VA Loan Calculator
Estimate your VA mortgage payment including the one-time funding fee. No monthly PMI required.
VA loans are one of the most valuable benefits available to eligible service members, veterans, and surviving spouses. The biggest advantage is one you won't find on most mortgages: no down payment required and no monthly mortgage insurance. Our VA loan calculator estimates your monthly payment, calculates the VA funding fee, and shows how your costs compare to FHA and conventional loans.
Important VA loan terms to know
Service type: VA loan eligibility and funding fee rates vary depending on your branch of service — Regular Military, Reserves, or National Guard. Your service type affects the funding fee percentage applied to your loan.
Loan use: Whether this is your first VA loan or a subsequent use affects your funding fee rate. First-time use carries a lower fee than subsequent use for borrowers who put less than 5% down.[1]
VA funding fee: A one-time fee paid to the Department of Veterans Affairs, typically rolled into the loan. For Regular Military borrowers on first use with no down payment, the fee is 2.15% of the base loan amount. It replaces the monthly mortgage insurance required on FHA and conventional loans — and for most borrowers, that trade-off saves money over the life of the loan.[2]
Disability exemption: Veterans with a service-connected disability rating are exempt from the VA funding fee entirely. If you receive VA disability compensation, you won't pay this fee.
No monthly mortgage insurance: Unlike FHA loans (which require MIP for the life of the loan) and conventional loans with less than 20% down (which require PMI), VA loans carry no monthly mortgage insurance. That difference can amount to hundreds of dollars per month.
Down payment: VA loans allow 0% down for eligible borrowers — no minimum required. Putting money down voluntarily reduces your loan amount and lowers your funding fee rate.
Base loan amount vs. total financed loan: Your base loan amount is the purchase price minus any down payment. If you roll the funding fee into the loan, your total financed amount will be slightly higher than the base.
How VA loans compare to FHA and conventional
The calculator's loan comparison table shows side-by-side monthly costs for VA, FHA, and conventional loans at the same purchase price. For most eligible borrowers, the VA loan comes out ahead. The funding fee is a one-time cost, while FHA's MIP and conventional PMI are ongoing monthly expenses.
How to get help with a VA loan
VA loans have specific eligibility requirements and lender guidelines that differ from conventional financing. Working with a lender experienced in VA loans can make the process significantly smoother, from obtaining your Certificate of Eligibility to navigating the VA appraisal process.
Best Interest Financial has the experience to help. With decades of experience and over $1 billion in closed loans, their team knows how to get eligible borrowers into VA loans efficiently. Talk with a Best Interest loan officer about your VA loan options.