Free VA Loan Calculator

VA Loan Calculator

Calculate your exact VA mortgage payment including the funding fee — and see exactly how much you save compared to a conventional loan by not paying PMI.

0%
Down payment required
VA.gov Home Loans
$0
Monthly PMI
Exclusive VA benefit

VA Loan Calculator

VA Loan Details

Service Type
VA Loan Usage
Home Price
$
Down Payment$0 — VA allows 0%
%
Base Loan Amount$380,000.00
VA Funding Fee (2.15%)$8,170.00
Total VA Loan$388,170.00
Interest Rate VA avg: 5.75%
%
Loan Term

Optional — tax & insurance

Property Tax %/yr
%
Insurance /mo
$

Enter your VA loan details and click Calculate

VA Funding Fee Table (2024)

The VA funding fee is the only mortgage insurance cost for VA loans — paid once, typically rolled into the loan. Rates vary by service type, usage, and down payment. Source: VA Circular 26-23-08:

ServiceUsageDown PaymentFee Rate
Regular Military1st Use0%2.15%
Regular Military1st Use5%+1.50%
Regular Military1st Use10%+1.25%
Regular MilitarySubsequent Use0%3.30%
Regular MilitarySubsequent Use5%+1.50%
Regular MilitarySubsequent Use10%+1.25%
Reserves / Guard1st Use0%2.40%
Reserves / Guard1st Use5%+1.75%
Reserves / Guard1st Use10%+1.50%
Reserves / GuardSubsequent Use0%3.30%
Fee Waived (Exempt): Veterans with 10%+ service-connected disability rating, surviving spouses receiving DIC, active duty Purple Heart recipients, and those receiving VA compensation for service-connected disabilities.

VA vs. FHA vs. Conventional: Full Comparison

FactorVAFHAConventional
Down payment0% allowed3.5%3–20%
Mortgage insuranceNone (PMI-free)MIP foreverPMI until 20% equity
Funding/upfront fee0–3.3% (once)1.75% UFMIPNone
Min credit scoreNo VA min (lenders ~580)500–580620+
Avg rate (Mar 2026)~5.75%~6.01%~6.41%
DTI limit41% preferred43–50%43–45%
EligibilityVeterans onlyAnyoneAnyone

Sources: VA.gov / HUD FHA / Freddie Mac PMMS.

VA Loan Eligibility Requirements

Active Duty
90+ consecutive days of service
Wartime Veterans
90+ days active duty during wartime
Peacetime Veterans
181 days continuous active duty
Post-1980 Enlisted
24 months or full enlistment period
National Guard / Reserves
6 years OR 90+ days active duty orders
Surviving Spouse
Spouse of veteran who died in service or from service-connected disability

Full eligibility requirements: VA.gov — VA Home Loan Eligibility. Apply for your Certificate of Eligibility (COE) online or through your lender.

5 VA Loan Tips

  • Get your COE first. A Certificate of Eligibility confirms you're eligible — your lender can often pull it electronically in minutes through VA WebLGY.
  • Consider putting 5% or 10% down. A 5% down payment reduces the funding fee from 2.15% to 1.50%, which may save you more than the opportunity cost of the down payment.
  • Shop VA-experienced lenders. Not all lenders process VA loans efficiently. VA Nationwide, Veterans United, and Navy Federal specialize in VA loans and often offer better rates and faster closings.
  • Use your benefit multiple times. VA entitlement can be restored after selling and paying off a VA loan, or you can have two active VA loans with remaining entitlement.
  • Consider a VA IRRRL to refinance. If rates drop, the VA Interest Rate Reduction Refinance Loan (IRRRL) offers a streamlined refi with minimal paperwork and no appraisal required.
FAQ

VA Loan — Common Questions

What is the VA funding fee and who is exempt?
The VA funding fee is a one-time fee paid to the VA, typically rolled into the loan. For 2024: regular military, first use, 0% down = 2.15%. Reserves/Guard, first use, 0% down = 2.40%. Subsequent use = 3.30%. Fees reduce with 5%+ and 10%+ down payments. Exempt (fee waived): veterans with 10%+ service-connected disability, surviving spouses receiving DIC, active duty service members who received the Purple Heart, and those receiving VA compensation for service-connected disability.
Do VA loans require a down payment?
No — VA loans allow 0% down with no PMI, which is unique among U.S. mortgage programs. There's no minimum down payment required. However, making a 5% down payment reduces the funding fee from 2.15% to 1.50% (regular military, first use), and 10% down reduces it to 1.25%. Whether a down payment saves money overall depends on how long you keep the loan.
Who is eligible for a VA loan?
Active duty service members (90+ consecutive days), veterans (service requirements vary: 181 days peacetime, 90 days wartime, 24 months for post-1980 enlistees), National Guard and Reserves (6 years or 90+ days active duty orders), and surviving spouses of veterans who died in service or from a service-connected disability. You need a Certificate of Eligibility (COE) — apply at VA.gov or your lender can often obtain it electronically.
Is a VA loan better than a conventional loan?
Almost always for eligible borrowers. VA loans offer: 0% down payment, no PMI (saves $100–$300/month on a typical loan), typically lower interest rates (0.25–0.5% below conventional), limited closing costs, and no prepayment penalty. The only cost is the funding fee (0–3.3%), which is usually offset by PMI savings within 2–3 years on a 0% down purchase.
Can I use a VA loan more than once?
Yes. VA entitlement can be restored and reused multiple times. If you've fully paid off and sold your previous VA-financed home, full entitlement is restored. You can also have two VA loans simultaneously if you have remaining entitlement. Note: subsequent use funding fees are higher (3.30% for 0% down) than first use (2.15%), though this is still often better than conventional PMI costs.
What are the VA loan limits for 2024?
As of 2020, VA removed standard loan limits for borrowers with full entitlement — meaning you can borrow as much as a lender will approve. County-based loan limits still apply if you have partial remaining entitlement. For most borrowers with full entitlement, there is no maximum loan amount, though the VA does not guarantee loans above $726,200 for standard counties without a down payment on the amount exceeding that limit.

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