VA Mortgage Calculator
Calculate your monthly payments and total costs for VA home loans with our specialized calculator.
Mortgage Results
Monthly Principal & Interest:
VA Funding Fee:
Total Loan Amount (with funding fee):
Total Interest Over Life of Loan:
Total Cost of Loan:
Disclaimer: This calculator provides estimates only and does not constitute financial advice. The actual loan terms, payments, and eligibility may vary. Please consult with a VA-approved lender or financial advisor before making any decisions regarding VA mortgages.
About Our VA Mortgage Calculator
Our VA Mortgage Calculator is designed specifically for veterans, active-duty service members, and eligible surviving spouses to estimate monthly payments and costs associated with VA home loans. VA loans are provided by private lenders but partially guaranteed by the U.S. Department of Veterans Affairs, often allowing qualified borrowers to purchase homes with no down payment and competitive interest rates.
What Are VA Loans?
VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs. These loans are available to service members, veterans, and eligible surviving spouses to help them buy, build, repair, retain, or adapt a home for personal occupancy. One of the biggest advantages of VA loans is that they typically don't require a down payment and don't have private mortgage insurance (PMI).
The VA Mortgage Formula
The formula for calculating monthly VA mortgage payments is:
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n-1]
Where:
- P is the principal loan amount
- r is the monthly interest rate (annual rate divided by 12 and converted to decimal)
- n is the total number of monthly payments (years × 12)
VA Funding Fee
The VA funding fee is a one-time payment that helps offset the cost of the VA loan program to taxpayers. This fee varies based on your military category, down payment amount, and whether it's your first time using a VA loan benefit. Some veterans, including those receiving VA disability compensation, may be exempt from this fee.
Key Features:
- Calculate monthly mortgage payments based on loan amount, interest rate, and term
- Include or exclude the VA funding fee from your loan amount
- See the total interest paid over the life of the loan
- Compare different loan terms and interest rates
- Account for different VA funding fee scenarios based on service history
How to Use:
- Enter your desired loan amount
- Input the interest rate offered by your lender
- Select your loan term (typically 15 or 30 years)
- Choose the appropriate VA funding fee percentage
- Decide whether to include the funding fee in your loan amount
- Click "Calculate Mortgage" to see your results
VA Loan Benefits:
No Down Payment: Most VA loans don't require a down payment, making homeownership more accessible.
No PMI: Unlike conventional loans with less than 20% down, VA loans don't require private mortgage insurance.
Competitive Interest Rates: VA loans often have lower interest rates compared to conventional loans.
Limited Closing Costs: The VA limits certain closing costs that veterans can pay.
No Prepayment Penalty: You can pay off your VA loan early without penalties.
VA Loan Eligibility
VA loan eligibility is generally available to:
- Veterans who have served the minimum required time
- Active-duty service members who have served for at least 90 continuous days
- Some members of the National Guard and Reserves
- Surviving spouses of veterans who died in service or from a service-related disability
Eligibility is determined by the VA and requires a Certificate of Eligibility (COE) which can be obtained through the VA or a VA-approved lender.
Start planning your VA home loan with our calculator today to get a clearer picture of your monthly payments and total costs!
Frequently Asked Questions
What costs are not included in this calculator?
This calculator focuses on principal and interest payments. It doesn't include property taxes, homeowners insurance, HOA fees, or VA loan closing costs. For a complete picture of your monthly housing expenses, you should add these costs to the calculated payment amount. Many lenders establish an escrow account to collect and pay these additional expenses.
Can I get a VA loan with bad credit?
The VA doesn't set a minimum credit score requirement, but most VA-approved lenders do have their own credit score requirements, typically around 620. However, VA loans generally have more flexible credit requirements than conventional loans. If your credit score is low, you may still qualify with a lender that specializes in working with veterans with credit challenges.
Can I use a VA loan more than once?
Yes, you can use your VA loan benefit multiple times. If you pay off your first VA loan and sell the property, your full entitlement is restored. You can also have multiple VA loans at once, subject to your remaining entitlement amount. Note that subsequent uses of the VA loan benefit typically have a higher funding fee unless you're exempt.