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VA Loan Calculator

Calculate VA loan payments - no PMI required

Monthly Payment

$3,066

Funding Fee

$8,600

Total Interest

$497,095

Down Payment

$0

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VA Loan Benefits

No PMI required • No down payment needed • Competitive rates

Monthly Payment Breakdown

Principal & Interest$2,516
Property Tax$400
Home Insurance$150
Mortgage Insurance (PMI)$0 (VA!)
Total Monthly$3,066
Down Payment

$0

Funding Fee (2.15%)

$8,600

VA Loan Summary

Home Price$400,000
Base Loan Amount$400,000
Total Loan (incl. Fee)$408,600
Total Interest Paid$497,095
Total Cost of Home$1,103,695

Payment Breakdown

Principal & Interest$2,516
Property Tax$400
Home Insurance$150
Funding Fee$8,600

Frequently Asked Questions

Q

Who qualifies for a VA loan?

VA loans are available to: Active-duty military (90+ days), Veterans (90 days wartime, 181 days peacetime), National Guard/Reserves (6+ years or 90 days active duty), and surviving spouses of deceased veterans. You need a Certificate of Eligibility (COE) from the VA.

Q

What is the VA funding fee?

The VA funding fee is a one-time payment (2.15%-3.3% for $0 down, 1.25%-1.5% with 5%+ down) that helps fund the VA loan program. It can be financed into the loan. Disabled veterans and Purple Heart recipients are exempt from the funding fee.

Q

Is there really no down payment required?

Yes, VA loans allow 100% financing with no down payment required, up to the county loan limit. There are no loan limits for veterans with full entitlement. However, making a down payment reduces your funding fee and monthly payments.

Q

Why is there no PMI on VA loans?

VA loans don't require private mortgage insurance (PMI) because the VA guarantees a portion of the loan. This can save you $100-$300+ per month compared to conventional loans with less than 20% down.

Q

What are VA loan rates compared to conventional?

VA loan rates are typically 0.25%-0.5% lower than conventional rates. Combined with no PMI and no down payment, VA loans often have the lowest total monthly cost of any mortgage option for eligible borrowers.

Q

Can I use a VA loan more than once?

Yes, VA loan benefits can be used multiple times. Your entitlement is restored when you sell and pay off a VA loan. You can even have multiple VA loans simultaneously in some cases. Subsequent use has a higher funding fee (3.3% vs 2.15% for $0 down).

Example Calculations

1VA Loan with $0 Down (First-Time Use)

Inputs

Home Price$400,000
Down Payment0%
Interest Rate6.25%
Loan Term30 years
Property Tax Rate1.2%
Home Insurance$1,800/yr
Service TypeRegular Military, First-Time Use

Result

Monthly Payment$3,066
Loan Amount$400,000
Funding Fee (2.15%)$8,600
Total Loan Amount$408,600
Monthly P&I$2,516
Total Interest Paid$497,095

Loan = $400,000 with $0 down. Funding fee = $400,000 × 2.15% = $8,600 (financed). Total loan = $408,600. Monthly P&I = $408,600 at 6.25% over 360 months = $2,516. Property tax = $400, insurance = $150. Total = $2,516 + $400 + $150 = $3,066/mo. No PMI required.

2VA Loan with 5% Down Payment

Inputs

Home Price$325,000
Down Payment5% ($16,250)
Interest Rate6.0%
Loan Term30 years
Property Tax Rate1.1%
Home Insurance$1,500/yr
Service TypeRegular Military, First-Time Use

Result

Monthly Payment$2,302
Loan Amount$308,750
Funding Fee (1.5%)$4,631
Total Loan Amount$313,381
Monthly P&I$1,879
Total Interest Paid$363,015

Down payment = $325,000 × 5% = $16,250. Loan = $308,750. Funding fee = $308,750 × 1.5% = $4,631 (reduced from 2.15% with 5% down). Total loan = $313,381. Monthly P&I = $1,879. Property tax = $298, insurance = $125. Total = $2,302/mo.

Formulas Used

VA Funding Fee

Funding Fee = Loan Amount × Funding Fee Rate

One-time fee financed into the loan. Rate depends on down payment, first-time vs subsequent use, and service type. Disabled veterans are exempt.

Where:

Loan Amount= Home price minus down payment
Funding Fee Rate= 2.15% (first use, 0% down), 1.5% (5–10% down), 1.25% (10%+ down), 3.3% (subsequent, 0% down)

Monthly Principal & Interest

M = (Loan + Funding Fee) × r(1 + r)^n / ((1 + r)^n − 1)

Monthly P&I is calculated on the total loan amount including the financed funding fee.

Where:

M= Monthly principal & interest payment
r= Monthly interest rate (annual rate / 100 / 12)
n= Total payments (years × 12)

Total Monthly Payment

Total = P&I + Property Tax/12 + Insurance/12

VA loans have no PMI. Total payment is P&I plus taxes and insurance only.

Where:

P&I= Monthly principal & interest (on total loan incl. funding fee)
Property Tax= Home price × tax rate / 12
Insurance= Annual homeowner's insurance / 12

Understanding VA Loans

VA loans are one of the best mortgage options available, offering no down payment, no PMI, and competitive interest rates. They're available to veterans, active-duty military, National Guard members, and eligible surviving spouses.

The main cost unique to VA loans is the funding fee, which ranges from 1.25% to 3.3% depending on down payment and usage. Disabled veterans are exempt from this fee entirely.

VA loans have no maximum loan amount for borrowers with full entitlement, and they can be used for primary residences, including single-family homes, condos, and multi-unit properties (up to 4 units).

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Last Updated: Feb 12, 2026

This calculator is provided for informational and educational purposes only. Results are estimates and should not be considered professional financial, medical, legal, or other advice. Always consult a qualified professional before making important decisions. UseCalcPro is not responsible for any actions taken based on calculator results.

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