# VA Mortgage Calculator

> Estimate a VA home loan payment with the VA funding fee for first or later use, based on your down payment, plus property tax and homeowners insurance.

Category: Finance · Applies to: United States · Last updated: 2026-10-29
Interactive calculator: https://calculators.geekmidst.com/calculators/va-mortgage-calculator

VA-backed home loans need no down payment and no monthly mortgage insurance, but most borrowers pay a one-time VA funding fee. The fee depends on your down payment and whether you have used a VA loan before.

Also called: VA loan calculator, VA home loan calculator.

## Inputs
- Home price (default 350000)
- Down payment (unit %; default 0)
- Interest rate (per year) (unit %; default 6.25)
- Loan term (options: 10 years, 15 years, 20 years, 25 years, 30 years; default 30)
- VA loan use (options: First use, After first use; default first)
- Exempt from the funding fee? (options: No, Yes; default no)
- Funding fee (options: Add to loan, Pay in cash; default yes)
- Property tax (per year) (default 3500; optional)
- Homeowners insurance (per year) (default 1400; optional)
- Currency

## Results
- Total monthly payment
- Principal and interest
- VA funding fee
- Funding fee rate
- Total loan amount
- Total interest over the term
- Down payment + fee paid in cash

## Formula

```
Base loan B = Price × (1 − Down%);  Funding fee = B × fee%;  Loan L = B + fee (if financed);  Payment = PMT(L, rate ÷ 12, n) + (tax + insurance) ÷ 12
```

Where:
- fee%: VA purchase-loan rate: under 5% down 2.15% (first use) or 3.3% (after first use); 5% or more down 1.5%; 10% or more down 1.25%; 0% if exempt
- n: term in months

## Worked example
1. No down payment, first use: funding fee = 2.15% × 350,000 = $7,525, added to give a $357,525 loan.
2. P&I on $357,525 at 6.25% over 360 months = $2,201.34.
3. Tax and insurance = (3,500 + 1,400) ÷ 12 = $408.33, so the total is $2,609.68.

**Result:** A $350,000 home with no money down costs about $2,610 a month, including a $7,525 funding fee rolled into the loan.

## What the result means

Putting 5% down cuts the fee rate from 2.15% to 1.5% (and 10% down to 1.25%), which also lowers the payment. If you are exempt, set the option to Yes; the saving is immediate.

## Assumptions and limits
- Funding fee rates are VA’s published rates for purchase and construction loans, effective 7 April 2023.
- Fixed-rate loan with level monthly payments.
- No monthly mortgage insurance, as VA loans do not require it.
- Cash-out refinance, IRRRL and assumption loans have different fee rates and are not covered.
- Closing costs and lender fees are not included; VA limits some of them but they still apply.

## Rules used
- Jurisdiction: United States
- Effective from: 2023-04-07
- Authority: US Department of Veterans Affairs
- Last checked: 2026-10-29

## Questions

### Who does not have to pay the VA funding fee?

Among others, Veterans receiving VA compensation for a service-connected disability, surviving spouses receiving Dependency and Indemnity Compensation, and active-duty Purple Heart recipients who show evidence before closing. Your Certificate of Eligibility confirms it.

### Is there mortgage insurance on a VA loan?

No. The funding fee replaces monthly mortgage insurance.

## Sources
- [VA funding fee and loan closing costs (va.gov)](https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/)

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- [FHA Loan Calculator](https://calculators.geekmidst.com/calculators/fha-loan-calculator)
- [Mortgage Calculator](https://calculators.geekmidst.com/calculators/mortgage-calculator)
- [Mortgage Amortization Calculator](https://calculators.geekmidst.com/calculators/mortgage-amortization-calculator)
- [Down Payment Calculator](https://calculators.geekmidst.com/calculators/down-payment-calculator)

_This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ._

Source: GM¹X CalcVerse — https://calculators.geekmidst.com/calculators/va-mortgage-calculator