InputsLive
Calculate for
Home price
$
Down payment20% of price
$
Interest rate
%
Loan term
yr
Monthly payment (P&I)loan $320,000
Taxes, insurance & fees
Property taxper year
$
Home insuranceper year
$
HOA duesper month
$
PMI rateper year
%
How the result is calculated
The monthly principal and interest payment uses the standard fixed-rate amortization formula:M = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)
  • P — loan amount (home price minus down payment)
  • r — monthly rate (annual rate divided by 12)
  • n — total payments (years times 12)
Taxes, insurance, PMI and HOA are added on top of P&I to get your full monthly cost.
Check our examples
30-year fixed · $400k home · 20% down · 6.5%15-year fixed · $400k home · 20% down · 6.1%First home · $300k · 10% down · 6.75%
Result
Monthly payment
$2,447.62 /mo
Principal & interest $2,022.62 · 360 payments over 30 years.
Principal & interest$2,022.62
Total interest$408,142
Loan amount$320,000
Total cost$808,142
What's in your monthly payment
Principal & interest$2,022.62
Property tax$300.00
Home insurance$125.00
Insights
To stay inside the 28% rule, gross household income should be roughly $104,898/yr or higher.
Loan paid offJul 2056
Principal > interest fromYear 20
Paid per $1 borrowed$2.28
Interest share of payments56%

All results are estimates. How accurate is this?

Your loan over time

$500k$375k$250k$125k$00Yr 6Yr 12Yr 18Yr 24Yr 30
Remaining balance
Full report

Full Amortization Schedule

Your mortgage payment is $2,447.62 per month for a $400,000 home.

Mortgage summary
Home price$400,000.00
Down payment$80,000.00 (20%)
Loan amount$320,000.00
Interest rate6.5%
Loan term30 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?

$5000$3333$1667$0$3,63410yr$2,78815yr$2,38620yr$2,16125yr$2,02330yr

How does the down payment affect my payment?

$5000$3333$1667$0$2,4025%$2,27510%$2,14915%$2,02320%$1,89625%

Payment schedule

#DatePaymentPrincipalInterestBalance
1Aug 2026$2,022.62$289.28$1,733.33$319,710.72
2Sep 2026$2,022.62$290.85$1,731.77$319,419.86
3Oct 2026$2,022.62$292.43$1,730.19$319,127.44
4Nov 2026$2,022.62$294.01$1,728.61$318,833.43
5Dec 2026$2,022.62$295.60$1,727.01$318,537.82
6Jan 2027$2,022.62$297.20$1,725.41$318,240.62
7Feb 2027$2,022.62$298.81$1,723.80$317,941.80
8Mar 2027$2,022.62$300.43$1,722.18$317,641.37
9Apr 2027$2,022.62$302.06$1,720.56$317,339.31
10May 2027$2,022.62$303.70$1,718.92$317,035.62
11Jun 2027$2,022.62$305.34$1,717.28$316,730.27
12Jul 2027$2,022.62$307.00$1,715.62$316,423.28
Showing 12 of 360 payments

Results are estimates. Consult a professional.

How it's calculated

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.

Funding fee = loan amount × fee rate%
First use, 0% down: 2.15% | First use, 5–9.9% down: 1.50% | First use, 10%+ down: 1.25%
Subsequent use, 0–4.9% down: 3.30% | Subsequent use, 5%+ down: 1.50%
Loan amount (with fee rolled in) = purchase price + funding fee
Monthly P&I = Loan × r × (1+r)^n ÷ ((1+r)^n 1)
where r = APR ÷ 12, n = term in months
VA.gov — VA home loan funding fee rates and exemptions.
Example

Worked example: $350k home, 0% down, first VA use

Example: $350,000 home, 6.75% APR, 30-year, first use, 0% down

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?

Funding fee = $350,000 × 2.15% = $7,525
Loan balance = $350,000 + $7,525 = $357,525
r = 6.75% ÷ 12 = 0.5625% per month
Monthly P&I = $357,525 × 0.005625 × (1.005625)^360 ÷ ((1.005625)^360 1)
≈ $2,319/month
Conventional equivalent with PMI: $350,000 @ 6.75% = $2,270 P&I + ~$130 PMI ≈ $2,400/month
$2,319/mo VA vs. ~$2,400/mo conventional
Alex's VA loan saves about $81 per month versus a conventional loan at the same rate with PMI. Over the years before the conventional PMI would cancel (roughly 8–9 years at this amortisation pace), that is more than $8,000 in savings — and Alex needed zero cash for a down payment.
Quick reference

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 amountAPRVA P&I (fee rolled)Conv P&I + PMIMonthly saving
$250,0006.5%$1,654/mo$1,711/mo~$57/mo
$250,0007.0%$1,698/mo$1,753/mo~$55/mo
$250,0007.5%$1,742/mo$1,796/mo~$54/mo
$350,0006.5%$2,316/mo$2,395/mo~$79/mo
$350,0007.0%$2,377/mo$2,454/mo~$77/mo
$350,0007.5%$2,439/mo$2,515/mo~$76/mo
$450,0006.5%$2,978/mo$3,080/mo~$102/mo
$450,0007.0%$3,057/mo$3,157/mo~$100/mo
$450,0007.5%$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.

Practical tips

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 & limits

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.

Glossary

VA mortgage terms defined

A mortgage guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and qualifying surviving spouses. No down payment or PMI required.
A one-time upfront fee charged by the VA to partially offset the cost of the loan guarantee. Rates range from 1.25% to 3.30% of the loan amount depending on down payment, first or subsequent use, and service type. Exempt for veterans with service-connected disability.
The document that confirms your entitlement to the VA loan benefit. Required by lenders before closing. Obtainable through VA.gov, your lender, or a VA regional loan centre.
The dollar amount the VA will guarantee for your loan. Full entitlement (no prior VA loan outstanding) means no loan limit on the no-down-payment benefit. Remaining entitlement applies if you have an existing VA loan.
Insurance required on conventional loans when the down payment is less than 20% of the purchase price. VA loans never require PMI regardless of down payment, which is a primary source of monthly savings.
Veterans rated 10% or more disabled by the VA (service-connected), and surviving spouses of veterans who died in service or from a service-connected disability, pay no funding fee — saving thousands at closing.
About

About this VA mortgage calculator

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Browse more in our finance calculators, or explore the complete library on the free calculators page.

Questions

Frequently asked questions about the free va mortgage calculator

A VA mortgage calculator is a free online tool that helps you mortgage calculator with VA-typical defaults (0% down, no PMI, funding fee). VA loans for eligible veterans / service members. 0% down available, no PMI, one-time funding fee. It runs entirely in your browser with instant results and no sign-up.
No — actual loan terms depend on credit, income docs, and lender underwriting. Use this for planning and what-if scenarios; get a real Loan Estimate before making decisions.
When the calculator asks for them. PITI calculations include property tax, insurance, and PMI; raw P&I calculations don't.
Lenders round payment amounts and may include escrow buffers. Property tax and insurance change over time. Real payments vary 1-5% from these estimates.

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