VA Loan Calculator With Funding Fee, Taxes & Insurance

Estimate your monthly payment on a VA home loan, including the VA funding fee, property tax and homeowners insurance. VA loans need no down payment and no monthly mortgage insurance for eligible veterans and service members. Example: a $400,000 home with 0% down at 6.25% for 30 years has a funding fee of $8,600 and a total payment of about $3,041 a month with tax and insurance.

How to use the VA Loan Calculator

1. Enter the home price and your down payment (zero is allowed).
2. Enter the interest rate and choose a loan term.
3. Select whether this is your first or a subsequent use of the VA benefit, or if you are exempt from the funding fee.
4. Add yearly property tax and homeowners insurance, then press Calculate.

Formula and method

Loan = (Price − Down payment) × (1 + funding fee %)

Payment = Loan × r / (1 − (1 + r)⁻ⁿ) + (Tax + Insurance) / 12

Funding fee for purchases: first use 2.15% with under 5% down, 1.5% with 5% to under 10% down, and 1.25% with 10% or more. Subsequent use is 3.3% with under 5% down.

Frequently asked questions

Do VA loans require a down payment?

No. Eligible borrowers can finance 100% of the purchase price up to the lender and county limits. A larger down payment lowers the funding fee.

Is there mortgage insurance on a VA loan?

No monthly PMI. Instead there is a one-time funding fee, which can be rolled into the loan.

Who is exempt from the funding fee?

Veterans receiving VA compensation for a service-connected disability, surviving spouses receiving DIC, and some Purple Heart recipients on active duty.

Does this include HOA fees or closing costs?

No. Add HOA dues to your monthly budget and use the closing cost calculator for upfront costs.

Sources

• VA.gov: VA funding fee and closing costs
• VA.gov: Home loans

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