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VA Mortgage Calculator,
with funding fee.

Calculate your VA loan monthly payment including the one-time VA funding fee, property tax, homeowners insurance, and HOA. Supports 0% down, both service types, first vs. subsequent use, funding-fee exemptions, and rolling the fee into the loan, with a full amortization schedule and annual breakdown.

VA loan guideNo PMI

Inputs

Loan details

Home price400000

Down payment≈ $0.00

Loan term

Interest rate (APR)6.5%

VA loan details

Service type

First VA loan use?

Funding fee exempt?

Roll funding fee into loan?

Funding fee rate2.15%

Funding fee amount$8,600.00

Effective loan$408,600.00

Taxes, insurance & fees

Property tax≈ $366.67/mo

%/yr

Home insurance

$/yr

HOA

$/mo

Base loan: $400,000.00
LTV ratio: 100%
Financed loan: $408,600.00
Monthly P&I: $2,582.63

Monthly payment

30yr · 6.5% APR

$3,066

Includes P&I, property tax, home insurance. No PMI required.

P&I

84%

P&I

$2,582.63/mo

Tax

$366.67/mo

Insurance

$116.67/mo

HOA

$0.00/mo

No PMI — ever

VA loans never require private mortgage insurance, regardless of your down payment. On a conventional loan at this price, PMI could cost $200.00/mo or more.

VA Funding Fee

2.15%

$8,600.00 one-time fee — financed into your $408,600.00 loan.

Total interest

$521,146.81

Over 360 payments

Total of payments

$1,103,746.78

P&I + tax + insurance

No PMI savings

$72,000.00

vs 0.6% PMI conventional

Amortization

Principal vs interest paid

PrincipalInterest

Schedule

Yearly amortization

30 years

Year	Payment	Principal	Interest	Balance
Y1	$30,991.56	$4,567.01	$26,424.55	$404,032.99
Y2	$30,991.56	$4,872.89	$26,118.67	$399,160.10
Y3	$30,991.56	$5,199.23	$25,792.33	$393,960.87
Y4	$30,991.56	$5,547.46	$25,444.10	$388,413.41
Y5	$30,991.56	$5,918.95	$25,072.61	$382,494.46
Y6	$30,991.56	$6,315.36	$24,676.20	$376,179.10
Y7	$30,991.56	$6,738.31	$24,253.25	$369,440.79
Y8	$30,991.56	$7,189.57	$23,801.99	$362,251.22
Y9	$30,991.56	$7,671.11	$23,320.45	$354,580.11
Y10	$30,991.56	$8,184.84	$22,806.72	$346,395.27
Y11	$30,991.56	$8,732.99	$22,258.57	$337,662.28
Y12	$30,991.56	$9,317.87	$21,673.69	$328,344.41
Y13	$30,991.56	$9,941.90	$21,049.66	$318,402.51
Y14	$30,991.56	$10,607.72	$20,383.84	$307,794.79
Y15	$30,991.56	$11,318.13	$19,673.43	$296,476.66
Y16	$30,991.56	$12,076.13	$18,915.43	$284,400.53
Y17	$30,991.56	$12,884.90	$18,106.66	$271,515.63
Y18	$30,991.56	$13,747.83	$17,243.73	$257,767.80
Y19	$30,991.56	$14,668.53	$16,323.03	$243,099.27
Y20	$30,991.56	$15,650.91	$15,340.65	$227,448.36
Y21	$30,991.56	$16,699.10	$14,292.46	$210,749.26
Y22	$30,991.56	$17,817.48	$13,174.08	$192,931.78
Y23	$30,991.56	$19,010.73	$11,980.83	$173,921.05
Y24	$30,991.56	$20,283.90	$10,707.66	$153,637.15
Y25	$30,991.56	$21,642.35	$9,349.21	$131,994.80
Y26	$30,991.56	$23,091.76	$7,899.80	$108,903.04
Y27	$30,991.56	$24,638.31	$6,353.25	$84,264.73
Y28	$30,991.56	$26,288.36	$4,703.20	$57,976.37
Y29	$30,991.56	$28,048.93	$2,942.63	$29,927.44
Y30	$30,991.56	$29,927.43	$1,064.13	$0.01

VA home loan guide

Everything veterans need to know about VA mortgage costs.

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. Eligible veterans, active-duty service members, and surviving spouses can use the benefit to purchase, build, or refinance a home with competitive interest rates, no required down payment, and — crucially — no private mortgage insurance (PMI) regardless of how little they put down.

Key VA loan benefits vs. conventional mortgages

Feature	VA Loan	Conventional (20% down)	Conventional (5% down)
Down payment	0% required	20%	5%
PMI	None — ever	None	$100–$300/mo
Interest rate	Typically lower	Market rate	Market rate
Funding fee	1.25–3.30% (one-time)	None	None
Credit requirement	Flexible	Typically 620+	Typically 620+
Prepayment penalty	Not allowed	Varies	Varies
Assumable	Yes	Rarely	Rarely

VA funding fee: complete rate table

The VA funding fee is a one-time charge that helps offset the cost of the VA home loan program for taxpayers. Unlike PMI, it is paid once, either at closing or by financing it into the loan. The rate depends on your service type, whether this is your first VA loan, and your down payment amount.

Service type	Use	0% down	5–9.99% down	10%+ down
Regular Military	First use	2.15%	1.50%	1.25%
Regular Military	Subsequent use	3.30%	1.50%	1.25%
Reserves / Nat. Guard	First use	2.40%	1.75%	1.50%
Reserves / Nat. Guard	Subsequent use	3.30%	1.75%	1.50%

Exempt from the funding fee: Veterans receiving VA disability compensation, surviving spouses receiving Dependency and Indemnity Compensation (DIC), and service members awarded the Purple Heart pay no funding fee. Select "Yes — waived" in the calculator above to remove it from your estimates.

Should you roll the funding fee into the loan?

Most VA borrowers choose to finance the funding fee into the loan rather than pay it at closing. Rolling it in means you keep more cash on hand at closing, but you'll pay interest on the fee amount for the life of the loan. For a $400,000 home at 6.5% over 30 years:

2.15% funding fee = $8,600 Financed at 6.5% / 30 yr → ~$54/mo → ~$19,500 total interest on the fee

If you have cash available at closing and plan to stay in the home long-term, paying the fee upfront saves money overall. If you need to preserve liquidity or plan to sell or refinance within 5–7 years, rolling it in often makes more sense.

How the monthly payment is calculated

VA mortgages use the same standard amortization formula as conventional fixed-rate loans. The loan amount used is the effective loan — the base loan (home price minus down payment) plus the financed funding fee if selected:

M = L × r × (1 + r)^n / [(1 + r)^n − 1]

Where M is the monthly principal & interest payment, L is the effective loan amount, r is the monthly rate (APR ÷ 12), and n is the total number of payments (years × 12). Property tax, homeowners insurance, and HOA fees are added on top to arrive at the total monthly obligation shown in this calculator.

The real value of no PMI

On a conventional loan with less than 20% down, lenders require PMI to protect against default. PMI typically costs 0.5–1% of the loan amount per year. On a $400,000 loan that is about $167–$333 per month until your equity reaches 20%.

On a 30-year conventional loan at 5% down, you might pay PMI for 8–12 years — totalling $16,000–$48,000 in insurance premiums that build zero equity. VA loans eliminate this cost entirely, and unlike conventional loans, the PMI benefit applies even at 0% down. The one-time funding fee is almost always less than what you would pay in cumulative PMI.

VA loan entitlement and limits

VA entitlement is the amount the VA guarantees to the lender — typically 25% of the loan. Veterans with full entitlement (no active VA loans and no previously defaulted VA loans) can borrow above the conforming loan limit with no down payment required. The VA does not impose a loan maximum for borrowers with full entitlement; the lender sets the ceiling based on your income and credit.

If you have used your VA benefit before and still have an active VA loan, you may have reduced (bonus) entitlement remaining. In this case a down payment may be required to cover the gap.

Who qualifies for a VA loan?

To use the VA home loan benefit you must obtain a Certificate of Eligibility (COE) from the VA. Eligibility is based on service history:

Active duty: 90 continuous days of active service during wartime, or 181 days during peacetime.
Veterans: 90 days wartime service or 181 days peacetime (without dishonorable discharge). Most Veterans who served at least 24 months also qualify.
National Guard / Reserves: 6 years of service, or 90+ days of active duty under Title 10 orders (not for training).
Surviving spouses: Unmarried surviving spouses of Veterans who died in service or from a service-connected disability, and spouses of MIA/POW Veterans.

How to use this VA mortgage calculator

Enter the home price and your planned down payment (0% is a valid VA loan option).
Select your loan term: 15, 20, or 30 years. Shorter terms mean higher payments but dramatically less interest.
Set your interest rate. VA rates are typically 0.25–0.5% lower than conventional rates for qualified borrowers. Check current VA rates at your lender for the most accurate figure.
Configure your VA loan details: service type (regular military or Reserves/National Guard), first use or subsequent, whether you are exempt from the funding fee, and whether you want to roll the fee into the loan.
Add recurring costs: property tax, homeowners insurance, and HOA if applicable. The calculator uses these to build a realistic total monthly payment (PITI without the PMI).
Review the amortization table to see exactly how much of each year's payments go to interest vs. principal.

FAQ

Frequently asked

Can I really buy a home with 0% down using a VA loan?+

Yes. Eligible veterans with full VA entitlement can purchase a primary residence with no down payment, no matter the purchase price. There is no VA-imposed loan limit for borrowers with full entitlement. Your lender will set a ceiling based on income and creditworthiness. Making a down payment of 5% or 10% does reduce your funding fee and lower your monthly payment.

What is the VA funding fee and can I avoid it?+

The VA funding fee is a one-time government charge that helps sustain the VA home loan program. It ranges from 1.25% to 3.30% of the loan amount depending on your service type, down payment, and whether it's your first VA loan. You can avoid it entirely if you have a VA service-connected disability rating, were awarded the Purple Heart, or are a qualifying surviving spouse.

How does rolling the funding fee into the loan work?+

Rather than paying the funding fee at closing, you can finance it by adding it to your loan balance. For example, a 2.15% fee on a $400,000 loan is $8,600, so your effective loan becomes $408,600. You then pay interest on $408,600 for the life of the loan, which slightly increases your monthly payment. The tradeoff is preserving cash at closing.

Do VA loans require PMI?+

No. VA loans never require private mortgage insurance, regardless of your down payment amount. This is one of the most valuable features of the benefit; PMI on a comparable conventional loan with 5% down can cost $100–$350 per month for years until your equity reaches 20%.

What credit score do I need for a VA loan?+

The VA itself does not set a minimum credit score, but most lenders require a score of at least 580–620. Some lenders accept scores below 580 with compensating factors like strong income or assets. In general, the higher your score, the lower your interest rate offer will be.

Can I use a VA loan more than once?+

Yes — the VA home loan is a lifetime benefit. After paying off a prior VA loan (or selling the home and repaying the loan), your entitlement is fully restored and you can use the benefit again. Even before full restoration, you may have remaining bonus entitlement sufficient to purchase another home, though a down payment may be required.

What is the difference between first use and subsequent use rates?+

The VA charges a lower funding fee for first-time use of the benefit to reward veterans buying their first VA-financed home. Subsequent use rates are higher (up to 3.30% with 0% down) because the borrower has already used the benefit once. Down payment tier rates are the same for first and subsequent use, so putting 5% or 10% down neutralises the difference.

Are VA loan interest rates always lower than conventional rates?+

VA rates are typically 0.25–0.75% lower than comparable conventional 30-year fixed rates because the VA guaranty reduces lender risk. Actual rates depend on your lender, credit score, loan size, and market conditions. Always compare offers from at least three lenders — rates vary meaningfully even within VA loans.

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