VA Mortgage Calculator: Estimate Your Monthly Payment, Funding Fee, and Closing Costs.

Use our VA Mortgage Calculator to estimate your monthly mortgage payment quickly. This includes principal, interest, taxes, insurance, and the VA funding fee.

VA loans are mortgages backed by the U.S. Department of Veterans Affairs. They are for eligible veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses. To qualify, these spouses usually need a DD214 that shows an honourable discharge.

VA loans assist military members in purchasing homes. They often have no down payment and no monthly PMI. These loans also offer competitive rates and low foreclosure rates compared to other types of loans.

VA Loan Requirements, Funding Fee (0%–3.3%) & Waiver Rules

The VA funding fee is a one-time charge. It usually ranges from 0% to 3.3% of the loan amount.

This fee depends on several factors. These include the down payment amount. It also depends on whether it is the first or second use. The purpose of the loan matters too, such as if it is for a purchase, an IRRRL/streamline, or a cash-out.

Lastly, the type of property is also a factor. Most borrowers add this fee to the loan.

Other costs, such as appraisal, title, and escrow fees, are paid at closing.. Buyers and sellers can negotiate these costs.

If you have a service-connected disability rating of 10% or more, lenders usually waive the funding fee. This also applies if you are an eligible surviving spouse. Enter your home price, down payment, rate, and loan type to get an instant, tailored VA mortgage estimate.

VA Funding Fee Rates for Special VA Loan Scenarios

VA funding fee rates depend on the situation. The IRRRL (Interest Rate Reduction Refinance Loan) has a rate of 0.50%.

This loan helps you lower your current VA rate. It can also change an ARM to a fixed-rate loan.

VA loan assumptions have a rate of 0.50%. This applies when an approved buyer takes over the current VA mortgage.

The buyer does not need to be a veteran. Lenders charge a funding fee of 1.00% for loans on manufactured homes that are not permanent. Use our VA Mortgage Calculator to see how these fees change your total cost and monthly payment.

VA Loan Closing Costs (Besides the Funding Fee)

Other VA closing costs, besides the funding fee, can include a loan origination fee. This is the lender’s charge for processing the loan.

Borrowers may also pay optional discount points to lower the interest rate, usually up to 2%. The credit report has a fee that you cannot refund. The appraisal fee is non-refundable. The appraisal helps set the maximum loan amount without a down payment.

Borrowers may pay the first year of hazard insurance and property taxes upfront. These costs are often held in escrow. They may also buy title insurance to ensure there are no outstanding liens. Lastly, there is a county recording fee to place the deed on public record.

You can find monthly payment estimates that include principal, interest, taxes, and insurance in the mortgage calculator. This calculator shows how taxes, insurance, and rate changes affect your total housing cost.

This is useful for comparing VA loans and conventional loans. It also helps you create a long-term budget. PMI does not apply to VA loans.

VA Loans: Pros and Cons

Pros

• Most cases have a $0 down payment. This is one of the few mortgages with no minimum down.
• No monthly mortgage insurance (no PMI), which helps lower the total payment.
• Seller concessions allowed, sellers can cover many closing costs, up to 4% of the loan amount.
• You can use it to buy a loan or refinance one. Eligible borrowers can use the benefits again.
• Rates and typical closing costs are often competitive versus other loan types.
• VA-approved appraisals and standards add a layer of price and property safeguards.

Cons

Only qualified veterans, service members, and some surviving spouses can apply. They need a valid COE, usually shown by a DD214 for veterans.

• The VA funding fee can be significant if you’re not exempt.
• Standard VA purchase loans generally don’t finance major renovations or “fixer-upper” work.
• Some sellers and lenders are less familiar with VA guidelines, which can slow the process; experience matters.
• Primary residence requirement only; no investment properties or vacant land.
• Paperwork and property standards can feel heavier than some conventional loans.
• To see how your payment could change with extra principal, use the PMI removal calculator.

VA Loan Strategy: Funding Fee & Prepayment

For eligible borrowers, VA loans are often the best choice. This is especially true if you do not need to pay the VA funding fee or if you plan to put down little or no money.

When comparing VA loans to other mortgages, focus on the funding fee. Consider its cost against key VA benefits. These benefits include no monthly PMI, competitive rates, and flexible down-payment options. This will help you decide which loan gives you the best overall outcome.

Prepayment can accelerate payoff and cut total interest. The VA Mortgage Calculator has a “More Options” section. In the “Extra Payments” area, you can enter monthly, annual, or one-time amounts. This shows how much interest you can save and how it reduces your loan term.