VA Mortgage Calculator
Calculate VA loan payments with no down payment and no PMI for eligible veterans
The VA Mortgage Calculator helps eligible veterans, active-duty service members, and surviving spouses estimate monthly payments for VA-backed home loans. VA loans offer significant benefits including no down payment requirement, no private mortgage insurance (PMI), and competitive interest rates.
VA Loan Calculation
VA Loan Analysis
Monthly Payment Breakdown
VA Funding Fee
VA Loan Benefits
Total Cost Analysis
VA Loan Limits
Your loan status: Within standard VA loan limits - no down payment required
• Standard county limit: $766,550
• High-cost county limit: $1,149,825
VA loans have no maximum loan amount, but limits affect down payment requirements for higher-priced homes.
VA Loan Analysis
VA loan benefits: $0 down payment required and $167/month PMI savings vs conventional loans.
Funding fee of 2.15% can be financed into the loan, requiring no upfront payment.
Taking advantage of the VA no-down-payment benefit - one of the best features of VA loans.
Estimated minimum monthly income needed: $10,383 (based on 28% housing ratio).
Significant long-term savings: No PMI saves approximately $60,000 over the life of the loan.
How to Use
1. Enter the home price you're considering
2. Set your down payment (optional - VA loans require $0 down)
3. Input the interest rate offered by your lender
4. Select your loan term (15 or 30 years)
5. Check applicable VA funding fee options
6. Add property taxes, insurance, and HOA fees
7. Review your total monthly payment (no PMI required!)
What is a VA Loan?
VA loans are mortgages guaranteed by the Department of Veterans Affairs, available to eligible veterans, active-duty service members, National Guard and Reserve members, and surviving spouses. These loans offer exceptional benefits not available with conventional mortgages.
Key Benefits
- No down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates
- No prepayment penalties
- Assumable loans
- Flexible credit requirements
VA Loan Eligibility
Service Requirements
- Veterans: 90+ days active duty during wartime, 181+ days during peacetime
- Active Duty: 90+ days of service
- National Guard/Reserves: 6+ years of service
- Surviving Spouses: Of eligible veterans under certain conditions
Other Requirements
- Certificate of Eligibility (COE) required
- Property must be primary residence
- Meet lender's credit and income requirements
- Property must meet VA standards
VA Funding Fee
The VA funding fee helps keep the VA loan program running for future veterans. The fee varies based on service type, down payment, and whether it's your first VA loan.
2024 Funding Fee Rates
| Loan Type | First Use | Subsequent Use |
|---|---|---|
| No Down Payment | 2.15% | 3.30% |
| 5-9% Down | 1.50% | 1.50% |
| 10%+ Down | 1.25% | 1.25% |
| National Guard/Reserves | 2.40% | 3.30% |
Exemptions: Veterans with service-connected disabilities rated 10% or higher are exempt from the funding fee.
VA Loan Limits
VA loans have no maximum loan amount, but loan limits determine when a down payment is required for higher-priced homes.
2024 Loan Limits
- Standard counties: $766,550
- High-cost counties: Up to $1,149,825
- Alaska/Hawaii: Higher limits apply
Above Loan Limits
For homes priced above the county loan limit, you'll need a down payment equal to 25% of the amount over the limit.
VA vs Conventional Loans
| Feature | VA Loan | Conventional |
|---|---|---|
| Down Payment | $0 | 3-20% |
| PMI/Mortgage Insurance | None | Required if <20% down |
| Funding Fee | 1.25-3.30% | None |
| Credit Score | No minimum (lender dependent) | 620+ |
| Prepayment Penalty | None | Varies |
| Assumable | Yes | Rarely |
Example Calculation
First-Time VA Loan Example:
• Home Price: $400,000
• Down Payment: $0 (VA benefit)
• Loan Amount: $400,000
• Interest Rate: 6.0%
• Loan Term: 30 years
• VA Funding Fee: 2.15% ($8,600)
• Monthly P&I: $2,398
• Monthly PMI: $0 (VA benefit)
• Total Monthly Payment: ~$2,800
Including estimated taxes and insurance. PMI savings: ~$300/month vs conventional loan.
Frequently Asked Questions
Can I use my VA loan benefit more than once?
Yes, VA loan benefits can be reused. You can restore your entitlement by paying off the previous VA loan or by substituting another eligible veteran.
Do I need perfect credit for a VA loan?
No, VA loans are more flexible with credit requirements. While there's no VA minimum credit score, most lenders prefer 620+.
Can I buy a condo or townhouse with a VA loan?
Yes, but the condo project must be VA-approved. Single-family homes, townhouses, and some condos are eligible.