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VA mortgage calculator
Estimate a VA loan payment with the funding fee included and no mortgage insurance, because you will never pay any.
Built by Sean Goudreau, Mortgage Loan Officer · NMLS #326155 · Rate
VA loans require no down payment. Putting 5% or more down lowers your funding fee.
Exempt: a VA disability rating of 10% or higher, a Purple Heart while on active duty, or an eligible surviving spouse.
Taxes and insurance
Annual. National average shown.
Annual. National average shown.
Loan totals
Estimates only, for illustration. Your actual payment depends on credit, property, county property taxes and final insurance quotes. Funding fee rates reflect the current VA schedule. Rate has no affiliation with any government agency.
Important information about this calculator
The calculator on this page is provided for illustrative and educational purposes only. All examples are hypothetical and are for illustrative purposes only. This information is not intended to be an offer or a solicitation of an offer for a loan.
The calculations made by this tool are based on the information you input and on the assumption that the interest rate does not change during the loan term. Results may vary based on lender guidelines, market conditions, and individual financial circumstances.
Actual loan terms, payment amounts, and interest rates will be determined based on your credit history, income, assets, property value, and other factors. Monthly payment examples do not include amounts for taxes and insurance premiums, and actual payment obligations may be greater.
VA loans require a VA funding fee which varies based on down payment percentage, whether you've used your VA loan benefit before, and your military category. Veterans with service-connected disabilities may be exempt from the funding fee.
Why a generic mortgage calculator gets a VA payment wrong
Two errors, and they push in opposite directions, which is what makes the result look plausible.
The first is mortgage insurance. Most calculators add PMI whenever the down payment is under 20%, because that is true of nearly every other loan. VA loans carry no mortgage insurance at any down payment. On a typical purchase that is over a hundred dollars a month attributed to something you will never be billed for.
The second is the funding fee. Most calculators leave it out entirely, because no other loan has one. Financed at 2.15%, it adds real money to the balance and to the payment.
Net out both errors and a generic estimate can land close to the right number for the wrong reasons, which is worse than being obviously wrong. It looks credible enough to shop against, and then the actual figures arrive from a lender and nothing matches.
This calculator handles both, and it handles the exemption. If you have a VA disability rating of 10% or higher, a Purple Heart earned on active duty, or you are an eligible surviving spouse, you pay no funding fee at all. That is worth checking before you trust any estimate, including this one, because it is the most commonly missed item in a VA file and it is worth thousands.
What each input does
| Input | What it changes |
|---|---|
| Purchase price | The base loan before the funding fee, once the down payment comes out. |
| Down payment | Reduces the loan, and at 5% and 10% drops the funding fee to a lower tier. |
| Interest rate | Your quoted rate, not an average. Rates differ between lenders on the same file. |
| Loan term | 30 or 15 years. A 15 raises the payment and cuts total interest substantially. |
| Benefit use | First use or subsequent use. Changes the funding fee on a zero-down purchase. |
| Funding fee exemption | Removes the fee entirely for a VA disability rating of 10% or higher. |
| Property taxes | Annual, in dollars. Varies enormously by county, so replace the national average with your actual figure. |
| Home insurance | Annual premium. Also county-specific, and higher in coastal and wildfire markets. |
Taxes and insurance are the two inputs people leave at default and then get surprised by. In parts of Texas and coastal Florida they can add more to the monthly payment than a full point of interest rate would.
What this calculator leaves out
HOA dues, which are not a mortgage cost but are a real monthly obligation and are underwritten as one.
Closing costs beyond the funding fee. Title, appraisal, origination and prepaid escrows are cash at closing rather than part of the payment.
Your actual rate. Every rate here is one you typed in. A quoted rate depends on credit, loan size, property type and the day.
Any of the details that make a specific file different. This is an estimate built to be honest about the VA-specific parts. It is not a quote and it is not an approval.
Frequently Asked Questions
How is a VA loan payment calculated?
Principal and interest on the loan amount, which includes the funding fee if you finance it, plus property taxes and homeowners insurance held in escrow. There is no mortgage insurance line, which is the main structural difference from a conventional or FHA payment.
Does a VA loan have PMI?
No. VA loans carry no private mortgage insurance at any down payment, including zero down. This is the largest ongoing cost advantage of the benefit and it is permanent rather than dropping off at a certain equity level.
Is the funding fee included in the monthly payment?
It is if you finance it, which most borrowers do. Financing adds the fee to the loan balance, so it shows up as slightly higher principal and interest rather than as its own line. You can also pay it in cash at closing.
How accurate is a VA mortgage calculator?
As accurate as what you put into it. The loan math is exact. The variables are your rate, your county's property taxes and your insurance premium, and estimates for those are where most of the error lives.
Learn more about the VA loan
An estimate is not a rate
The only number that matters is the one a lender will actually commit to. Getting yours takes about fifteen minutes.
No credit pull or application. Sean will reach out personally.
Sean Goudreau
Mortgage Loan Officer
NMLS #326155
Rate
465 Waverley Oaks Rd Ste 200
Waltham, MA 02452
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Rate is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency. No compensation can be received for advising or assisting another person with a matter relating to veterans’ benefits except as authorized under Title 38 of the United States Code.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.
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