VA Mortgage Calculator
Calculate your VA loan payment with the correct VA funding fee based on eligibility, prior use, and disability status. No PMI, no down payment required.
Loan & Property Details
Purchase price and financing terms
VA Eligibility & Funding Fee
Determines your exact funding fee rate
Your Funding Fee Rate
First use · 0% down
2.15%
Total Monthly Payment
$2,660
🛡️ Saving $164/mo vs FHA (no PMI)$2,260
P&I
$0
$0 PMI
$300
Tax
$100
Insurance
VA Funding Fee Details
- Base Loan Amount
- $350,000
- VA Funding Fee
- $7,525
- Total Loan Amount (financed)
- $357,525
- Monthly P&I Payment
- $2,260/mo
- Total Loan Cost (P&I over term)
- $813,528
📊 VA vs FHA vs Conventional Comparison
| Metric | VA Loan | FHA (3.5%) | Conv. (3%) |
|---|---|---|---|
| Down Payment | $0 | $12,250 | $10,500 |
| Loan Amount | $357,525 | $343,661 | $339,500 |
| Monthly P&I | $2,260 | $2,172 | $2,146 |
| Monthly MIP/PMI | $0 ★ | $158 (life) | $212 (removable) |
| Total Monthly PITI | $2,660 | $2,730 | $2,758 |
| Funding/Upfront Fee | $7,525 | $5,911 | $0 |
🗂️ VA Funding Fee Rate Reference
| Down Payment | First Use | Subsequent | Disability Exempt |
|---|---|---|---|
| 0% Down | 2.15% | 3.30% | $0 Waived |
| 5-9.99% Down | 1.50% | 1.50% | $0 Waived |
| 10%+ Down | 1.25% | 1.25% | $0 Waived |
| IRRRL (Refi) | 0.50% | 0.50% | $0 Waived |
Monthly Payment Breakdown
- Principal & Interest
- Property Tax
- Home Insurance
Understanding VA Loans and the Funding Fee
VA loans are one of the most valuable mortgage benefits available to eligible veterans, active-duty service members, and surviving spouses. This calculator works out your exact funding fee from your eligibility, prior use, and disability status, then shows the full monthly payment and lifetime cost that follows. For a side-by-side view against other loan types, try our mortgage calculator, FHA loan calculator, and refinance calculator.
VA Loan Key Benefits
- No down payment: 0% financing for eligible borrowers.
- No monthly PMI: often saves $100–$300+/month versus FHA or conventional.
- Competitive rates: commonly 0.25–0.5% below conventional.
- No prepayment penalty: refinance or pay off anytime.
- Assumable: a qualified buyer can take over your loan and rate.
- Seller concessions: sellers can contribute up to 4% toward costs.
VA Funding Fee Guide
- First use, 0% down: 2.15% of loan amount.
- Subsequent use, 0% down: 3.30%.
- 5–9.99% down: 1.50% (all users).
- 10%+ down: 1.25% (all users).
- IRRRL refinance: only 0.50%.
- 10%+ service-related disability: fee waived entirely.
The fee can be financed into the loan or paid in cash at closing.
VA Refinance Options
- IRRRL (streamline refi): a lower rate with minimal paperwork and no appraisal.
- VA cash-out refi: access equity and can replace any existing mortgage type.
- IRRRL funding fee: just 0.50%.
- Primary residence required — no prepayment penalties, refinance anytime.
Model your refinance savings with our refinance calculator.
Who Qualifies for a VA Loan?
- Veterans: honorable discharge plus minimum service (typically 90 days wartime, 181 peacetime).
- Active duty: 90+ continuous days of service.
- Reservists/National Guard: 6 years of service, or qualifying wartime activation.
- Surviving spouses: of veterans who died in service or from a service-connected disability.
Obtain a Certificate of Eligibility (COE) through VA.gov or your lender.
— FAQ