VA Loan Calculator
Calculate your VA mortgage payment with the funding fee included. No PMI required — adjust your down payment and service details to see your exact monthly cost.
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Check your HOA disclosure; $0 if no HOA.
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How the VA Loan Calculator Works #
This calculator computes your monthly VA mortgage payment using the same amortization formula lenders use — with one key difference from conventional loans: there is no PMI. Instead, VA loans charge a one-time funding fee that is typically rolled into the loan balance. Enter your home price, down payment, and service details, and the calculator shows your monthly payment broken into principal and interest, property tax, and homeowner's insurance.
The funding fee is calculated on the base loan amount (home price minus down payment), then added to the loan if you choose to finance it. Your monthly P&I payment is computed on this total financed amount. For example, a $400,000 home with 0% down at 6.5% has a base loan of $400,000, a funding fee of $8,600 (2.15%), and a total financed amount of $408,600.
VA Funding Fee Explained #
The funding fee is the cost of the VA loan guaranty program — it replaces the private mortgage insurance that conventional borrowers pay. The fee percentage depends on two factors: your down payment amount and whether this is your first or subsequent VA loan use.
For first-time users with no down payment, the fee is 2.15% of the loan amount. Put down 5% or more and it drops to 1.50%. At 10% or more, it falls to just 1.25%. Subsequent-use borrowers with no down payment pay 3.30%, but the fee drops to match first-use rates at the 5% and 10% tiers — making a modest down payment especially valuable for repeat VA borrowers.
VA Funding Fee Table (Purchase Loans)
| Down Payment | First Use | Subsequent Use |
|---|---|---|
| Less than 5% | 2.15% | 3.30% |
| 5% to less than 10% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% |
As of April 2023, funding fee rates are the same for all service types — Regular Military, Reserves, and National Guard.
Who Is Exempt from the Funding Fee? #
The following borrowers pay no funding fee at all:
- Veterans receiving VA disability compensation for a service-connected disability
- Veterans eligible for VA disability compensation but receiving retirement or active-duty pay instead
- Surviving spouses of veterans who died in service or from a service-connected disability
- Active-duty service members or veterans who received the Purple Heart
If you qualify for an exemption, check the "Funding fee exempt" box above to see your payment without the fee.
VA Loan vs. Conventional Mortgage #
The biggest advantage of a VA loan is the combination of zero down payment and no PMI. On a $400,000 conventional loan with 5% down, you'd pay roughly $270/month in PMI until you reach 20% equity. A VA borrower avoids that entirely — the trade-off is a one-time funding fee of $8,170 (2.15% of $380,000). Over time, the VA loan typically costs less because PMI is a recurring monthly charge while the funding fee is a one-time cost that gets amortized over the life of the loan.
VA loans also tend to carry competitive interest rates, often matching or beating conventional rates. Combined with zero down, this makes the VA loan one of the most powerful homebuying tools available to eligible veterans and service members.
How Down Payment Affects Your VA Loan #
While VA loans don't require a down payment, putting money down has real benefits. A 5% down payment on a $400,000 home reduces your base loan by $20,000 and cuts the funding fee from 2.15% to 1.50% — a difference of $2,470 in fees alone. At 10% down, the fee drops to 1.25%. A larger down payment also means a lower monthly payment and less total interest over the life of the loan.
Frequently Asked Questions #
What is the VA funding fee?
The VA funding fee is a one-time fee charged on VA-backed home loans. It ranges from 1.25% to 3.30% of the loan amount depending on your down payment and whether it's your first VA loan use. The fee can be paid upfront at closing or financed into the loan. It funds the VA loan guaranty program, allowing the VA to offer loans with no PMI and no down payment.
Do VA loans require PMI?
No. VA loans never require private mortgage insurance (PMI), regardless of your down payment amount. This is one of the most significant benefits of the VA loan program and can save borrowers hundreds of dollars per month compared to conventional loans with less than 20% down.
What is the minimum down payment for a VA loan?
There is no minimum down payment for a VA loan — you can finance 100% of the purchase price. However, making a down payment of 5% or more reduces the VA funding fee significantly and lowers your monthly payment.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation, those eligible for disability compensation receiving other military pay, surviving spouses of veterans who died in service or from a service-connected disability, and Purple Heart recipients are all exempt from the funding fee.
Should I roll the funding fee into my loan?
Most VA borrowers choose to finance the funding fee, adding it to the loan balance rather than paying it upfront. The trade-off is that you'll pay interest on the fee over the life of the loan. On a $8,600 funding fee at 6.5% over 30 years, that adds roughly $11,000 in total interest. If you have the cash, paying it upfront saves money long-term — but many borrowers prefer preserving cash reserves after closing.