FHA Loan Calculator
Calculate FHA loan payments including upfront and annual mortgage insurance premiums. See total MIP cost and compare FHA vs conventional loan options.
VA Loan Calculator
Calculate VA loan payments with the VA funding fee. See zero-down payment options, compare first-use vs subsequent-use fees, and estimate total loan costs.
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0% allowed for VA
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Base loan: $400,000.00 | Funding fee (2.15%): $8,600.00 | Financed total: $408,600.00
Monthly Payment⧉
$2,449.76
No PMI required
Total Interest⧉
$473,314.84
Total interest over loan life
Total Cost of Loan⧉
$881,914.84
All-in cost including fees
VA Funding Fee⧉
$8,600.00
2.15% of base loan
Fee Impact on Payment⧉
+$51.56/mo
Extra cost from financed fee
Planning notes, formulas, and examples
About the VA Loan Calculator
VA loans are home mortgages guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and certain surviving spouses. The most significant benefit is the ability to purchase a home with zero down payment and no private mortgage insurance (PMI) — a combination unavailable from any other loan program.
In place of PMI, VA loans charge a one-time VA funding fee that can be financed into the loan. The fee varies based on whether it is your first use of the VA benefit, your down payment amount, and whether you are in the regular military or reserves. This calculator models the full VA loan including the funding fee to show your true monthly payment and total cost.
With competitive interest rates (often 0.25-0.50% below conventional), zero down, and no PMI, VA loans are consistently rated the best mortgage product available. This calculator helps you see exactly how the math works.
When This Page Helps
Even though VA loans have no PMI and require no down payment, the funding fee can add thousands to your financed balance. This calculator shows the total cost impact so you can decide whether to pay the fee upfront or finance it, and compare the VA loan against other options.
Disabled veterans may be exempt from the funding fee entirely, making the VA loan even more advantageous. Run the numbers both with and without the fee to understand your specific situation.
How to Use the Inputs
- Enter the home purchase price.
- Enter your down payment percentage (0% is allowed for VA loans).
- Enter the annual interest rate.
- Select whether this is your first use or subsequent use of the VA benefit.
- Select the loan term (15 or 30 years).
- Review your monthly payment and total cost including the VA funding fee.
Formula used
VA Funding Fee = Base Loan × Fee Rate
(Fee rates for purchase: First use 0% down: 2.15%, 5%+ down: 1.50%, 10%+ down: 1.25%;
Subsequent use 0% down: 3.30%, 5%+ down: 1.50%, 10%+ down: 1.25%)
Financed Loan = Base Loan + Funding Fee (if financed)
Monthly Payment = Financed Loan × [r(1+r)^n] / [(1+r)^n − 1]
No PMI is charged on VA loans.Example Calculation
Result: $2,450/month
A $400,000 home with zero down and first-use VA benefit starts with a $400,000 base loan. The 2.15% funding fee adds $8,600, so the financed balance is $408,600. At 6.0% over 30 years, the monthly principal-and-interest payment is about $2,450. Total interest over the full term is approximately $473,315. Because the VA loan has no monthly mortgage insurance, it can compare favorably with FHA or low-down-payment conventional options even after the one-time funding fee is financed.
Tips & Best Practices
- If you have a service-connected disability, you may be exempt from the VA funding fee — saving thousands.
- Putting 5% or 10% down significantly reduces the funding fee percentage.
- VA loan rates are typically 0.25-0.50% lower than conventional rates — shop multiple VA lenders.
- Borrowers with full entitlement do not have a VA county loan cap when using full entitlement, so this worksheet can model any purchase price with $0 down.
- VA loans can be used multiple times — you can sell and reuse the benefit or have multiple VA loans simultaneously with remaining entitlement.
- VA loans do not require PMI, saving $100-$300/month compared to equivalent conventional or FHA loans.
VA Funding Fee Schedule
The funding fee is the primary cost unique to VA loans. For purchase loans, first-use borrowers with no down payment pay 2.15%. Adding 5% down drops it to 1.50%, and 10% down brings it to 1.25%. Subsequent-use borrowers with no down payment pay 3.30%. Reserve and National Guard members pay slightly higher rates. On a $400,000 loan with zero down, the difference between first-use ($8,600) and subsequent-use ($13,200) is $4,600.
Why VA Loans Offer the Best Terms
VA loans consistently offer the best terms of any mortgage product because the government guarantee reduces lender risk. No down payment eliminates the need for PMI, and the VA's strict property requirements (VA appraisal) protect both the borrower and taxpayer. Studies show VA loan default rates are lower than FHA and comparable to conventional, despite the zero-down option.
Maximizing Your VA Benefit
To minimize costs, consider putting at least 5% down to reduce the funding fee from 2.15% to 1.50%. If you have any service-connected disability rating, apply for funding fee exemption before closing. Compare VA-approved lenders because rates and closing costs vary — even a 0.125% rate difference saves significant money over 30 years.
Sources & Methodology
Last updated:
Methodology
This worksheet subtracts the chosen down payment from the purchase price, applies the applicable VA purchase-loan funding-fee tier based on first use versus subsequent use and the down-payment bracket, optionally removes the fee entirely when the borrower is marked exempt, and then amortizes the resulting financed balance over the selected term. It does not add PMI because VA-backed purchase loans do not charge monthly mortgage insurance.
The page is intended as a payment-planning tool, not an underwriting approval engine. Final entitlement treatment, closing-cost allocations, lender overlays, and funding-fee exemption determinations still depend on the lender and the borrower's Certificate of Eligibility and VA documentation.
Sources
- VA funding fee and loan closing costs (U.S. Department of Veterans Affairs) — Official VA funding-fee chart and exemption guidance for VA-backed purchase loans.
- Buying a home with a VA-backed loan (U.S. Department of Veterans Affairs) — Official VA overview of the home-buying process, lender role, and closing-cost context.
Frequently Asked Questions
VA loans are available to veterans with qualifying service (typically 90 days wartime or 181 days peacetime), active-duty service members, National Guard and Reserve members with 6+ years of service, and certain surviving spouses. You need a Certificate of Eligibility (COE) from the VA.
The VA funding fee is a one-time charge that helps fund the VA loan program so it does not require taxpayer support. It ranges from 1.25% to 3.30% of the loan amount depending on usage (first vs subsequent), down payment, and military category. It can be paid at closing or financed into the loan.
Yes. VA loans are the only major loan program that allows 100% financing with no down payment required. There is no loan limit for borrowers with full entitlement, so you can buy any price of home. However, you still need to cover closing costs (which the seller can contribute up to 4%).
No. VA loans never require private mortgage insurance regardless of your down payment amount. This is one of the biggest financial advantages of the VA loan — equivalent conventional loans would charge PMI until you reach 20% equity.
For eligible veterans, VA loans are almost always superior: no down payment required, no PMI, lower rates, and no loan limit with full entitlement. FHA loans charge both upfront and annual MIP. The only advantage of FHA is lower credit score requirements (500 vs VA's typical 620).
There is no limit on the number of times you can use your VA benefit. You can restore your entitlement by paying off a previous VA loan and selling the property. In some cases, you can have multiple VA loans simultaneously if you have remaining entitlement.
The first time you use a VA loan with zero down, the funding fee is 2.15%. For subsequent uses with zero down, it increases to 3.30%. With 5% or more down, both first-use and subsequent-use fees drop to 1.50%. With 10% or more down, the fee is 1.25% regardless of usage.
Yes. Veterans who receive VA disability compensation, Purple Heart recipients on active duty, and surviving spouses of veterans who died in service or from service-connected disabilities are exempt from the funding fee. This exemption saves thousands of dollars.
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