VA loan calculator
Active-duty military and veterans could qualify for a VA loan to buy, build or fix up a home. Many reservists and National Guard members are also eligible. To use this VA mortgage calculator, enter the loan amount, loan term in years or months and the interest rate to estimate your monthly payments.
How to use the VA loan calculator
| Calculator field | How to use |
|---|---|
| Loan amount | The dollar amount you’re borrowing for the mortgage, not including a down payment if making one |
| Loan term in years or months | The amount of time you have to repay the loan, such as 30 years or 360 months |
| Interest rate per year | How much interest you're paying for your VA loan |
| Add extra payments (Optional) | The dollar amount you plan to put toward your mortgage above and beyond your scheduled monthly payment |
| Show amortization schedule (Optional) |
A detailed list of your monthly payments, principal and interest paid and mortgage balance over timeVA loan basics |
VA loan basics
VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs (VA) and are available to qualifying active-duty military service members, veterans and surviving spouses. There are several types of VA loans, such as a VA purchase mortgage, VA construction loan, streamline refinance and more. Notably with a VA loan, there's 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 as part of their 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, such as:
- Homeowners insurance
- Property taxes
- Closing costs (such as an origination fee and title services fees)
- Earnest money and escrow deposits
- Homeowners association dues if applicable
Next steps to getting a VA loan
- Make sure you’re eligible: You’ll need a certificate of eligibility before applying for a VA loan.
- Read reviews and compare lenders: Check out lender reviews and weigh the best VA mortgage lenders side-by-side.
- Get preapproved: Apply for a preapproval with at least three lenders to compare their rates and fees.