★ U.S. Department of Veterans Affairs
VA Mortgage Calculator
Calculate your VA loan payment with the correct VA Funding Fee based on eligibility, prior use, and disability status. No PMI, no down payment required.
No Down Payment Required
No Monthly PMI
Competitive Rates
Disability = Fee Exempt
Loan & Property Details
Purchase price and financing terms
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VA Eligibility & Funding Fee
Determines your exact funding fee rate
🎖️ Funding Fee Waived! Your service-connected disability exempts you from the VA funding fee — saving you thousands.
Your Funding Fee Rate
Based on eligibility & down payment
2.15%
Funding Fee Payment Method
Total Monthly Payment
$2,512
💰 Saving ~$175/mo vs FHA (no PMI!)
⭐ VA Funding Fee Details
Base Loan Amount
Purchase price − down payment
$350,000
VA Funding Fee
Financed into loan
$7,525
Total Loan Amount (financed)
Base loan + financed funding fee
$357,525
Monthly P&I Payment
Based on financed amount
$2,212/mo
Total Loan Cost (P&I over term)
Lifetime interest + principal
$796,406
⚖️ VA vs FHA vs Conventional Comparison
| Metric | VA Loan | FHA (3.5%) | Conv. (3%) |
|---|
📋 VA Funding Fee Rate Reference
| Down Payment | First Use | Subsequent | Disability Exempt |
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📊 Monthly Payment Breakdown
Understanding VA Loans and the Funding Fee
VA loans are one of the most powerful mortgage benefits available to eligible veterans, active-duty service members, and surviving spouses. Our VA mortgage calculator computes the exact funding fee based on your eligibility, prior use, and disability status — then shows your complete monthly payment and lifetime cost. Compare VA vs FHA vs conventional side by side. For non-VA mortgage comparison, also use our mortgage calculator, FHA loan calculator, and refinance calculator.
🏛️ VA Loan Key Benefits
- No down payment — 0% financing for eligible borrowers
- No monthly PMI — saves $100–$300+/month vs FHA/conventional
- Competitive rates — often 0.25–0.5% below conventional
- No prepayment penalty — refinance or pay off anytime
- Assumable — qualified buyer can take over your loan & rate
- Seller can pay up to 4% in concessions
⭐ VA Funding Fee Guide
- First use, 0% down: 2.15% of loan amount
- Subsequent use, 0% down: 3.30%
- 5–9.99% down: 1.50% (all users)
- 10%+ down: 1.25% (all users)
- IRRRL refinance: 0.50%
- 10%+ service disability: Fee waived entirely
The funding fee can be financed into the loan or paid at closing.
🔄 VA Refinance Options
- IRRRL (streamline refi): Lower rate with minimal paperwork — no appraisal needed
- VA Cash-Out Refi: Access equity from your home — replaces any existing mortgage
- IRRRL funding fee: Only 0.50%
- Must maintain primary residence
- No prepayment penalties — can refi anytime
Model refinance savings with our refinance calculator.
✅ Who Qualifies for a VA Loan?
- Veterans: Honorable discharge + minimum service (90 days wartime, 181 peacetime)
- Active duty: 90+ continuous days of service
- Reservists/National Guard: 6 years service or qualifying wartime activation
- Surviving spouses: Of veterans who died in service or from service-connected disability
Obtain a Certificate of Eligibility (COE) through VA.gov or your lender.
Frequently Asked Questions
The VA funding fee is a one-time charge that helps sustain the VA home loan program without relying on taxpayer funding. It ranges from 1.25% to 3.30% of the loan amount depending on your eligibility type, whether it's your first VA loan, and your down payment size. Veterans with a service-connected disability rating of 10% or more are exempt from the fee. The fee can be paid at closing or financed into the loan balance.
No — eligible borrowers can purchase a primary residence with 0% down payment. This is one of the most significant VA loan benefits. However, making a down payment of 5% or 10% reduces the funding fee rate, which may save money overall. A 5–9.99% down payment drops the fee to 1.50%, and 10%+ drops it to 1.25%, versus 2.15% for first-time use with no down payment. Use our calculator to compare the total cost under each scenario.
No — VA loans have no monthly private mortgage insurance (PMI), regardless of the down payment amount. This is a major ongoing saving compared to FHA loans (which require MIP for life) and conventional loans with less than 20% down (which require PMI until 80% LTV). On a $350,000 loan, PMI savings can be $150–$250 per month — that's $1,800–$3,000 per year. The VA funding fee is a one-time charge, not an ongoing monthly cost.
Yes — VA entitlement can be restored and reused. Once you pay off and sell a home purchased with a VA loan, your entitlement is typically restored. You can also have multiple VA loans simultaneously if you have remaining entitlement. Note that subsequent use of the VA loan benefit carries a higher funding fee (3.30% vs 2.15% for first use with no down payment). Disability-exempt borrowers pay no fee regardless of prior use.
For eligible borrowers, VA loans are almost always the best option due to no PMI and competitive rates. The one-time funding fee is typically recouped within 2–3 years through PMI savings. Compared to FHA (which has permanent MIP), VA loans are usually significantly cheaper long-term. The main considerations: VA requires primary residence only, has property condition standards, and the funding fee adds to the loan balance. Use our comparison table above to see the exact numbers for your situation.