Free va mortgage calculator
Calculate VA loan payments with no PMI and the VA funding fee — enter loan amount, rate, and service category, updated live, as you type.
On this page10 sections
Taxes, insurance & fees
All results are estimates. How accurate is this?
Your loan over time
Full Amortization Schedule
Your mortgage payment is $2,447.62 per month for a $400,000 home.
| Home price | $400,000.00 |
| Down payment | $80,000.00 (20%) |
| Loan amount | $320,000.00 |
| Interest rate | 6.5% |
| Loan term | 30 years (360 payments) |
| Principal & interest | $2,022.62 |
| Property tax (mo) | $300.00 |
| Home insurance (mo) | $125.00 |
| Total monthly payment | $2,447.62 |
| Total of 360 payments | $728,142.36 |
| Total interest paid | $408,142.36 |
How does the term affect my payment?
How does the down payment affect my payment?
Payment schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Aug 2026 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | Sep 2026 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | Oct 2026 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | Nov 2026 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | Dec 2026 | $2,022.62 | $295.60 | $1,727.01 | $318,537.82 |
| 6 | Jan 2027 | $2,022.62 | $297.20 | $1,725.41 | $318,240.62 |
| 7 | Feb 2027 | $2,022.62 | $298.81 | $1,723.80 | $317,941.80 |
| 8 | Mar 2027 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | Apr 2027 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | May 2027 | $2,022.62 | $303.70 | $1,718.92 | $317,035.62 |
| 11 | Jun 2027 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | Jul 2027 | $2,022.62 | $307.00 | $1,715.62 | $316,423.28 |
Results are estimates. Consult a professional.
How the VA mortgage calculator works
A VA loan is a mortgage benefit for eligible veterans, active-duty service members, and surviving spouses, guaranteed by the U.S. Department of Veterans Affairs. The guarantee allows approved lenders to offer the loan with no down payment and no private mortgage insurance (PMI) — two features that meaningfully reduce both the upfront cash required and the ongoing monthly cost compared to a conventional loan.
The principal and interest payment uses the standard amortisation formula. The unique VA element is the funding fee — a one-time charge (typically 2.15% for first-time use with no down payment) that partially offsets the government's guarantee cost to taxpayers. The fee can be rolled into the loan balance, which means no out-of-pocket cost at closing but a slightly higher monthly payment.
Worked example: $350k home, 0% down, first VA use
Alex, a veteran using the VA benefit for the first time, buys a $350,000 home with no down payment. The lender quotes 6.75% APR on a 30-year fixed loan. The VA funding fee is rolled into the loan. How does this compare to a conventional loan with PMI?
VA monthly payments vs. conventional with PMI
The table below compares estimated VA monthly P&I (with funding fee rolled in, first-time use, 0% down) to a conventional loan at the same rate with estimated PMI. PMI is assumed at 0.55% annually and cancels at 80% LTV. All 30-year fixed, pre-tax.
| Loan amount | APR | VA P&I (fee rolled) | Conv P&I + PMI | Monthly saving |
|---|---|---|---|---|
| $250,000 | 6.5% | $1,654/mo | $1,711/mo | ~$57/mo |
| $250,000 | 7.0% | $1,698/mo | $1,753/mo | ~$55/mo |
| $250,000 | 7.5% | $1,742/mo | $1,796/mo | ~$54/mo |
| $350,000 | 6.5% | $2,316/mo | $2,395/mo | ~$79/mo |
| $350,000 | 7.0% | $2,377/mo | $2,454/mo | ~$77/mo |
| $350,000 | 7.5% | $2,439/mo | $2,515/mo | ~$76/mo |
| $450,000 | 6.5% | $2,978/mo | $3,080/mo | ~$102/mo |
| $450,000 | 7.0% | $3,057/mo | $3,157/mo | ~$100/mo |
| $450,000 | 7.5% | $3,136/mo | $3,234/mo | ~$98/mo |
Source: VA.gov (funding fee rates); Ginnie Mae (VA loan program). Conventional PMI estimated at 0.55% per year on full balance. Actual PMI rates vary by credit score, LTV, and insurer.
Tips for getting the most from a VA home loan
The VA loan benefit is one of the most valuable financial tools available to eligible service members — but only if used strategically. A few common decisions can significantly change the total cost.
- Check your disability rating before paying the funding fee — Veterans with a service-connected disability rating of 10% or more, and surviving spouses of veterans who died in service or from service-connected disability, are exempt from the funding fee. Request your Certificate of Eligibility (COE) through VA.gov before closing.
- Compare VA rates across multiple lenders — The VA sets the benefit, not the rate. Rates vary significantly between lenders. Get at least three Loan Estimates and compare APR, not just the interest rate.
- Avoid rolling in the funding fee if you can pay it at closing — Rolling the fee increases your loan balance and the interest you pay on it over 30 years. On a $350k loan, the 2.15% fee rolled in costs an extra ~$500 in interest for every year you keep the loan.
- Understand VA entitlement for subsequent use — If you've used a VA loan before and still have an active one, your remaining entitlement determines how much the VA will guarantee. Full entitlement has no loan limit; remaining entitlement may cap the no-down-payment benefit.
- No PMI means a permanently lower payment — Unlike FHA (which keeps the mortgage insurance premium for the life of the loan) or conventional PMI (which cancels at 80% LTV), VA loans never carry PMI. This benefit compounds over the entire loan term.
Accuracy and limitations
This calculator uses official VA funding fee rates published at VA.gov and standard amortisation for the monthly P&I payment. It does not include property taxes, homeowners insurance, HOA fees, or VA appraisal and closing costs. Funding fee rates are subject to change by Congress; verify current rates at VA.gov before relying on them for a purchase decision. The PMI comparison uses an estimated rate and will differ from actual quotes.
Not financial advice — consult a financial professional for your specific situation.
VA mortgage terms defined
About this VA mortgage calculator
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