VA Mortgage Calculator

This calculator helps veterans and service members estimate VA mortgage payments, including the VA funding fee based on military service type and down payment.

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What is a VA Mortgage Loan?

A VA mortgage loan is a home loan guaranteed by the U.S. Department of Veterans Affairs (VA). These loans are available to eligible veterans, active-duty service members, and certain surviving spouses, offering favorable terms such as no down payment requirement and no private mortgage insurance (PMI).

VA loans typically include a funding fee, which varies based on your military service category, whether it's your first time using the benefit, and your down payment amount. Veterans with service-connected disabilities may be exempt from this fee.

VA Mortgage Formula

The monthly payment for a VA mortgage is calculated using the standard mortgage formula, with the addition of the VA funding fee:

$$M = P\frac{r(1+r)^n}{(1+r)^n-1}$$
  • M = Monthly payment
  • P = Principal loan amount (including the VA funding fee)
  • r = Monthly interest rate (annual rate divided by 12)
  • n = Total number of payments (loan term in years × 12)
  • VA Funding Fee = Varies based on military service, first-time use, and down payment

How to Use This Calculator

  1. Enter your home price
  2. Specify your down payment amount or percentage
  3. Enter the interest rate and loan term
  4. Select your military service type (Regular Military or Reserves/National Guard)
  5. Indicate if this is your first time using a VA loan
  6. Enter your VA disability rating percentage (if applicable)
  7. Click 'Calculate' to see your results

Benefits of VA Loans

  • No down payment required (in most cases)
  • No Private Mortgage Insurance (PMI)
  • Competitive interest rates
  • Limited closing costs

Important Notes

Disclaimer: This calculator provides estimates only, and actual loan terms may vary based on lender, credit score, and other factors. Please consult with a VA-certified loan specialist for accurate information.

  • VA loan eligibility and benefits may change over time; please check the official VA website for the most current information.
  • While VA loans typically don't require a down payment, making one can reduce your funding fee and monthly payments.
  • VA loans have loan limits that vary by region and are updated annually.