VA Loan Calculator
Most active-duty military and veterans qualify for Veterans Affairs mortgages, and many reservists and National Guard members are eligible. To use this VA mortgage calculator, enter your loan amount, term, interest rate and start date below to find out what your monthly payments would be. For VA loans, no down payment is required from qualified borrowers buying primary residences.
How to use the VA loan calculator
Using the VA loan calculator is simple. Let’s break down the inputs:
| Input | What it is |
|---|---|
| Loan amount | The amount you’re borrowing to buy the home, not including a down payment if there is one |
| Loan term in years or months | The length of the loan — for example, a 30-year loan has a term of 30 years or 360 months |
| Interest rate per year | How much interest you're paying for your VA loan |
| Extra payments | Learn how much paying extra on your mortgage will affect the payoff of the loan |
| Show amortization schedule | Shows you the schedule of paying off the loan, which starts with paying more interest first, gradually shifting to paying more principal |
VA loan basics
VA loans are mortgages backed by the U.S. Department of Veterans Affairs (VA) and are available to qualifying active-duty military service members, veterans and their surviving spouses. To get one, you’ll need to obtain your Certificate of Eligibility (CoE) from the VA. There are several types of VA loans, such as a VA purchase mortgage, construction loan, streamline refinance and more. Notably, for those purchasing with a VA mortgage, there is no down payment requirement or need to pay mortgage insurance. However, you will need to pay a funding fee.
VA funding fee and other costs to consider
The VA funding fee is a fee most VA loan borrowers pay either at closing or roll into the loan balance. The fee is a percentage of the loan amount, and the percentage varies depending on whether you’re buying or refinancing, whether you’ve had a VA loan before and the down payment size if you’re making one.
The VA funding fee is not accounted for in this calculator. There are other fees you may also need to pay and should factor into your budget. These fees include:
- Homeowners insurance
- Property taxes
- Closing costs (such as title search fees, origination fees, attorney fees and more)
- An escrow deposit
- HOA dues
Next steps to getting a VA loan
There are some steps you'll need to take to get a VA loan:
- Make sure you’re eligible: You’ll need to obtain your certificate of eligibility before applying for a VA loan.
- Shop for a mortgage: Research how to get a mortgage and decide what type of loan you want.
- Get preapproved: Apply for preapproval with at least three lenders to compare their rates and fees.
- Read reviews and compare lenders: Check out lender reviews and examine the best VA mortgage lenders side-by-side.