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VA Loan Calculator

Calculate PITI payment, funding fee, extra-payment savings, equity milestones, and compare VA vs conventional vs FHA — built for veterans & active-duty military.

Loan Details
$0 down — VA allows 0% down payment
Affects VA funding fee rate
🏡 Closing Cost Estimator Est. $—
Origination Fee (≤1% VA limit) —
VA Appraisal Fee $600
Title Insurance & Search $900
Recording & Gov't Fees $200
Prepaid Escrow (3 mo.) —
Est. Total Closing Costs —
Results
🎖️ VA Loan
Monthly PITI Payment
$—
P&I + Tax + Insurance
vs Conventional
$—
saved per month
🛡️
$— estimated lifetime PMI savings vs a conventional loan — VA loans never require mortgage insurance.
🛡️ No PMI 🏠 0% Down OK ⭐ Competitive Rates 💰 No Prepayment Penalty
P&I Payment
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Property Tax/mo
—
Insurance/mo
—
Total Loan
—
Funding Fee
—
LTV Ratio
—
Mo. vs Conv
—
Total Interest
—
PITI = P&I + Tax + Ins + HOA Fee = Loan × Rate% Loan = Price − Down + Fee Savings = Conv − VA LTV = Loan ÷ Price × 100
Chart: piti breakdown.
VA Funding Fee Rates
Down PaymentFirst UseSubsequent Use
0% 2.15%3.30%
5% – 9.99% 1.50%1.50%
10%+ 1.25%1.25%
✓ Disabled veterans & Purple Heart recipients are exempt from the funding fee.
HOA fees add /mo to your monthly obligation.
📉 Tip: 1 discount point (~1% of loan) reduces your rate by ~0.25% — check the buydown analysis in the Scenario tab.
📋 First time using VA benefits? Request your Certificate of Eligibility (COE) at VA.gov before applying.

Rate Scenarios

Bear (+1%)
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—
Monthly P&I
Base (Current)
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—
Monthly P&I
Bull (−1%)
—
—
Monthly P&I
Home Price vs Interest Rate → Monthly P&I
📊 30-Year Lifetime Total Cost Comparison
Chart: 30-year lifetime total cost comparison.
💎 Rate Buydown Analysis
Point Cost
$0
New Rate
—
New P&I
—
Break-even
—
VA vs Conventional vs FHA — Full Comparison
Item 🎖️ VA Loan Conventional FHA
Calculate to see comparison
⚡ Accelerated Payoff Calculator
Extra payments reduce principal faster — saving interest and shortening your loan term.
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Pay off — early · Save — in interest · New payoff: —
🎯
20% Equity
—
—
🏠
50% Paid Off
—
—
⭐
75% Paid Off
—
—
🏆
Full Payoff
—
—
Total Interest Paid
—
Total Paid (P+I)
—
Interest-to-Principal
—
Chart: amortization chart.
Period Payment Principal Interest Balance
Calculate to see schedule
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How to Use This Calculator

1

Enter Loan Details

Input the home price, any down payment, interest rate, and loan term. Use the closing cost expander to estimate cash to close.

2

Review VA Benefits

See your monthly savings vs conventional, lifetime PMI savings, and funding fee based on your usage and down payment tier.

3

Accelerate Your Payoff

In the Amortization tab, add extra monthly or lump-sum payments to see how much interest you can save and how early you can pay off.

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Formula & Methodology

VA Funding Fee

Funding Fee = Loan Amount × Fee Rate%

The fee rate varies by service type (first use vs. subsequent) and down payment tier (0%, 5–9.99%, 10%+). Disabled veterans and Purple Heart recipients are fully exempt.

Monthly Savings vs. Conventional

Monthly Savings = (Conv P&I + PMI) − VA P&I

VA loans eliminate PMI (private mortgage insurance), creating significant monthly savings especially when putting less than 20% down on a conventional loan.

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Key Terms Explained

VA Loan A mortgage guaranteed by the Department of Veterans Affairs, available to eligible service members, veterans, and surviving spouses. Requires no PMI and allows 0% down payment.
VA Funding Fee A one-time fee (1.25–3.3% of loan) that funds the VA loan program. It can be financed into the loan. Disabled veterans and Purple Heart recipients are fully exempt.
Certificate of Eligibility (COE) The document proving your VA loan eligibility, obtained through VA.gov or your lender. Required before closing on a VA loan.
VA Entitlement The amount the VA guarantees on your loan. Full entitlement (restored or never used) means no down payment required regardless of loan size.
IRRRL Interest Rate Reduction Refinance Loan — a VA streamline refinance that lets you lower your rate with minimal paperwork and no appraisal required.
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Real-World Examples

👤

Alex

First-Time VA Purchase, Zero Down

Inputs: Home: $400,000 · Down: $0 · Rate: 6.5% · 30 years · First use

Result: Funding fee = $8,600 (2.15%) · Monthly P&I = $2,604 · No PMI saves ~$233/month vs conventional. Lifetime PMI savings ≈ $55,800.

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Maximizing Your VA Loan Benefit

Zero Down Is the Headline Benefit

VA loans are the only major loan type that allows 0% down with no monthly mortgage insurance. For a $400,000 home, this saves $80,000 in down payment and $200+/month in PMI compared to conventional financing with less than 20% down.

Understanding the Funding Fee

The VA funding fee (1.25–3.3%) replaces PMI as a one-time cost. Disabled veterans and Purple Heart recipients are exempt entirely. For others, a 5–10% down payment significantly reduces the fee percentage. The fee is typically financed into the loan.

Accelerate Your Payoff

Even small extra monthly payments have a powerful compounding effect. Adding $200/month to a 30-year $350,000 VA loan at 6.75% saves over $60,000 in interest and pays off the loan 5 years early.

VA Loan Reuse and IRRRL

VA loan benefits can be used multiple times. The Interest Rate Reduction Refinance Loan (IRRRL) lets you refinance with minimal paperwork and no appraisal to take advantage of lower rates without paying full closing costs.

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Frequently Asked Questions

Who is eligible for a VA loan?+

VA loans are available to active-duty service members, veterans, National Guard and Reserve members with qualifying service, and surviving spouses of veterans who died in service or from a service-connected disability. Specific service length requirements vary based on when and how you served.

Do VA loans really require no down payment?+

Yes, one of the biggest advantages of VA loans is the zero down payment requirement for eligible borrowers, regardless of the purchase price (up to the VA loan limit in your county). This can save homebuyers tens of thousands of dollars compared to conventional loans requiring 5-20% down.

What is the VA funding fee and can it be waived?+

The VA funding fee ranges from 1.25% to 3.3% of the loan amount depending on down payment size, loan type, and whether it is your first VA loan use. The fee is waived for veterans receiving VA disability compensation, Purple Heart recipients on active duty, and surviving spouses.

Can I use a VA loan more than once?+

Yes, VA loan entitlement can be reused after selling a previous VA-financed home and paying off the loan. You can even have two VA loans simultaneously in some cases. However, the funding fee increases slightly on subsequent use if you put less than 5% down.

What are VA loan limits and do they still matter?+

Since January 2020, there are no VA loan limits for eligible borrowers with full entitlement, meaning you can borrow any amount with zero down payment. Loan limits only apply if you have reduced entitlement (such as having a current VA loan), in which case county-specific limits determine your maximum guarantee.