VA Loan Calculator

Calculate VA loan payments with accurate funding fee schedules from VA.gov. See savings from no PMI and no down payment requirement.

VA Loan Details

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Enter your VA loan details to see your payment, funding fee, and PMI savings.

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Pro Tip

Veterans receiving VA disability compensation are exempt from the VA funding fee, which can save thousands. If you have a service-connected disability rating, make sure to notify your lender.

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Understanding VA Loans

VA loans are a powerful mortgage benefit earned by those who serve or have served in the U.S. military. Guaranteed by the U.S. Department of Veterans Affairs, these loans offer some of the most favorable terms available in the mortgage market, including no down payment, no private mortgage insurance, and competitive interest rates.

The VA does not lend money directly. Instead, it guarantees a portion of the loan, which reduces the risk to private lenders and allows them to offer better terms. This guarantee replaces the need for PMI, which can save borrowers hundreds of dollars per month compared to conventional loans with low down payments.

The VA funding fee is a one-time charge applied at closing and can be financed into the loan. First-time VA loan borrowers with no down payment pay 2.15%, while subsequent users pay 3.30%. Making a down payment of 5% or more significantly reduces the funding fee. Veterans with service-connected disabilities and surviving spouses are completely exempt from the funding fee.

VA loans also feature more lenient credit requirements, higher allowable debt-to-income ratios, and limitations on closing costs that the veteran can be charged. These features combine to make VA loans one of the most valuable benefits available to eligible service members and veterans.

VA Funding Fee Schedule

Funding Fee = Base Loan Amount × Funding Fee Rate

Where:

First Use, 0% Down = 2.15% funding fee

First Use, 5%+ Down = 1.50% funding fee

First Use, 10%+ Down = 1.25% funding fee

Subsequent Use, 0% Down = 3.30% funding fee

Subsequent Use, 5%+ Down = 1.50% funding fee

Subsequent Use, 10%+ Down = 1.25% funding fee

Disability Exempt = 0% (fee waived)

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 service members who died in the line of duty or from a service-connected disability. Specific service length requirements apply.
Is a down payment required for a VA loan?
No. VA loans allow 0% down payment, which is one of their biggest advantages. However, making a down payment reduces the VA funding fee and lowers your monthly payment and total interest paid.
What is the VA funding fee and can it be waived?
The VA funding fee is a one-time charge that helps offset the cost of the VA loan program to taxpayers. It ranges from 1.25% to 3.30% depending on your down payment and whether it is your first VA loan. The fee is waived for veterans receiving VA disability compensation and for surviving spouses.
Do VA loans require PMI?
No. VA loans never require private mortgage insurance (PMI), even with 0% down payment. This is a significant cost savings compared to conventional and FHA loans. The VA funding fee replaces PMI as the mechanism to protect the lender.
Are there VA loan limits?
For eligible veterans with full VA entitlement, there are no loan limits as of 2020. However, the VA still guarantees only a portion of the loan. For veterans with reduced entitlement (e.g., from a previous VA loan), county-based loan limits still apply.