VA Loan Calculator
Estimate your VA loan monthly payment, including the one-time VA funding fee — no down payment or monthly mortgage insurance required.
What is a VA loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and certain surviving spouses. The biggest advantage of a VA loan is that it typically requires no down payment at all, and unlike conventional or FHA loans, it carries no monthly mortgage insurance regardless of how little you put down, which can save borrowers hundreds of dollars a month.
What is the VA Funding Fee?
Instead of monthly mortgage insurance, VA loans charge a one-time VA Funding Fee that helps keep the program self-sustaining for future veterans. The fee is typically financed into the loan rather than paid in cash. It varies based on your down payment amount and whether it's your first time using your VA loan benefit or a subsequent use — this calculator uses an illustrative rate of about 2.15% for first-time use with no down payment, and about 3.3% for subsequent use, as a simplification (in reality the fee decreases as your down payment increases). Veterans receiving VA disability compensation are typically exempt from the funding fee entirely.
Who benefits most from a VA loan?
VA loans are especially valuable for eligible borrowers who don't have a large down payment saved, since the combination of $0 down and no monthly mortgage insurance can make homeownership significantly more affordable compared to conventional or FHA financing. Because eligibility is tied to military service, it's worth confirming your Certificate of Eligibility (COE) before assuming you qualify, and comparing your VA loan estimate against other loan programs to see which truly costs less over time.
Frequently Asked Questions
Do I need a down payment for a VA loan?
No, most eligible VA loan borrowers can finance 100% of the home price with no down payment required, which is one of the biggest advantages of the VA loan program over conventional and FHA financing.
What is the VA funding fee?
The VA funding fee is a one-time fee paid to the VA that helps sustain the loan program, replacing the monthly mortgage insurance required by other loan types. It's usually financed into your loan balance rather than paid upfront in cash.
Does the VA funding fee change based on down payment?
Yes, in reality the funding fee percentage decreases as your down payment increases. This calculator uses simplified illustrative rates for first-time and subsequent use with 0% down; check current VA rate tables for your exact down payment tier.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation, along with certain surviving spouses of veterans who died in service or from a service-connected disability, are typically exempt from paying the VA funding fee.
Does a VA loan require monthly mortgage insurance?
No, VA loans never require monthly mortgage insurance, regardless of your down payment size, unlike conventional loans (PMI) or FHA loans (MIP). The one-time funding fee replaces that ongoing cost.
How do I know if I'm eligible for a VA loan?
Eligibility generally depends on your length and type of military service, discharge status, and in some cases surviving spouse status. You'll need a Certificate of Eligibility (COE) from the VA, which your lender can typically help you obtain.
Is the funding fee higher for a second VA loan?
Yes, subsequent use of your VA loan benefit (after a prior VA loan) generally carries a higher funding fee percentage than first-time use, particularly at lower down payment levels.
Can I use a VA loan more than once?
Yes, VA loan benefits can generally be reused multiple times over your lifetime, as long as you have remaining entitlement, though the funding fee is typically higher on subsequent uses.