VA Loan Calculator
Enter the home price, down payment, rate and term to estimate the VA funding fee, the loan amount with the fee financed and your monthly payment. A VA loan has no PMI, and the calculator shows how the fee changes with your down payment.
Last updated November 4, 2026
VA sets no minimum down payment; $0 is allowed.
Example value, not a current market rate. Use your lender’s quote.
Result
$2,437.89 per month
| Result | Amount |
|---|---|
| Down payment share | 5.00% |
| Funding fee rate | 1.5% |
| Funding fee | $5,700.00 |
| Fee paid at closing | $0.00 |
| Loan amount | $385,700.00 |
| Monthly principal and interest | $2,437.89 |
| Total interest | $491,939.09 |
Funding fee rates as published by the VA; confirm current rates with your lender or VA.gov. You need a Certificate of Eligibility, and lenders set their own credit and income rules.
Show the work
Formula: fee = (price - down) × fee rate; loan = price - down + fee (if financed); payment = L × r ÷ (1 - (1 + r)^-n), r = rate ÷ 12
- Base loan: $400,000.00 - $20,000.00 = $380,000.00 (5.00% down).
- Funding fee: 1.5% of $380,000.00 = $5,700.00.
- Loan amount with the financed fee: $380,000.00 + $5,700.00 = $385,700.00.
- Monthly rate r = 6.5% ÷ 12 = 0.5417%; payment over 360 months = $2,437.89.
- A VA loan has no monthly mortgage insurance (PMI).
Result: VA loan estimate: funding fee $5,700.00 (1.5%), loan amount $385,700.00, monthly principal and interest $2,437.89 over 30 years at 6.5%. No PMI. Total interest $491,939.09. Estimate only, not a lender quote.
How a VA loan payment is calculated
fee = (price - down payment) × fee rate
loan = price - down payment + fee
payment = L × r ÷ (1 - (1 + r)^-n)
A VA loan is a mortgage backed by the Department of Veterans Affairs and made by a private lender. Instead of monthly mortgage insurance, the borrower pays a one-time funding fee. The fee is a percentage of the base loan, which is the home price minus your down payment. You can pay it at closing or roll it into the loan, and the calculator supports both.
The funding fee rate depends on your down payment and whether this is your first use of the benefit. For a purchase, the published rates are: first use, 2.15% with under 5% down, 1.5% with 5% to under 10% down, and 1.25% with 10% or more down. For subsequent use, the rate is 3.3% with under 5% down, and the same 1.5% and 1.25% above that.
Once the loan amount is known, the monthly principal and interest comes from the standard amortization formula, where L is the loan amount, r is the annual rate divided by 12 and n is the number of months. Property tax and insurance, if you enter them, are divided by 12 and added. No PMI is added because VA loans do not charge it.
See how we calculate for the formulas, sources and review schedule behind every calculator.
Also useful alongside this calculator: Down Payment Calculator, Closing Cost Calculator and Home Affordability Calculator.
Funding fee exemptions
Some borrowers do not pay the funding fee. The VA lists veterans who receive VA disability compensation, active-duty service members who show a Purple Heart award at closing, and certain surviving spouses among those exempt. Choose the exempt option and the fee becomes $0. Your lender confirms eligibility.
This page uses the purchase-loan schedule that took effect on April 7, 2023, which the VA lists for Veterans, active-duty service members and Guard and Reserve members. Cash-out refinances, interest rate reduction refinances and other loan types have different fees and are not covered.
What the VA does and does not require
The VA sets no minimum down payment, so you can enter $0. There is no monthly mortgage insurance. The VA does not set a minimum credit score, although each lender applies its own credit, income and debt rules. With full entitlement, the VA loan limits that cap other programs do not apply, but your lender still has to approve the amount you can afford.
To use the benefit you need a Certificate of Eligibility, and the home must be for your own personal occupancy. This calculator offers 15, 20 and 30 year terms.
Financing the fee or paying it up front
Rolling the fee into the loan avoids a large bill at closing, but you pay interest on it for the whole term. In the example, a $5,700 fee added to a 30-year loan at 6.5% raises the monthly payment by about $36. Paying it in cash keeps the loan smaller.
General information, not financial advice
This calculator gives a general estimate from the numbers you enter. It is not financial or tax advice, and your actual results can differ. Check important decisions with a qualified professional or the official source.
Sources
Official and primary sources for the statements on this page. Their authors have not reviewed or endorsed this page.
- U.S. Department of Veterans Affairs, VA funding fee and loan closing costs. Purchase-loan funding fee rates by first or subsequent use and down payment (under 5%, 5% to under 10%, 10% or more), and that the fee is a percentage of the loan amount.
- U.S. Department of Veterans Affairs, Eligibility for VA home loan programs. Eligibility is based on service history and duty status and confirmed with a Certificate of Eligibility.
- U.S. Department of Veterans Affairs, VA home loan entitlement and limits. Explains entitlement and loan limits, including that borrowers with full entitlement have no VA loan limit.
Official information: the funding fee table used here (first use 2.15%, 1.5% and 1.25%; subsequent use 3.3%, 1.5% and 1.25%) matches the VA table effective April 7, 2023, as shown in a search-engine extract of the VA funding fee page and VA Circular 26-23-06 on 2026-11-04. The VA pages themselves could not be opened directly from our tools, so confirm the current table with your lender or VA.gov. The same extract matched the fee being a percentage of the loan amount, the VA setting no down payment requirement, no minimum credit score, the personal-occupancy requirement and no VA loan limit with full entitlement (VA pages describe limits differently for partial entitlement). The exemptions (VA disability compensation; an active-duty Purple Heart award shown at closing; surviving spouses, who per the newer VA Circular 26-23-19 are exempt if they receive Dependency and Indemnity Compensation, while an older circular was broader) come from the same kind of search extract and were not read on the VA pages. The no-monthly-mortgage-insurance statement is stated on the CFPB mortgage insurance page, not on a VA page opened here.
Calculator method: fee = (price minus down payment) × rate, loan = price minus down payment plus any financed fee, and the payment uses the standard amortization formula. These are our calculations.
Assumptions and estimates: the 6.5% rate is an example input, not a current market rate. Terms are limited to 15, 20 and 30 years. Lenders set their own credit and income rules.
How to use the VA Loan Calculator
- Enter the home price and your down payment. $0 down is allowed.
- Enter the interest rate from your lender quote and choose a 15, 20 or 30 year term.
- Pick first or subsequent use, mark the funding fee exemption if it applies, and choose to finance the fee or pay it at closing.
- Add yearly property tax and homeowners insurance if you want the full monthly amount.
- Read the funding fee, loan amount and monthly payment, then open Show the work to follow each step.
Worked example
A $400,000 home on a 30-year loan at 6.5%, first use unless stated, with the funding fee financed. The rate is an example, not a current market rate.
| Down payment | Fee rate | Funding fee | Loan amount | Monthly P&I |
|---|---|---|---|---|
| $0 (first use) | 2.15% | $8,600.00 | $408,600.00 | $2,582.63 |
| $0 (subsequent use) | 3.3% | $13,200.00 | $413,200.00 | $2,611.71 |
| $20,000 (5%) | 1.5% | $5,700.00 | $385,700.00 | $2,437.89 |
| $40,000 (10%) | 1.25% | $4,500.00 | $364,500.00 | $2,303.89 |
Frequently asked questions
Is there PMI on a VA loan?
No. VA loans do not charge monthly mortgage insurance. Instead most borrowers pay a one-time funding fee, which this calculator adds to the loan or shows as cash due at closing.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation, active-duty service members with a Purple Heart shown at closing, and certain surviving spouses are exempt. Your lender confirms whether it applies to you.
Can I buy with a VA loan and no down payment?
Yes, the VA sets no minimum down payment. The lender still reviews your credit and income, and a zero down loan carries a higher funding fee than one with 5% or more down.
Why is the funding fee higher for subsequent use?
The VA charges 3.3% instead of 2.15% on a purchase with less than 5% down when you have used the benefit before. Down payments of 5% or more cost the same either way.
Is this a lender quote?
No. It is an estimate from the figures you enter and the published fee rates. Your lender’s quote may differ because of fees, points, taxes, insurance and your eligibility.