VA Mortgage Calculator

Calculate VA loan payments with automatic funding fee calculation, PITI breakdown, and side-by-side comparison with conventional and FHA mortgages.

🏠 HOME PRICE ($)

⬇️ DOWN PAYMENT (%)

Down: $0

% INTEREST RATE

📅 LOAN TERM

🏛️ PROPERTY TAX ($/yr)

🛡️ HOME INSURANCE ($/yr)

🎖️ VA FUNDING FEE OPTIONS

First-time VA loan use 10%+ disability (fee exempt)

MONTHLY PAYMENT (PITI)

$2,593/mo

P&I

$2,201

PROPERTY TAX

$292

INSURANCE

$100

PMI

$0 ✓

🎖️ VA FUNDING FEE

FEE RATE

2.15%

FEE AMOUNT

$7,525

TOTAL LOAN (w/ fee)

$357,525

First-time use | 0% down payment → 2.15% fee. Financed into loan balance.

Down Payment	First Use	Subsequent Use
Less than 5%	2.15%	3.30%
5% - 9.99%	1.50%	1.50%
10% or more	1.25%	1.25%

VA LOAN vs CONVENTIONAL vs FHA

	VA Loan ✓	Conventional	FHA
Down Payment	0%	5-20%	3.5%
PMI/MIP	None ✓	Required <20% down	Required (life of loan)
Funding Fee	2.15% ($7,525)	None	1.75% upfront + 0.85%/yr
Monthly (est.)	$2,593	$2,591	—
Credit Score	No VA minimum (lenders: 620+)	620-680+	580+ (3.5% down)
Prepayment Penalty	None ✓	Varies	None
Eligibility	Veterans/active duty/spouses	Anyone	Anyone

📐 How VA Mortgage is Calculated

Home price & down payment
$350,000 home × 0% down
= Loan base: $350,000
VA funding fee
$350,000 × 2.15% (first use, 0% down)
= Fee: $7,525
Total loan amount
$350,000 + $7,525 (fee financed)
= $357,525
Monthly PITI
P&I + tax/12 + insurance/12
= $2,594/month

Rate Comparison

VA Loan (0% down)

$2,594/mo

No PMI | 2.15% funding fee | 0% down

Conventional (5% down)

$2,612/mo

PMI required | No funding fee | 5% down

FHA (3.5% down)

$2,580/mo

MIP for life | 1.75% upfront | 3.5% down

🎖️

VA Funding Fee: The Key Decision Factor

The VA funding fee is the main cost unique to VA loans. For first-time use with 0% down, it's 2.15% ($7,525 on $350K). But you save $150-$300/month by avoiding PMI. Break-even: ~25-50 months. For subsequent use with 0% down, the fee jumps to 3.3% ($11,550) — consider making 5%+ down to reduce it to 1.5%. Veterans with 10%+ disability pay $0 in funding fees.

💡 What Is a VA Loan?

VA Loan Eligibility

VA loans are available to those who have served the United States military. Eligibility requires a Certificate of Eligibility (COE) from the VA, which verifies your military service status:

Service Type	Minimum Service Required
Active duty	90 consecutive days during wartime, or 181 days during peacetime
Post-9/11 service	90 days active duty
National Guard/Reserves	6 years, or 90 days active duty during wartime
Surviving spouse	Spouse died in service or from service-connected disability

Honorable discharge is required (DD 214 document). Dishonorable discharge disqualifies applicants.

VA Funding Fee Structure

Down Payment	First Use	Subsequent Use
Less than 5%	2.15%	3.30%
5% to 9.99%	1.50%	1.50%
10% or more	1.25%	1.25%

Fee exemptions: Veterans with 10%+ service-connected disability, Purple Heart recipients (active duty), and surviving spouses of veterans who died from service-connected conditions.

Other VA funding fee rates: IRRRL (Interest Rate Reduction Refinance): 0.50%. Loan assumptions: 0.50%. Manufactured home loans (not permanently affixed): 1.00%.

VA Loan Pros and Cons

Pros:

0% down payment required — no savings needed for down payment
No PMI ever, regardless of down payment amount
Lower interest rates than conventional mortgages (typically 0.25-0.5% lower)
No prepayment penalties — pay off anytime without fees
Sellers can pay up to 4% of loan amount toward closing costs
VA appraisal protects buyers from overpaying
Benefits are reusable — can have multiple VA loans

Cons:

VA funding fee (2.15-3.3% for 0% down) adds to loan cost
Primary residence only — no investment properties or vacation homes
Not all sellers/lenders work with VA loans
Stricter appraisal: property must meet VA Minimum Property Requirements (MPR)
Cannot use for fixer-uppers or homes needing significant repairs
More paperwork and potentially longer closing times

VA Loan vs Conventional vs FHA

	VA Loan	Conventional	FHA
Down Payment	0%	5-20%	3.5%
PMI/MIP	None	Required until 20% equity	Required for life of loan
Funding/Guarantee Fee	0-3.3%	None	1.75% upfront + 0.85%/yr
Credit Score	No VA min (lenders: 620+)	620-680+	580+ (3.5% down)
Loan Limits	None (full entitlement)	$766,550 conforming	$498,257 – $1,149,825
Prepayment Penalty	None	Varies	None
Occupancy	Primary only	Any	Primary only

Example: $350,000 home with 0% down at 6.25% for 30 years. VA funding fee (first use): 2.15% = $7,525. Total loan: $357,525. Monthly PITI: ~$2,594. Same home conventional (5% down): ~$2,612/mo including PMI.