VA Mortgage Calculator
Enter the home price, your down payment, the term and the interest rate, then choose whether this is your first VA loan or a later one. The calculator takes the funding fee rate from VA's chart for purchase loans, applies it to the loan and adds the fee to the loan or leaves it as a closing cost. If you are exempt, switch the fee to exempt and it drops to $0. You get principal and interest, optional property tax, homeowners insurance and HOA dues, and the total monthly payment. There is no PMI line, because VA loans do not charge monthly mortgage insurance.
How to use the VA Mortgage Calculator
- Enter your numbers in the VA Mortgage Calculator above.
- Press the Calculate button to see the result.
- To try other numbers, change any value and press the button again.
How the VA payment is worked out
Funding fee = fee rate × (price − down payment) · · · M = P · r(1 + r)^n / ((1 + r)^n − 1)
Your down payment as a share of the home price picks the fee rate. With less than 5% down it is 2.15% on first use and 3.3% after that. With 5% or more it is 1.5%, and with 10% or more 1.25%, whatever the use. The fee is that rate times the loan before the fee, not the price, rounded to the cent. It is $0 when you are exempt. When you finance the fee, the calculator adds it to the loan. P is the resulting loan amount, r is the annual interest rate divided by 12 and n is the number of monthly payments. Tax and insurance are the yearly amounts divided by 12, HOA dues go in as entered, and the total is the sum of the lines in whole cents.
Worked example
A $350,000 home with no down payment on a first VA loan pays the 2.15% funding fee, $7,525.00. Financed, it makes the loan $357,525.00, and at 6.5% over 30 years principal and interest come to $2,259.80 a month. On a later VA loan the fee is 3.3%, $11,550.00, and the payment is $2,285.24. An exempt veteran borrows $350,000.00 and pays $2,212.24. Tax, insurance and HOA dues come on top if you enter them.
VA funding fee rates for purchase loans
Rates from VA's funding fee chart for VA-backed purchase and construction loans, effective April 7, 2023, read on va.gov on October 17, 2026. The fee is a share of the loan amount, and the calculator reads its rates from this chart.
| Down payment | First use | After first use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% or more | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
Other VA loans
Cash-out refinances, interest rate reduction refinancing loans, assumptions and Native American Direct Loans have their own rates on the same va.gov page. This calculator covers purchase loans only.
Frequently asked questions
What is the VA funding fee?
It is a one-time payment on a VA-backed or VA direct home loan. VA says the fee lowers the cost of the program for taxpayers, since VA loans require no down payment and no monthly mortgage insurance. You can add it to the loan or pay it at closing. On a purchase loan it is the only closing cost you may finance. Everything else is paid when the loan closes.
How much is the funding fee on a purchase loan?
It depends on your down payment and whether you have used a VA home loan before. With less than 5% down it is 2.15% on first use and 3.3% after that. With 5% or more it is 1.5%, and with 10% or more 1.25%. VA's own example is a first-time buyer paying $10,000 down on a $200,000 home, whose fee is 1.5% of the $190,000 loan, $2,850. Enter those numbers and the calculator shows the same fee. If your only earlier VA loan bought a manufactured home, you still pay the first-use rate.
Who is exempt from the VA funding fee?
According to va.gov, you do not pay the fee if you receive VA compensation for a service-connected disability, or are eligible for it but receive retirement or active-duty pay instead. Surviving spouses who receive Dependency and Indemnity Compensation are exempt too. So are service members with a proposed or memorandum rating before closing that says they are eligible for compensation, and active-duty members who show before closing that they received a Purple Heart. If VA later awards you compensation with an effective date before your closing, you may get the fee refunded.
Is there PMI on a VA loan?
No. VA states that its home loan program does not require monthly mortgage insurance, so the calculator has no PMI or MIP line. The only VA charge the calculator adds is the one-time funding fee.
Should I finance the funding fee or pay it at closing?
Financing saves cash at closing, but you pay interest on the fee. With no down payment on a $350,000 home at 6.5% over 30 years, financing the $7,525.00 first-use fee raises principal and interest from $2,212.24 to $2,259.80, which is $47.56 a month. Over the full term that adds $9,600.24 in interest.