %; Funding fee = $8,600.00; Total loan cost (financed) = $408,600.00; Net monthly payment (P&I) = $2,449.76; Total monthly payment = $2,958.10; Total interest = $473,314.84.
Frequently asked questions
Do VA loans need a down payment?
No – eligible borrowers can finance 100% of the price.
How much is the VA funding fee?
2.15% for first use with no down payment; less with 5–10% down.
Who is exempt from the funding fee?
Veterans receiving VA disability compensation, among others.
What formula does the VA Loan Calculator use?
Funding fee (purchase): first use 2.15% (< 5% down), 1.5% (5–9.99%), 1.25% (10%+); subsequent use 3.3% (< 5% down).