VA Mortgage Calculator
The benefit veterans earned — zero down payment, no monthly mortgage insurance, and rates that consistently beat conventional. With the funding fee calculated correctly.
Estimate your VA loan payment
The VA loan is the best mortgage product in America — here is why
That is not a marketing claim. It is math. A veteran buying a $425,000 home with zero down and a VA loan skips the private mortgage insurance (PMI) that costs a conventional borrower with 3–5% down anywhere from $150 to $400 per month — every single month until they hit 20% equity, which takes years. On top of that, VA loan rates typically run 0.25–0.50% below comparable conventional rates because the government guarantee makes the loan less risky to lenders. The trade is a one-time funding fee, usually rolled into the loan. In most scenarios, that trade-off favors the veteran dramatically.
After working with veteran buyers across Las Vegas, Henderson, and North Las Vegas — one of the most VA-active housing markets in the country — the biggest mistake eligible veterans make is not using this benefit, either because they do not know they qualify or because a lender steered them toward a conventional loan instead. This calculator shows you the honest numbers.
How the VA funding fee works — the complete breakdown
The funding fee is a one-time charge that keeps the VA loan program self-funding without relying on taxpayer appropriations. It scales with your down payment and whether you have used the benefit before.
The fee is typically financed directly into the loan — you do not write a check at closing. So on a $425,000 purchase with first use and zero down, the fee is 2.15% × $425,000 = $9,138, making the actual loan balance $434,138. Disability-exempt borrowers pay zero — if you have any VA disability rating at all, confirm your exemption status with your lender before closing.
VA loan vs. conventional: a real side-by-side
Veteran buying a $425,000 home in Henderson, NV:
VA loan, zero down, 6.25%, 30 years. Funding fee: $9,138 financed. Loan: $434,138. Monthly P&I: $2,673. PMI: $0. Total monthly housing cost with taxes and insurance: roughly $3,150.
Conventional loan, 3% down ($12,750), 6.75%, 30 years. Loan: $412,250. Monthly P&I: $2,674. PMI at 0.8%: roughly $275/month. Total monthly housing cost: roughly $3,575. The conventional borrower spends $425 more per month — $5,100 per year — until they hit 20% equity, which at 3% down takes well over a decade of normal payments.
Common misconceptions about VA loans
VA loans take longer to close. Not anymore. In competitive markets, experienced VA lenders close in the same 21–30 day window as conventional. Work with a lender who does VA loans regularly.
Sellers will not accept VA offers. Sellers who understand the process accept them routinely. VA appraisals have minimum property requirements — the home must be safe, sound, and sanitary — which some sellers confuse with restrictiveness. Most modern homes in good condition sail through without issue.
I can only use it once. You can use your VA benefit multiple times throughout your lifetime. Sell the home, pay off the VA loan, restore your full entitlement, and use it again.
Frequently asked questions
Who qualifies for a VA home loan?
Veterans meeting minimum active-duty service requirements, current active-duty service members after 90 days, National Guard and Reserve members after 6 years or 90 days of active orders, and surviving spouses of veterans who died in service or from a service-connected disability. Eligibility is confirmed with a Certificate of Eligibility — most VA lenders pull it electronically in minutes.
Is there a VA loan limit?
Since January 2020, veterans with full entitlement have no VA-imposed loan limit. Lenders still qualify you based on income, credit score, and debt-to-income ratio. If you have an existing VA loan that is not paid off, partial entitlement may apply.
Can I use my VA benefit more than once?
Yes — it is a reusable lifetime benefit. Subsequent use at less than 5% down carries a higher funding fee (3.3% vs. 2.15%), which this calculator reflects. Full entitlement is restored after selling the home and paying off the previous VA loan.
Who is exempt from the funding fee?
Veterans receiving VA disability compensation at any rating, Purple Heart recipients on active duty, and surviving spouses receiving DIC. Exemption must be confirmed with the lender — it is not applied automatically in every transaction.
Can the seller pay my closing costs?
Yes. VA guidelines allow seller concessions up to 4% of the sale price toward the veteran's costs. In many markets this is negotiable and completely routine. Your agent should know how to structure the offer.
How the VA loan is fundamentally different from every other mortgage
The VA home loan guarantee is one of the most powerful financial benefits available to American veterans, active-duty service members, and eligible surviving spouses — and one of the most underutilized. The core advantages: no down payment required, no private mortgage insurance (PMI), competitively low interest rates, and no prepayment penalty. For a $450,000 home in Las Vegas, a veteran can close without $90,000 in cash (20% down to avoid PMI on a conventional loan) and still carry a lower monthly payment than a conventional buyer putting 10% down.
The VA doesn't lend money directly — it guarantees 25% of the loan amount to private lenders, eliminating their risk and allowing zero-down financing without PMI. The veteran pays for that guarantee through a one-time VA Funding Fee instead of ongoing monthly insurance.
The VA funding fee — exactly how it works
The funding fee is a one-time charge expressed as a percentage of the loan amount. It varies by down payment, service type, and whether this is a first or subsequent use of the benefit:
- First use, 0% down: 2.15% (regular military) / 2.40% (Guard/Reserve)
- First use, 5–9.99% down: 1.50% (all service types)
- First use, 10%+ down: 1.25% (all service types)
- Subsequent use, 0% down: 3.30% (all service types)
The fee can be financed into the loan — no cash required at closing. Veterans with a service-connected disability rating are fully exempt from the funding fee — confirm exemption status before closing, as this saves thousands.
Three real Las Vegas VA loan scenarios
Scenario 1 — First-time buyer, 0 down, Summerlin NV, $485,000: VA funding fee (2.15% financed): $10,428. Loan: $495,428. Rate 6.25%, 30-yr: $3,051/mo P&I. Taxes + insurance: ~$343/mo. No PMI. Total: ~$3,394/mo. Same home with conventional FHA: ~$3,850+/mo including MIP. Veteran saves ~$456/mo = $5,472/year.
Scenario 2 — Disability-exempt veteran, 0 down, North Las Vegas, $380,000: Funding fee: $0. Loan: exactly $380,000. Rate 6.25%. P&I: $2,341/mo. This veteran saves $8,170 in funding fee alone vs. a non-exempt veteran on the same purchase — always check disability exemption first.
Scenario 3 — VA vs. conventional vs. FHA on $450,000 (720+ credit score): VA (0% down, fee financed): total monthly ~$3,190, no PMI. Conventional (5% down): total ~$3,240/mo including PMI — more expensive despite the down payment. FHA (3.5% down): ~$3,205/mo with MIP that runs for the life of the loan. VA wins on monthly cost, total interest, and zero cash required.
VA loan eligibility
- Active duty: 90 consecutive days wartime, or 181 days peacetime
- Veterans: Same thresholds plus honorable discharge
- National Guard / Reserves: 6 years service, or 90 days active duty under Title 10 orders
- Surviving spouses: Un-remarried spouses of veterans who died in service or from service-connected disability
Eligibility is confirmed via the Certificate of Eligibility (COE) — most VA-approved lenders can pull it electronically in minutes. You don't need it in hand before starting your home search.
Las Vegas as a VA loan destination
Clark County has an estimated 155,000+ veterans, served by Nellis Air Force Base. Nevada's combination of no state income tax, low property taxes (0.55–0.75% Clark County rate), and VA zero-down financing makes Las Vegas uniquely compelling for military relocation. Veterans with full entitlement have no VA loan limit — they can buy a $1.2M Summerlin home with zero down, subject to lender income/credit qualification. Use the Nevada Relocation Calculator to quantify your tax savings vs. your current state.
Limitations
- VA appraisals are more conservative and include minimum property requirements — homes in poor condition may not qualify
- Primary residence only — investment properties and second homes do not qualify
- Existing VA loan reduces available entitlement — your lender calculates remaining eligibility
- Funding fee rates are set by Congress and can change — verify current rates at VA.gov before closing
From 1,600+ Las Vegas closings — what VA buyers miss most
- Check disability status first. Even a 10% service-connected rating may qualify you for the funding fee exemption — this is worth thousands.
- Get pre-approved, not just pre-qualified. A VA pre-approval with COE confirmation is taken seriously by sellers.
- Sellers can pay up to 4% of purchase price in concessions. In the right market, seller-paid closing costs make a VA purchase truly zero out-of-pocket.
- Your entitlement restores after payoff. Sell the home, pay off the VA loan, and your full benefit restores for future use.
Frequently asked questions
Can I use a VA loan more than once?
Yes. VA benefits can be used multiple times. Once you sell and pay off the VA loan, full entitlement restores. If you have an active VA loan, remaining bonus entitlement may allow a second VA loan — your lender can calculate this.
Is there a VA loan limit?
Veterans with full entitlement have no loan limit — they can finance any amount a lender will approve without a down payment. Veterans with reduced entitlement are limited by county conforming loan limits. In Clark County, Nevada the 2025 limit is $806,500.
Do I have to pay the funding fee upfront?
No. The funding fee can be rolled into the loan amount — the most common approach. You can pay it in cash at closing to keep the loan balance lower, but it is not required.
Can I buy a multi-unit property with a VA loan?
Yes — 2-4 unit properties qualify as long as you occupy one unit as your primary residence. This is one of the most powerful applications: live in one unit, rent the others, and rental income can help you qualify for the loan.
What credit score do I need for a VA loan?
The VA sets no minimum. Lenders typically require 580–640 minimum; most competitive lenders set 620–640. A 700+ score gets the best rates. VA rates are generally better than conventional rates for the same borrower because the government guarantee reduces lender risk.
Can I refinance a conventional loan into a VA loan?
Yes — a VA Cash-Out Refinance converts any existing mortgage type to a VA loan, potentially eliminating PMI and lowering your rate. A VA IRRRL (Interest Rate Reduction Refinance Loan) streamlines refinancing an existing VA loan to a new VA loan at a lower rate.
What is the funding fee for National Guard and Reserve members?
Guard/Reserve: 2.40% first use 0% down (vs. 2.15% regular military). Subsequent use 0% down: 3.30% (same as regular military). With 5%+ down, rates equalize at 1.50% for all service categories. Disability exemptions apply equally.
How does a VA loan affect the seller?
Sellers sometimes worry about VA appraisals and minimum property requirements. An experienced agent addresses these proactively — VA loans close at similar rates to conventional loans, and sellers can receive up to 4% in concessions. In Las Vegas's veteran-dense market, most listing agents are experienced with VA transactions.
Disclaimer: This calculator is for general educational purposes only. VA loan terms, funding fee rates, and eligibility requirements are set by the U.S. Department of Veterans Affairs and are subject to change. Consult a VA-approved lender and VA.gov before making decisions. Stanley King (NV BS.0143719) is not a licensed mortgage lender or financial advisor.