VA Mortgage Calculator

Home Price$  
Down Payment
Loan Termyears
Interest Rate%
VA Loan Limit$  
Used Entitlement$  
VA Eligibility:

Used VA Loan Before?
Service-Related Disability (10+%)?

Monthly Pay:   $916.26

House Price$200,000.00
VA Funding Fee (2.15%)$4,300.00
Down Payment$0.00
Loan Amount$204,300.00
Total of 360 Mortgage Payments$329,852.97
Total Interest$125,552.97
Mortgage Payoff DateOct. 2046

Payment Breakdown

Mortgage Amortization Graph

VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans can be granted to veterans, service members on active duty, members of national guards, reservists, or surviving spouses. The VA mortgage loan can be used for owner occupied home only. If you currently used VA loan on a house and plan to purchase another house as your primary residence home, the previous home that used VA loan needs to be fully paid first. VA loan can be used in purchase or refinance. Typically, both the interest rates of VA loans and the closing cost are slightly lower than conventional mortgage loan. The major benefit of the VA loan is that it allows 0% down payment for homes up to a certain loan limit, which is $417,000 for most of the country. High-cost counties may have higher loan limits. For houses above the loan limit, a 25% down payment is required for the exceeding part of the loan. VA insures a monthly mortgage loan up to 41% of the monthly gross income, which is much higher than the conventional loan.

The Department of Veterans Affairs may charge an up to 3.3% one-time fee for the VA loan. Borrowers can pay the upfront funding fee or add it into the loan. For applicants with 10% or more service-related disability or surviving spouses, the funding fee can be waived.

Funding Fee for VA Guaranteed Mortgage Loans

Down PaymentFirst Time UseSecond and Subsequent Use
VeteranReservist / National GuardVeteranReservist / National Guard

Interest Rate Reduction Refinancing Loans: 0.50%

Assumptions: 0.50%
Manufactured Home Loans (Not Permanently Affixed): 1.00%
Service-Connected Veterans: 0%