Estimate monthly payments for a VA-backed mortgage with no down payment required
This VA mortgage calculator helps eligible veterans and service members estimate monthly payments on VA-backed home loans. VA loans offer zero down payment options and competitive interest rates with no PMI requirement. VA loans are available to eligible veterans, active-duty service members, and surviving spouses with benefits including zero down payment, no PMI, and competitive interest rates. This calculator includes the VA funding fee and provides a complete monthly cost breakdown.
The calculator amortizes the loan amount plus funding fee, then adds monthly property tax and insurance for the total payment.
The VA funding fee ranges from 1.4% to 3.6% depending on your down payment and whether it is your first or subsequent use. It helps fund the VA loan program.
No, VA loans do not require private mortgage insurance (PMI) even with a zero down payment, making them one of the most affordable mortgage options available.
Veterans, active-duty service members, National Guard members, reservists, and surviving spouses may be eligible. You must meet minimum service requirements and obtain a Certificate of Eligibility (COE).
The VA funding fee is generally non-refundable. However, if you receive a VA disability rating, you may be exempt from paying the funding fee entirely.
Yes, VA loan benefits are reusable. The funding fee is higher for subsequent use loans (3.6% vs 2.3% with zero down), but the benefit restores after you sell the property or pay off the loan.
There are no maximum loan limits for VA loans starting in 2020 for qualified borrowers with full entitlement. However, lenders may still have their own limits based on your income and credit.