VA Mortgage Calculator

Estimate your monthly mortgage payment for a VA loan. This calculator includes principal, interest, property taxes, homeowner's insurance (PITI), and the VA funding fee.

Understanding Your VA Home Loan Estimate

Our VA Mortgage Calculator is designed to help active-duty military personnel, veterans, and eligible surviving spouses estimate their monthly mortgage payments for a home purchased using a VA-backed home loan. VA loans offer significant benefits, including the possibility of no down payment, no private mortgage insurance (PMI), and competitive interest rates.

Key Components of Your VA Mortgage Payment:

• Principal and Interest (P&I): This is the core part of your loan payment that goes towards repaying the borrowed amount (principal) and the interest charged by the lender.
• Property Taxes: Homeowners are required to pay property taxes, which are typically collected by the lender monthly as part of your mortgage payment and held in an escrow account.
• Homeowners Insurance: Lenders require homeowners insurance to protect against damage or loss. Like property taxes, these premiums are usually included in your monthly payment.
• VA Funding Fee: Most VA loan borrowers pay a one-time VA funding fee. This fee helps to lower the cost of the loan for U.S. taxpayers since the VA loan program doesn't require down payments or monthly mortgage insurance. The fee amount varies based on your service type, whether it's your first time using the benefit, your down payment amount, and if you have a service-connected disability (which may grant an exemption). Our calculator helps estimate this fee, which can be paid upfront or financed into the loan.

How to Use Our VA Loan Calculator:

1. Home Price: Enter the purchase price of the home you're considering.
2. Down Payment: While VA loans often require no down payment, entering one can reduce your loan amount and potentially lower your VA funding fee.
3. Loan Term: Select the duration of your loan, typically 15 or 30 years.
4. Interest Rate: Input the estimated annual interest rate. Rates vary, so check current market rates or get a quote from a lender.
5. Annual Property Tax: Estimate the yearly property taxes for the location.
6. Annual Homeowners Insurance: Estimate your yearly homeowners insurance premium.
7. Loan Use Type: Indicate if this is your first VA loan or a subsequent one, as this impacts the funding fee.
8. VA Disability: Specify if you receive VA disability compensation, as this may exempt you from the funding fee.

After entering your information, click "Calculate Payment" to see a detailed breakdown of your estimated monthly costs.

VA Loan Eligibility Basics:

Generally, VA home loan eligibility is available to:

• Active-duty service members
• Veterans who meet service length requirements
• Certain National Guard members and Reservists
• Eligible surviving spouses

You'll need a Certificate of Eligibility (COE) from the VA to prove to your lender that you qualify for the VA home loan benefit.

Why Choose a VA Loan?

Beyond no down payment and no PMI, VA loans often feature:

• More lenient credit requirements compared to conventional loans.
• Limits on closing costs that borrowers can be charged.
• No penalty fees for paying off the loan early.
• VA assistance to borrowers in default due to temporary financial difficulty.