VA loan calculator
Monthly payment on a US VA home loan, with the VA funding fee worked out from your down payment.
About the va loan calculator
Monthly payment on a US VA home loan, with the VA funding fee worked out from your down payment.
Part of SmartCalcy’s mortgage & real estate tools. It runs in your browser with no account, uses your own currency and units (change them at the top of the page), and gives estimates for information only, so check official guidance before you rely on a result.
How to use the va loan calculator
What it calculates and when to use it
Estimate the monthly payment on a US VA home loan for eligible veterans, service members and some surviving spouses, including the VA funding fee.
How to use it, step by step
- Enter the price and down payment (0% is allowed).
- Choose whether this is your first VA loan, you have used one before or you are exempt.
- Enter the rate, term, tax and insurance.
- Read the payment and the funding fee.
What each input means
- Down payment – The funding fee falls at 5% and 10% down.
- VA loan use – The fee is higher for repeat use. Disabled veterans and some others are exempt.
How to read the results
- Monthly payment – Principal and interest, property tax and home insurance.
- Funding fee – One-off fee as a percentage of the loan, normally added to it.
The formula
Funding fee = base loan × fee rate. Loan = base loan + fee. Payment = Loan × r ÷ (1 − (1 + r)^−n). Fee rates: first use 2.15% (under 5% down), 1.5% (5–9.99%) and 1.25% (10% or more); repeat use 3.3% under 5% down.
A worked example
A 350,000 purchase with no down payment at 6.25% for 30 years. First use is 2.15%, so the fee is 7,525, the loan is 357,525 and principal and interest is 2,201.34. With tax and insurance the payment is about 2,624.26.
Assumptions and limits
- Fee rates follow the VA purchase table effective from 7 April 2023 and may change.
- There is no monthly mortgage insurance on a VA loan.
- Eligibility and entitlement are decided by the VA.
Common mistakes
- Forgetting the funding fee when comparing with conventional loans.
- Assuming the fee must be paid in cash. It can be financed.
Frequently asked questions
Can I use a VA loan more than once?
Yes, subject to entitlement. The funding fee is higher for repeat use with no down payment.
Is a down payment needed?
Usually not, but paying 5% or 10% lowers the funding fee.
Related tools
Details
- Principal and interest
- £2,201.34
- Property tax
- £320.83
- Home insurance
- £102.08
- VA funding fee
- £7,525.002.15% of the loan, added to it
- Down payment
- £0.00
- Total interest
- £434,958.45