The VA Mortgage Calculator estimates the monthly payment of a VA home loan for veterans, service members and surviving spouses, including the VA funding fee, taxes, insurance and other costs.
Monthly payment: $4,530.24
| Monthly payment (principal & interest) | $3,405.24 |
| Taxes, insurance, HOA and other costs | $1,125.00 |
| Total monthly payment | $4,530.24 |
| Loan amount | $510,750.00 |
| Down payment | $0.00 |
| VA funding fee (2.15%) | $10,750.00 financed |
| Total of 360 mortgage payments | $1,225,886.01 |
| Total interest | $715,136.01 |
VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses. Major benefits include no down payment, no private mortgage insurance and competitive rates.
Instead of mortgage insurance, most VA borrowers pay a one-time funding fee. For a first-time purchase with less than 5% down it is 2.15% of the loan; 1.5% with 5% down; 1.25% with 10% down; and 3.3% for later uses with under 5% down. Veterans with a service-connected disability rating are exempt. The fee can be financed.
Worked example (defaults): a $500,000 home with no down payment. The 2.15% fee of $10,750 is financed, making the loan $510,750 and the principal and interest payment about $3,400 before taxes and insurance.
Eligibility usually requires a minimum period of service, such as 90 continuous days of active duty in wartime or 181 days in peacetime, or six years in the Guard or Reserve. You need a Certificate of Eligibility, which lenders can request for you.
Can VA loans be used more than once? Yes, entitlement can be restored after the loan is repaid.
Are there loan limits? Not for borrowers with full entitlement.
Can I buy a rental with a VA loan? No, the home must be your primary residence, though multi-unit homes you live in are allowed.