How to use the VA Loan Calculator
- Enter the purchase price — VA loans allow 0% down for eligible veterans and service members.
- Choose first or subsequent use; select exempt if you receive VA compensation for a service-connected disability.
- Add the rate, taxes and insurance to see the full monthly payment.
How it works
Instead of mortgage insurance, most VA borrowers pay a one-time funding fee that depends on the down payment and whether it is the first VA loan:
| Down payment | First use | Subsequent use |
|---|---|---|
| Less than 5% | 2.15% | 3.30% |
| 5% to 9.99% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% |
The fee can be paid at closing or added to the loan; this calculator adds it to the loan and amortizes it with the standard mortgage formula.
Frequently asked questions
Who is exempt from the VA funding fee?
Veterans receiving VA compensation for a service-connected disability, some surviving spouses and Purple Heart recipients on active duty are generally exempt. Your Certificate of Eligibility shows your status.
Do VA loans have PMI?
No. VA loans do not charge monthly private mortgage insurance, which is one reason their payments are often lower than FHA or low-down-payment conventional loans.
Is there a VA loan limit?
Borrowers with full entitlement have no VA loan limit, though lenders still check income and credit. Limits can apply if part of your entitlement is already in use.