VA Mortgage Calculator
VA loans offer 0% down and no PMI for eligible veterans and active-duty military. Calculate your complete monthly payment including the one-time VA funding fee.
What you'll need
- Home purchase price
- Down payment (can be $0)
- Whether it's your first or subsequent VA loan
- Interest rate
- Estimated property tax and insurance
What you'll get
Total monthly payment
P&I + taxes + insurance
VA funding fee
One-time cost rolled into loan
No PMI savings
Vs conventional with <20% down
Total interest over term
True cost of your VA loan
How It Works
Confirm eligibility
VA loans require active duty, veteran, or surviving spouse status. No down payment required.
Enter purchase price
VA loans have no loan limits for eligible borrowers with full entitlement.
Calculate funding fee
VA funding fee is 1.25–3.3% depending on down payment and usage — can be rolled in.
VA vs Conventional Loan: $350,000 Purchase
| Metric | VA Loan (0% down) | Conventional (5% down) |
|---|---|---|
| Down payment | $0 | $17,500 |
| Funding fee / PMI cost | $8,050 (rolled in) | $196/mo PMI |
| Loan amount | $358,050 | $332,500 |
| Monthly payment | $2,383 | $2,213 + $196 |
| 5-year total cost | $143,000 | $144,000 |
VA funding fee waived for veterans with service-connected disability rating.
Frequently asked questions
What is the VA funding fee?
The VA funding fee is a one-time charge (typically 1.25%–3.3% of the loan) that helps fund the VA loan program. The fee varies based on your down payment and whether it's your first VA loan. Disabled veterans are exempt. The fee is typically rolled into the loan rather than paid upfront.
Do VA loans require PMI?
No — VA loans never require private mortgage insurance (PMI), even with 0% down. This is a major benefit over FHA and conventional loans with less than 20% down. The VA funding fee essentially replaces PMI as a one-time cost rather than ongoing monthly charge.
Who qualifies for a VA loan?
VA loans are available to active-duty military, veterans who served the minimum required period, National Guard members, reservists, and surviving spouses of veterans who died in service. You'll need a Certificate of Eligibility (COE) from the VA to apply.
How does the VA funding fee compare to PMI or FHA MIP?
The VA funding fee is a one-time cost (1.25–3.3%) rolled into the loan, whereas PMI and FHA MIP are ongoing monthly charges. On a $300,000 loan, the VA funding fee might add $3,750–$9,900 to the balance, but eliminates $150–$300/month in mortgage insurance. Most veterans break even on the fee within 2–5 years compared to FHA.
Can I use a VA loan more than once?
Yes — VA loan benefit is reusable. If you've paid off a prior VA loan or sold the home and paid off the VA loan, your full entitlement is restored. You can also have two VA loans simultaneously if you have remaining entitlement (useful when PCS-ing before selling your current home). Check your Certificate of Eligibility for your current entitlement status.
Authoritative resources
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