VA Loan Calculator — Payment, Funding Fee & Affordability
Free VA loan calculator: estimate your VA home loan monthly payment with the official VA funding fee (first vs subsequent use, financed or cash), compare VA vs conventional (funding fee vs PMI), and find how much house you can afford with a VA loan.
VA loan monthly payment calculator
VA loans allow 0% down and charge no monthly PMI. The one-time VA funding fee (from the official VA schedule) can be financed into the loan or paid in cash at closing.
VA vs conventional loan comparison
VA: one-time funding fee, no PMI. Conventional: no funding fee, but PMI until you reach 20% equity. Same home, same down payment — which costs less?
PMI is modeled as dropping when your scheduled balance reaches 80% of the original price (federal law auto-terminates most PMI at 78%). For a detailed PMI rate estimate, see our mortgage insurance lab.
VA loan affordability calculator
How much house can you afford with a VA loan? VA lenders commonly use a 41% debt-to-income guideline plus a residual income test (money left after housing and debts). This is a simplified estimate — your lender runs the official residual-income tables.
VA funding fee chart (purchase loans)
Official VA schedule, effective April 7, 2023 (VA.gov). The fee is a percentage of the loan amount (not the price), usually financed into the loan. Exempt: veterans receiving VA disability compensation, eligible surviving spouses receiving DIC, Purple Heart recipients on active duty, and pre-discharge claimants with a proposed rating.
| Down payment | First use | Subsequent use |
|---|---|---|
| Less than 5% | 2.15% | 3.30% |
| 5% to less than 10% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% |
Example from VA.gov: $200,000 home, $10,000 down (5%), first use → 1.50% of the $190,000 loan = $2,850. Looking up the fee for a refinance (IRRRL 0.50%, cash-out 2.15%/3.30%) or just the fee on its own? See the dedicated VA funding fee tab in our mortgage insurance lab.
VA loan calculator — FAQ
What is the VA funding fee?
The VA funding fee is a one-time charge on VA-backed home loans that keeps the program running without monthly mortgage insurance. For purchase loans the official VA schedule (effective April 7, 2023) is: first use — 2.15% with less than 5% down, 1.50% with 5–10% down, 1.25% with 10% or more down; subsequent use — 3.30% with less than 5% down, then 1.50% and 1.25% in the same brackets. Veterans receiving VA disability compensation are exempt.
How is the VA funding fee calculated?
The fee is a percentage of the loan amount, not the price. VA.gov’s own example: a $200,000 home with $10,000 down (5%) on first use pays 1.50% of the $190,000 loan, which is $2,850. The fee is usually financed into the loan, so it also accrues interest, or you can pay it in cash at closing.
Can I get a VA loan with 0% down payment?
Yes — VA loans allow 0% down with no monthly PMI. Example: a $400,000 home, $0 down, first use at 6.5% for 30 years. The funding fee is 2.15% of $400,000 = $8,600; financed, the loan becomes $408,600 and the monthly principal and interest is $2,582.63. You still need cash for closing costs, which cannot be financed on a purchase loan.
Are disabled veterans exempt from the VA funding fee?
Yes. You pay no funding fee if you receive VA compensation for a service-connected disability, are eligible for it but take retirement or active-duty pay instead, receive DIC as a surviving spouse, have a pre-discharge proposed rating, or are active duty with a Purple Heart. If compensation is awarded retroactively to before closing, you may get a refund — contact your VA regional loan center.
Is the VA funding fee added to my loan amount?
Usually yes — most borrowers finance it, so a $400,000 loan with an $8,600 fee becomes a $408,600 loan and you pay interest on the fee too. You can instead pay the full fee in cash at closing; on a purchase loan it is the only closing cost VA lets you finance. This calculator shows both options.
VA loan vs conventional loan — which is cheaper?
It depends on the fee versus PMI. Example: $400,000 home, 5% down ($20,000), first use. VA at 6.5%: funding fee 1.50% = $5,700 financed, monthly P&I $2,437.89, no PMI. Conventional at 6.75%: monthly P&I $2,464.67 plus PMI of $158.33/month for 127 months until 20% equity. Over 7 years the VA loan costs $224,782.76 versus $240,332.00 conventional — the VA loan saves $15,549.24 in this scenario.
How much house can I afford with a VA loan?
VA lenders commonly use a 41% debt-to-income guideline plus a residual-income test. Example: $8,000/month income, $500/month in non-housing debts, 41% DTI, 6.5% for 30 years, 0% down, first use — the max housing payment is $2,780/month, which supports a home price of about $430,569 (including the financed $9,257.23 funding fee). The Affordability tab runs this math for your numbers.
Is a VA home loan the same as VA disability compensation?
No — they are completely separate VA programs. VA disability compensation is monthly tax-free pay for service-connected conditions (see our VA disability calculator). A VA home loan is a mortgage benefit with a one-time funding fee and no PMI. The only connection: receiving disability compensation exempts you from the funding fee.
How is this different from a regular mortgage calculator?
Regular mortgage calculators do not know the VA funding fee schedule (first vs subsequent use × down-payment bracket), the disability exemption, or the 0%-down/no-PMI structure. This calculator bakes all three in, and the comparison tab models VA (fee, no PMI) against conventional (PMI until 20% equity, no fee) side by side.
Are these VA loan numbers guaranteed?
No. This calculator gives estimates for education only — not professional financial advice and not a VA decision. Actual rates, fees, and eligibility depend on your lender, entitlement, and current VA rules, which change. Verify everything with your lender and VA.gov before making decisions.
Estimate only — not professional financial advice. Verify rates, fees, and eligibility with your lender and VA.gov before making decisions.
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