VA Mortgage Calculator
Estimate your payment on a VA loan, including the funding fee.
Your Details
How It Works
- Enter the home price and any down payment (0% is allowed).
- Enter the interest rate and term.
- Press Calculate to see your payment including the funding fee.
Formula Used
Uses a typical 2.15% funding fee for first-time use with 0% down — actual fees vary by service history and down payment.
Good to Know
- • VA loans require no down payment and no monthly mortgage insurance.
- • The funding fee is often financed into the loan rather than paid upfront.
Important Notes
- • Available to eligible veterans, service members, and some surviving spouses.
- • Funding fee rate varies by down payment amount and prior VA loan use.
Why VA Loans Skip Both a Down Payment and PMI
VA loans are backed by the Department of Veterans Affairs as a benefit for eligible veterans and service members, which is why they can offer 0% down with no ongoing mortgage insurance — a meaningful advantage over conventional and FHA loans. In place of monthly mortgage insurance, VA loans charge a one-time funding fee, which can be paid upfront or rolled into the loan amount.
How the Funding Fee Varies
The funding fee percentage depends on factors like down payment size, whether it's a first or subsequent use of VA loan benefits, and loan type — a larger down payment typically lowers the fee percentage. Some borrowers, including those receiving VA disability compensation, may be exempt from the funding fee entirely — worth checking eligibility before assuming the fee shown here applies.
The Language of This Calculator
- VA funding fee — a one-time charge that replaces ongoing mortgage insurance on VA loans.
- Entitlement — the VA benefit amount backing your loan eligibility.
A Sample Calculation: Zero-Down VA Financing
On a $340,000 home with 0% down, first-time use, at 6.25% over 30 years:
Funding fee (2.15%) = $7,310, financed into loan
Total loan amount = $347,310
Monthly P&I ≈ $2,139
Despite financing the full purchase price plus the funding fee, this borrower avoids both a down payment and any ongoing monthly mortgage insurance — a combination essentially unique to VA loans among mainstream mortgage programs.
Funding Fee by Down Payment Table
| Down Payment | Typical Funding Fee (1st use) |
|---|---|
| 0% | 2.15% |
| 5-9.99% | 1.5% |
| 10%+ | 1.25% |
Errors People Often Make With VA Loans
- Not checking funding fee exemption eligibility — some disabled veterans are exempt entirely.
- Assuming VA loans always have the lowest rate — always compare against other options too.