VA Loan Calculator

Estimate your monthly mortgage payment for a VA-backed home loan.

Loan Details
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Taxes & Insurance
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VA Funding Fee

About the VA Loan Calculator

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the military, reservists, and select surviving spouses and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, or new construction. The two biggest advantages of a VA loan are the potential for **no down payment** and **no private mortgage insurance (PMI)**. This calculator helps eligible individuals estimate their complete monthly mortgage payment (PITI) and understand the associated costs.

Key Components of Your VA Loan Payment

  • Principal & Interest (P&I): This is the core part of your payment that goes towards repaying the loan and covering the interest charged by the lender.
  • Property Taxes & Homeowners Insurance (T&I): Lenders typically collect these funds monthly in an escrow account and pay the bills on your behalf.
  • VA Funding Fee: This is a one-time fee paid to the VA to help sustain the loan program. Most borrowers roll this fee into their total loan amount. The fee varies based on your down payment amount, service history, and whether it's your first time using the benefit. Veterans receiving VA disability compensation are typically exempt from this fee.

Frequently Asked Questions (FAQ)

What is the biggest benefit of a VA loan?

The most significant benefits are the ability to buy a home with no down payment and without having to pay for Private Mortgage Insurance (PMI). Conventional loans typically require PMI for down payments under 20%, which can add a significant amount to a monthly payment.

Who is exempt from the VA Funding Fee?

You may be exempt from paying the VA funding fee if you are a veteran receiving VA compensation for a service-connected disability, a veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, or a surviving spouse of a veteran who died in service or from a service-connected disability.

Are there limits on how much I can borrow with a VA loan?

As of 2020, eligible veterans with their full VA loan entitlement have no loan limits. This means the VA will guarantee loans for any amount, subject to the lender's approval based on your credit and income. Your entitlement may be limited if you've previously used a VA loan that hasn't been fully repaid.