VA Loan Calculator
Estimate the monthly payment on a VA home loan, including the one-time VA funding fee. VA loans let eligible veterans, service members and surviving spouses buy with $0 down and no monthly mortgage insurance.
Disclaimer: This calculator provides estimates for general informational and educational purposes only. It is not financial, lending, tax or legal advice, and it does not guarantee any loan terms, rate, payment or approval. Actual figures depend on your lender, credit, location and the final terms of any loan. Always confirm numbers with a licensed mortgage lender, financial advisor or housing counselor before making a decision.
What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. The VA does not lend the money itself — private banks, credit unions and mortgage companies make the loan, and the VA guarantees a portion of it. That guarantee lets lenders offer far more favorable terms than they could on a conventional loan. VA loans are available to eligible veterans, active-duty service members, members of the National Guard and Reserves, and certain surviving spouses.
The headline perks are hard to beat: $0 down payment for most eligible borrowers, no monthly mortgage insurance or PMI ever, and competitive interest rates that are often lower than comparable conventional loans. There is also no prepayment penalty, and limits on the closing costs a lender can charge you. For many qualifying buyers, a VA loan is the cheapest path to homeownership available.
The VA funding fee
In place of monthly mortgage insurance, the VA charges a one-time VA funding fee. This fee helps fund the program so it can keep operating for future veterans and reduces the cost to taxpayers. The fee is a percentage of the base loan amount, and it varies based on two things: your down payment (more down means a lower fee) and whether this is your first use of the VA benefit or a subsequent use. You can pay the fee in cash at closing or roll it into the loan so you finance it over the term — this calculator lets you compare both.
Importantly, many disabled veterans are exempt from the funding fee entirely and pay $0, including most borrowers who receive VA compensation for a service-connected disability and many surviving spouses.
VA funding fee rates
| Down payment | First use | Subsequent use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% to 9.99% | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
These are the standard purchase-loan funding fee rates in effect for 2024–2026. Always confirm your exact fee with the VA or your lender, since your situation and any changes to the schedule can affect the number.
A worked example
Take the calculator defaults: a $350,000 home with $0 down, a first use of the benefit, financed over 30 years at 6.25%.
- With nothing down, your base loan is $350,000.
- First use with under 5% down means a funding fee of 2.15%, or about $7,525.
- Financing that fee into the loan brings the total loan to about $357,525.
- At 6.25% over 30 years, the principal-and-interest payment is roughly $2,201/month.
If you were exempt from the funding fee, the loan would stay at $350,000 and the payment would be a little lower. If you put money down, both your base loan and your funding fee percentage would drop.
What affects your VA payment
- Your interest rate. Even a small rate change moves the payment noticeably over a 30-year term, so shop multiple VA lenders.
- The loan term. A 15-year term raises the monthly payment but slashes total interest; a 30-year term keeps payments low.
- The funding fee. Your fee depends on your down payment and first-versus-subsequent use — and exempt borrowers pay $0.
- Whether you finance the fee. Rolling the fee into the loan means no cash at closing but a slightly higher payment and a bit more interest.
- Taxes and insurance are extra. This estimate is principal and interest plus the funding fee only — property taxes and homeowners insurance are not included.
This is an estimate. The calculator shows principal and interest plus the VA funding fee only. Your real monthly payment will also include property taxes and homeowners insurance (usually collected through escrow), and using the benefit requires a Certificate of Eligibility. Confirm your exact figures with a VA-approved lender.
Frequently asked questions
Who qualifies for a VA loan?
VA loans are available to eligible veterans, active-duty service members, members of the National Guard and Reserves, and certain surviving spouses. Eligibility is based on length and character of service, and you prove it with a Certificate of Eligibility (COE) from the U.S. Department of Veterans Affairs. Lenders also apply their own credit and income requirements.
Is there really $0 down on a VA loan?
Yes. For most eligible borrowers the VA guarantees the loan so lenders do not require a down payment, and there is no maximum loan amount if you have full entitlement (though lenders set their own limits). Putting some money down is optional and lowers your VA funding fee, but it is not required.
What is the VA funding fee?
The VA funding fee is a one-time charge paid to the Department of Veterans Affairs that helps keep the program running for future borrowers and offsets taxpayer cost. The percentage depends on your down payment and whether this is your first or a subsequent use of your VA benefit. You can pay it up front or finance it into the loan.
Who is exempt from the VA funding fee?
Many disabled veterans are exempt. You generally pay no funding fee if you receive VA compensation for a service-connected disability, if you are eligible to receive such compensation but receive retirement or active-duty pay instead, or if you are a surviving spouse of a veteran who died in service or from a service-connected disability. The exempt option in this calculator sets the fee to $0.
Is there PMI on a VA loan?
No. VA loans never carry private mortgage insurance (PMI) or any monthly mortgage insurance, even with $0 down. That is one of the biggest savings of the program compared with conventional or FHA loans. The one-time funding fee takes the place of ongoing mortgage insurance.
Can I reuse my VA loan benefit?
Yes. Your VA benefit can be used again and again as long as you have entitlement available. Once a prior VA loan is paid off and the property sold, you can have your full entitlement restored. Note that subsequent uses with little or no down payment carry a higher funding fee than your first use.
Related tools
Compare with the USDA loan calculator for another $0-down option, run the numbers on a refinance if you already own, estimate your fees with the closing cost calculator, and test buying down your rate with the mortgage points calculator.