VA Mortgage Calculator
The benefit veterans earned: zero down, no PMI — with the funding fee handled correctly.
Estimate your VA loan payment
Why VA loans are the best mortgage in America
For eligible veterans, service members, and surviving spouses, the VA loan allows zero down payment and charges no monthly mortgage insurance — the PMI that costs conventional borrowers with small down payments hundreds per month simply doesn't exist here. Rates also typically run slightly below conventional. The trade is a one-time funding fee, almost always rolled into the loan.
How the funding fee works
The fee depends on your down payment and whether you've used the benefit before: 2.15% of the loan for first use with less than 5% down, 3.3% for subsequent use with less than 5% down, dropping to 1.5% with 5–10% down and 1.25% with 10%+ down. Veterans receiving VA disability compensation are exempt entirely — select that in the calculator and watch the fee disappear.
A worked example
A $425,000 home, zero down, first use, 6.25% for 30 years: the funding fee is 2.15% of $425,000 = $9,138, financed into a $434,138 loan, for a payment of about $2,673/month principal and interest. A conventional buyer putting 3% down on the same house would pay PMI on top — often $200–350/month — until reaching 20% equity. Over the early years of the loan, the VA structure usually wins decisively.
Frequently asked questions
Who is eligible for a VA loan?
Generally veterans meeting service requirements, active-duty service members, certain National Guard and Reserve members, and some surviving spouses. Eligibility is documented with a Certificate of Eligibility (COE), which a VA lender can pull in minutes.
Is there a maximum VA loan amount?
Veterans with full entitlement have no VA-imposed loan limit — lenders still qualify you on income and credit. Partial entitlement (an existing VA loan outstanding) can introduce limits; a VA lender can calculate your remaining entitlement.
Can I use a VA loan more than once?
Yes — it's a reusable, lifetime benefit. Subsequent use carries a higher funding fee at low down payments (3.3% versus 2.15%), which this calculator handles with the usage selector.
Does the seller have to pay my closing costs?
No, but VA rules limit what fees a veteran can be charged and allow sellers to pay concessions. In many markets, negotiating seller-paid closing costs on a VA offer is routine — ask your agent to structure it.