Use Our VA Loan Calculator to Estimate Your Monthly Payments
Quickly estimate your monthly payment, including principal, interest, property taxes, homeowner’s insurance, and the VA Funding Fee. Our VA Loan Calculator makes it easy to see what you can afford, whether you’re a first-time or repeat homebuyer.
How to Use the VA Loan Calculator
- Enter Purchase Price
- Enter Down Payment (if any)
- VA Loans require no down payment except in certain scenarios that require bonus entitlement, but adding one can lower your funding fee and monthly payment.
- Adjust Interest Rate – VA loan rates are generally lower than conventional.
- Select Loan Term – Most of our clients choose a 30 year loan, which is the maximum VA allows.
- Select your VA Funding Fee Status – The calculator will automatically estimate your VA Funding Fee based on your inputs.
- The VA charges a different funding fee based on if you’ve used a VA loan before, the purpose of the loan, and if you’re putting money down on a purchase.
- Enter Annual Taxes, Insurance, and monthly HOA fees (if applicable)
VA Loan Requirements & Key Benefits
VA loans are government-backed mortgages designed to help more active and retired military members become homeowners. In our opinion, the VA loan is the best loan program available.
Benefits of VA Loans
- No Down Payment Required
- No Private Mortgage Insurance (PMI)
- No Minimum Credit Score
- No Loan Limits
- Lower Interest Rates
- Flexible Underwriting Guidelines
- Powerful VA Refinance Options – VA IRRRL (very easy refinance to lower your rate and payment) and the VA Cash Out loan up to 100% LTV.
- Reusable Benefit – you can use the VA loan more than once
Eligibility Requirements
- Eligible Service Members, Veterans, Reservists, National Guard, and some surviving spouses
- Service requirements depend on when and how you served. The majority qualify. Your lender will pull a Certificate of Eligibility directly with the VA, and they will reach out if the VA requires any additional information on your service.
- The VA sets its own lending guidelines, intentionally allowing for flexibility:
- No minimum credit score
- Residual Income based underwriting – the VA cares more about the money left over each month rather than traditional debt to income ratios. This allows for much higher debt to income ratios than conventional or FHA loans.
- Primary Residence only with few exceptions
What is the VA Funding Fee?
The VA funding fee is a one-time charge that helps keep the VA loan program for future veterans. The fee can be rolled into the loan or paid at closing, though most of our clients include it in the loan.
- The funding fee varies based on if you have a service-connected disability, whether you’ve used a VA loan before, and your down payment amount
- First-time use: The funding fee is 2.15% with no down payment.
- Subsequent use: The fee is 3.3% without a down payment.
- Down Payment Discounts: Putting 5% or 10% down lowers your funding fee on both first-time and subsequent use.
- VA IRRRL: VA Interest Rate Refinance Loans (very simple refinances) charge a funding fee of 0.5%.
- VA Cash Out Refinance: The funding fee is subsequent use (3.3%) or first-use (2.15%) without any down payment discounts.
- Exempt: If you receive a service-connected disability rating from the VA, you are exempt from the VA funding fee. If you have been putting off filing a claim, it’s worth your time to file the claim. Even if it’s approved after you close, the VA will refund the funding fee paid.
VA Loan Frequently Asked Questions
Do VA loans require a down payment?
No, VA loans allow for 100% financing, but making a down payment can reduce your VA funding fee and monthly payment.
Can I roll the VA funding fee into my loan?
Yes, the VA funding fee can be added to your loan amount so you don’t have to pay it out of pocket at closing.
Who is exempt from the VA funding fee?
Veterans with at least a 10% service-connected disability rating are exempt from the funding fee.
Are there closing costs on a VA loan?
Yes, VA loans have typical closing costs (appraisal, title, taxes, insurance, etc.) though there are different strategies to pay for these