Calculate your monthly VA loan payment with no down payment and VA funding fee included.
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Years
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Monthly Payment
$1,937$
VA loan payment including principal, interest, and financed funding fee
Loan Amount$300,000
VA Funding Fee$6,450
Total Financed Amount$306,450
Total Interest Over Loan$390,860
Total of All Payments$697,310
This calculator estimates your VA loan payment based on standard VA funding fees and fixed interest rates. Actual payments may vary based on lender fees, local property taxes, insurance, and HOA costs if applicable. Consult your VA lender for precise figures.
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What is the VA Mortgage Calculator?
A VA mortgage calculator is a financial tool designed for eligible veterans that computes monthly payment and total loan cost. The key feature is that VA loans do not require a down payment, and instead of PMI, veterans pay a VA funding fee (typically 2.15% for first-time users with no down payment, lower if putting money down or have VA disability). It calculates the financed amount including the funding fee and applies an amortization formula to determine monthly P&I payments.
How it works
The calculator first deducts any down payment from the home price to get the base loan amount. It then calculates the VA funding fee as a percentage of the loan and adds it to the financed amount. Using the amortization formula—Monthly P&I = Loan × (r × (1+r)^n) / ((1+r)^n - 1)—where r is the monthly interest rate and n is the number of payments, it computes the monthly payment spread evenly over the loan term. The total interest is the difference between total payments and the original financed amount.
Loan Amount = Home Price − Down Payment; VA Funding Fee = Loan Amount × Fee%; Total Financed = Loan Amount + VA Funding Fee; Monthly Payment = Total Financed × [r(1+r)^n] / [(1+r)^n − 1]; Total Interest = (Monthly Payment × Term in Months) − Total Financed
The amortization formula spreads the total financed amount (including VA funding fee) evenly across monthly payments over the loan term. The VA funding fee is calculated on the loan amount only, not the home price, and is typically rolled into the financed balance so no lump-sum is owed upfront. The monthly payment remains constant, with interest front-loaded and principal increasing over time.
Examples
Input
Result
Notes
Home: $350,000, Down: 0%, 30-year, 6.5%, VA Fee: 2.15%
Monthly Payment: $2,384
Loan $350,000; VA fee $7,525 (financed). Total financed: $357,525. Total interest over 30 years: ≈$508,540.
Home: $300,000, Down: 10%, 25-year, 5.5%, VA Fee: 2.15%
Monthly Payment: $1,612
Loan $270,000; VA fee $5,805 (financed). Total financed: $275,805. Total interest: ≈$209,300.
Loan $450,000; VA fee $6,300 (lower due to disability). Total financed: $456,300. Total interest: ≈$169,140.
How to use the VA Mortgage Calculator
Enter the home purchase price in your preferred currency.
Set the down payment percentage (0% is allowed for VA loans; add a percentage if you choose to put money down).
Enter the annual interest rate offered by your VA-approved lender.
Select the loan term in years (15, 20, 25, or 30 are common).
Enter the VA funding fee percentage (typically 2.15% for first-time users with 0% down; lower if you have VA disability rating or are putting 10%+ down).
Review the monthly payment and stats showing loan amount, VA fee, total financed, and total interest.
Select your currency if needed and compare loan scenarios.
Benefits
See your exact monthly payment without needing a down payment, removing a major barrier to homeownership for eligible veterans.
Understand the true cost of the VA funding fee; while it seems like an extra cost, it avoids PMI entirely and is typically lower over the loan's life.
Compare VA loan scenarios instantly: test different interest rates, down payment amounts (if you have funds), or loan terms to find affordability.
Budget accurately with a fixed monthly payment that remains constant over the loan term (assuming a fixed-rate loan).
See the total interest cost upfront, helping you decide between a 15-year vs. 30-year mortgage or whether to put 10%+ down to lower the VA fee.
Plan long-term finances knowing the full cost of homeownership without surprise PMI increases or rate resets.
Tips & common mistakes
Common mistakes
Forgetting that VA funding fees vary: first-time users pay ~2.15% at 0% down, but it drops to ~1.5% if putting 5%+ down and to ~1.4% with a VA disability rating.
Assuming the VA funding fee is wasted money; it is rolled into the financed amount and is typically lower than PMI over the loan's life (PMI is 0.5–1.5% yearly).
Not shopping rates across VA lenders; a 0.5% rate difference on a $350,000 loan over 30 years saves over $60,000 in interest.
Underestimating total property taxes and insurance; while not shown in this calculator, they must be factored into your monthly budget.
Tips
Use 0% down initially to see your payment, then test adding 5–10% down to see how it lowers the VA funding fee.
Compare 15-year, 20-year, and 30-year terms; a 15-year VA loan has a higher monthly payment but saves tens of thousands in interest.
Consult your VA lender about your specific funding fee rate; rates vary by your use of the benefit and any VA disability rating.
Remember that your monthly payment will include property taxes, insurance, and any HOA fees on top of principal and interest; use this calculator as the P&I component only.
If you used your VA benefit before, your funding fee may be different; first-time users get the best rates, but subsequent uses are still available.
Frequently asked questions
What is the VA funding fee and why do I have to pay it?
The VA funding fee is a one-time charge that protects the VA and lenders in case of default. It replaces PMI entirely, so you avoid the 0.5–1.5% yearly insurance that non-VA borrowers pay. Typical rates: 2.15% at 0% down (first use), 1.5% at 5%+ down, 1.4% with a 10% VA disability rating, and 0% for those with a 100% disability rating or who are surviving spouses. The fee is financed into your loan, so no lump-sum payment upfront.
Can I put 0% down on a VA loan?
Yes. VA loans uniquely allow 0% down, making them ideal for borrowers without savings for a down payment. However, you'll pay the full VA funding fee (typically 2.15%). If you have funds and put 5–10% down, the VA funding fee drops to ~1.5%, so you may save money overall even with upfront cash.
Is the VA funding fee cheaper than PMI?
Often yes, especially over 30 years. VA funding fee is a one-time charge (2.15% = ~$7,000 on a $350,000 loan), while PMI on a conventional 95% LTV loan costs 0.5–1.5% of the loan annually. Over 30 years, conventional PMI totals $15,000–$45,000+, making the VA benefit significant.
Can I get a VA loan if I've used the benefit before?
Yes. Veterans can use the VA benefit multiple times, and your remaining entitlement will determine your borrowing power. The funding fee for subsequent uses is typically the same or lower. Check your Certificate of Eligibility for your remaining entitlement amount.
How does a VA loan interest rate compare to conventional mortgages?
VA loans often have competitive or lower rates than conventional mortgages because lenders see them as lower-risk (backed by the VA). Rates depend on your credit score, loan term, and the lender. Always shop rates across multiple VA-approved lenders.
What if I have a 100% VA disability rating?
Borrowers with a 100% service-connected disability rating are exempt from paying the VA funding fee entirely, saving thousands upfront. Verify your disability rating with the VA before applying and ensure your lender processes this exemption.