VA Mortgage Calculator

How to Use This VA Mortgage Calculator

VA loans are one of the strongest benefits available to eligible service members—no PMI, often no down payment, and competitive rates. The catch is the funding fee, which varies by usage history and down payment size. If you are trying to figure out whether putting a little cash down saves enough on that fee to matter, this calculator does the arithmetic for you.

• Enter home price and down payment. VA allows 0% down; leave the default at zero to see a fully financed purchase.
• Set interest rate and loan term. Use your lender's quoted APR or note rate for the term you plan to take.
• Select VA loan usage. First-time use carries a lower funding fee than subsequent use at the same down payment tier.
• Add property tax and insurance. Annual figures are split into monthly estimates added to your total payment.
• Press Calculate. Review base loan, funding fee, total loan amount, monthly P&I, total payment, charts, and amortization schedule.

Shopping FHA or conventional side by side? Compare on the FHA Loan Calculator or Mortgage Calculator.

VA Mortgage Formulas and Practical Applications

A VA loan is backed by the Department of Veterans Affairs, not issued by the VA itself. Think of the funding fee as the program's membership dues—it keeps the guarantee fund solvent so future veterans get the same zero-down option you are using today.

Base loan and funding fee tiers

The base loan equals purchase price minus down payment. The funding fee percentage depends on whether this is your first VA loan and how much cash you put down:

Base Loan = Home Price − Down Payment

Funding Fee = Base Loan × Fee Rate

Total VA Loan = Base Loan + Funding Fee

For first-time use with zero down, the fee rate is 2.15%. Subsequent use at zero down jumps to 3.30%. Put 5% to 9.99% down and the rate falls to 1.50%; at 10% or more, it drops to 1.25%.

Monthly payment calculation

P&I amortizes the total VA loan (including the financed funding fee) over the selected term using the standard fixed-rate formula. Property tax and insurance add as monthly escrow-style lines:

M = Total Loan × [ i(1 + i)ⁿ ] / [ (1 + i)ⁿ − 1 ]

On a $350,000 home with zero down and first-time use, a 2.15% funding fee adds $7,525 to the note. At 6% over 30 years, P&I lands near $2,160 before tax and insurance—still with no PMI line item.

When a small down payment pays off

Because the funding fee is percentage-based, putting 5% down on a $350,000 home saves on both the fee rate tier and the balance it applies to. Run the calculator twice—once at zero down, once at 5%—and compare total interest over your expected hold period. If you plan to sell within a few years, the lower fee alone may not recoup the cash outlay; for a long stay, the savings compound.

Frequently Asked Questions

Can I get a VA loan with zero down payment?

Yes. Eligible veterans and service members can finance 100% of the home price with no private mortgage insurance, though a one-time VA funding fee applies.

What is the VA funding fee?

The funding fee supports the VA loan program. It is a percentage of the loan amount based on first-time vs subsequent use and down payment size, and it is typically financed into the loan.

Who is exempt from the VA funding fee?

Veterans receiving VA disability compensation and certain surviving spouses may be exempt. Confirm exemption status with your Certificate of Eligibility and lender.

Does a VA loan require PMI?

No. VA loans do not charge private mortgage insurance regardless of down payment size, which is a major savings compared to low-down conventional loans.

How does putting money down affect the VA funding fee?

A down payment of 5% to 9.99% lowers the funding fee to 1.50%, and 10% or more lowers it to 1.25% for first-time use. Zero down carries the highest fee tier.