About the VA Mortgage Calculator
A VA mortgage calculator estimates payments on a loan guaranteed by the Department of Veterans Affairs — the only mainstream US mortgage that routinely requires no deposit and charges no monthly mortgage insurance. Instead there is a one-time funding fee, which this calculator folds into the balance.
The formula
Payment = P&I on (price − down + funding fee)The funding fee is 2.15 percent of the loan for a first-time use with no deposit, rising to 3.3 percent for subsequent uses. It falls with a deposit of 5 or 10 percent and is waived for veterans with a service-connected disability rating.
How to use this calculator
- 1Enter your Home Price ($). The field starts at
350000, which you can overwrite. - 2Enter your Down Payment (%). The field starts at
0, which you can overwrite. - 3Enter your Interest Rate (%). The field starts at
6.25, which you can overwrite. - 4Enter your Loan Term (Years). The field starts at
30, which you can overwrite. - 5Enter your First-Time Use (1=Yes, 2=No). The field starts at
1, which you can overwrite. - 6Read the result straight away — it recalculates as you type, so there is no button to press. Use Share to copy a link that reopens the page with your exact numbers filled in.
Worked example
| Input | Value |
|---|---|
| Home Price ($) | 350000 |
| Down Payment (%) | 0 |
| Interest Rate (%) | 6.25 |
| Loan Term (Years) | 30 |
| First-Time Use (1=Yes, 2=No) | 1 |
Result
Monthly Payment: $2201.34
VA Funding Fee: $7525.00
Total Loan: $357,525
Those are the values the page loads with, so you can reproduce this result yourself and then change one field at a time to see what drives the outcome.
Understanding your result
The absence of monthly mortgage insurance is the headline benefit, and it is a large one. On a 350,000 dollar loan, conventional or FHA insurance can cost 150 to 250 dollars a month for years. A VA borrower pays the funding fee once and never sees a premium line again.
Because there is no deposit requirement, the loan starts at or near 100 percent of the value, so you build equity slowly at first and could owe more than the home is worth if prices dip. The VA also caps what closing costs you can be charged and requires an appraisal against minimum property standards, which protects buyers but can complicate offers on fixer-uppers.
Things worth knowing
- The funding fee is waived entirely if you receive VA disability compensation — a saving worth thousands.
- VA entitlement is reusable. Once a prior VA loan is repaid, full entitlement is generally restored.
- There is no VA loan limit for borrowers with full entitlement, though lenders still apply their own caps.
- The interest rate reduction refinance loan lets you refinance later with minimal paperwork and no new appraisal.
- You will need a Certificate of Eligibility. Requesting it early prevents delays once you are under contract.
Frequently asked questions
Who qualifies for a VA loan?+
Veterans, active-duty service members, National Guard and Reserve members meeting service length requirements, and some surviving spouses. Eligibility is confirmed by a Certificate of Eligibility from the VA.
Do VA loans really require no deposit?+
Yes, for borrowers with full entitlement, and this is the programme's central benefit. Making a deposit anyway reduces the funding fee and starts you with equity, but it is not required.
Is there mortgage insurance on a VA loan?+
No monthly premium at all. The one-time funding fee replaces it, which is what makes VA loans notably cheaper month to month than comparable FHA or low-deposit conventional loans.
How many times can I use a VA loan?+
There is no lifetime limit. Entitlement is restored when a previous VA loan is paid off, and in some circumstances you can hold two VA loans at once using remaining partial entitlement.