VA Mortgage Calculator
Modify the values and click the calculate button to use
Monthly Pay:
Amortization schedule
| Year | Interest | Principal | Ending Balance |
|---|
VA Loan Information
VA loans are mortgages granted to veterans, service members on active duty, members of national guards, reservists, or surviving spouses, guaranteed by the U.S. Department of Veterans Affairs (VA). As long as the person was given a DD 214 document, which proves honorable discharge on good terms, they may qualify. VA loans are intended to help growing populations of homeless veterans in the U.S. find affordable houses. VA loans make up a small portion of all mortgages in the U.S. due to the specific demographic who qualify, but studies have shown that they have the lowest foreclosure rates of all loans.
VA Funding Fee
A VA funding fee is a one-time payment that borrowers typically pay as part of acquiring a VA loan. The fee is a percentage of the loan amount that varies from 0% to 3.3% depending on factors such as the down payment amount, veteran’s military experience, type of home, and loan purpose. It is the fee that goes towards the upkeep of the program and is used in the case that a borrower defaults.
For applicants with 10% or more service-related disability (or their surviving spouse), the fee is waived.
The VA funding fee can be financed into the loan amount. All other fees must be paid in cash at closing after negotiations to determine whether the buyers or sellers are responsible for them.
VA Funding Fee Structure
| Down Payment | First Time Use | Second and Subsequent Use |
|---|---|---|
| <5% | 2.15% | 3.3% |
| 5-10% | 1.5% | 1.5% |
| ≥10% | 1.25% | 1.25% |
Pros and Cons of VA Loans
Pros
- The defining feature of any VA loan is that there is no down payment required.
- There is no mortgage insurance involved, relieving VA loan borrowers of a big expense.
- Sellers and buyers are allowed to negotiate the payment of fees.
- VA loans can be used for purchases or refinance on existing loans.
- Typically, both the interest rates and closing costs are slightly lower than other mortgages.
Cons
- Only applicants given DD 214 documents can qualify for VA loans.
- The VA funding fee can be expensive for those not exempted.
- VA loans cannot cover projected home improvements, so no fixer-upper homes.
- Not all sellers or lenders do business with VA purchasers.
- VA loans can only be used on primary residences (owner-occupied homes only).
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How to Use the VA Mortgage Calculator
Step-by-Step Guide
- Enter Home Price
- Input the total price of the home you’re considering
- Example: $500,000
- Set Down Payment
- Enter either:
- Dollar amount (e.g., $25,000)
- Percentage of home price (e.g., 5%)
- VA loans allow 0% down payment
- Enter either:
- Select Loan Term
- Choose your repayment period (typically 15 or 30 years)
- Default is 30 years
- Enter Interest Rate
- Input the current VA loan interest rate you qualify for
- Example: 5.5%
- VA Eligibility Options
- Check if you’ve used a VA loan before
- Check if you have a service-related disability (10% or more) – this waives the funding fee
- View VA Funding Fee
- The calculator automatically determines your VA funding fee percentage based on your inputs
- This fee ranges from 0% to 3.3% of the loan amount
- Explore More Options (Optional)
- Click “+ More Options” to:
- Add extra monthly/yearly/one-time payments
- Set a custom loan start date
- Click “+ More Options” to:
- Calculate Results
- Click “Calculate” button to see your detailed mortgage breakdown
- Review Results
- Monthly payment amount
- Total loan cost breakdown
- Amortization schedule
- Visual charts showing principal vs interest
- Save Calculation (Optional)
- Click “Save this calculation” to keep your results
Frequently Asked Questions (FAQs)
General Questions
Q: What is a VA loan?
A: VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses.
Q: Who qualifies for a VA loan?
A: Those with a DD214 showing honorable discharge, current service members with 90+ days of active service, National Guard/Reserve members with 6+ years of service, and surviving spouses of veterans who died in service or from service-connected disabilities.
Q: Why use this calculator?
A: Our calculator specifically accounts for VA loan features like the funding fee and disability exemptions, giving you more accurate results than generic mortgage calculators.
Calculation Questions
Q: How is the VA funding fee calculated?
A: The fee percentage depends on:
- Whether it’s your first VA loan (2.15% for <5% down) or subsequent use (3.3% for <5% down)
- Your down payment amount
- Whether you have a service-related disability (waived if 10%+ disabled)
Q: Why does my monthly payment seem high?
A: Check if:
- You included the VA funding fee in the loan (default setting)
- Your interest rate reflects current market rates
- You selected the correct loan term
Q: How accurate are the results?
A: The calculator provides estimates based on standard VA loan terms. Your actual payment may vary based on:
- Exact interest rate from lenders
- Local property taxes
- Homeowners insurance costs
- Other closing costs
Feature Questions
Q: How do extra payments affect my loan?
A: Extra payments directly reduce your principal, which:
- Lowers total interest paid
- Shortens your loan term
- The calculator shows exactly how much you’ll save
Q: What’s the difference between annual and monthly schedules?
A: The annual schedule shows yearly summaries, while the monthly schedule displays detailed payment-by-payment breakdowns (showing first 12 months by default).
Q: Can I see how my payment changes with different interest rates?
A: Yes! Simply change the interest rate field and click “Calculate” to see updated results instantly.
Technical Questions
Q: Does this calculator store my personal information?
A: No, all calculations are done in your browser. We don’t store any of your inputs or results.
Q: Why are some fields not updating when I change values?
A: Make sure to:
- Click outside the field after entering a value, or
- Press the “Calculate” button to refresh all results
Q: How do I change languages?
A: Use the dropdown menu at the top right of the calculator. All text and number formats will update automatically.
VA Loan Specifics
Q: What are the benefits of a VA loan?
A: Key benefits include:
- No down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates
- Limited closing costs
- Easier qualification standards
Q: What costs aren’t included in this calculator?
A: The calculator focuses on principal, interest, and VA funding fee. You may also have:
- Property taxes
- Homeowners insurance
- HOA fees (if applicable)
- Other closing costs
Q: Can I use a VA loan more than once?
A: Yes! You can reuse your VA loan benefit, though the funding fee is typically higher for subsequent uses.