How to use the VA Loan Calculator
- 1 Enter the home price and any down payment.
- 2 Enter the rate and choose the term.
- 3 Choose first use, subsequent use or exempt.
- 4 Enter property tax and insurance and read the payment.
Worked example
A $400,000 home with no down payment on a first-use VA loan at 6% over 30 years. The funding fee is 2.15%, or $8,600, so the loan becomes $408,600. Principal and interest are about $2,450 and tax and insurance $550, so the payment is about $3,000 a month, with no PMI.
Features
Funding fee table
2.15% for first use with under 5% down, 3.3% for later use, 1.5% at 5% down and 1.25% at 10% down.
Exemption
No fee for veterans receiving VA disability compensation.
No PMI
VA loans have no monthly mortgage insurance.
When to use it
Buying with no down payment
See the cost of a zero-down VA loan.
Second VA loan
Compare first and subsequent use.
Down payment choice
See how 5% or 10% down cuts the fee.
VA or FHA
Compare with an FHA loan.
Frequently asked questions
What is the VA funding fee?
A one-time fee paid to the VA that keeps the program running. It can be paid in cash or added to the loan.
Who is exempt from the funding fee?
Veterans receiving compensation for a service-connected disability, Purple Heart recipients on active duty and some surviving spouses.
Do VA loans need a down payment?
No, for eligible borrowers with full entitlement.
Is there a VA loan limit?
There is no loan limit for borrowers with full entitlement, although lenders set their own limits.
Do VA loans have PMI?
No.
Can I use a VA loan more than once?
Yes. The funding fee is higher for subsequent use with less than 5% down.
What credit score is needed?
The VA sets no minimum, but many lenders look for about 620.
Who is eligible for a VA loan?
Veterans, active-duty service members and members of the National Guard and Reserve who meet service requirements, and some surviving spouses.
What is a Certificate of Eligibility?
A document from the VA that shows your entitlement. Lenders can request it for you online.
Can I use a VA loan for a second home?
No. You must intend to live in the home as your primary residence.
What is an IRRRL?
An interest rate reduction refinance loan, a streamlined VA refinance with a 0.5% funding fee.
Are VA closing costs limited?
Yes. The VA limits some fees, and sellers can pay up to 4% in concessions.
Can I use a VA loan with bad credit?
Many lenders accept scores below conventional limits, but the VA requires lenders to check residual income, the money left each month after major expenses.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Reviewed by ToolsUnlocked Team · Last updated