VA loan calculator

Our VA loan calculator helps you quickly estimate your monthly mortgage payment. Like most home loans, a VA loan payment includes the principal amount and the interest charged by the lender. These are shown as P&I on the calculator. You can also include taxes and homeowners insurance in the total monthly payment. Here’s how it works:

Home Price

Enter the price you paid or plan to pay for your home. A lower purchase price can reduce your monthly payment. Input your home price into Kassa’s VA loan calculator.

Down Payment

VA loans often don’t require a down payment, but adding one can lower the amount you need to borrow and reduce the VA funding fee. Adjust the default $0 setting on our calculator as needed.

ZIP Code

Enter your ZIP code to account for your county’s VA loan limits. This helps determine if a down payment is necessary.

Loan Program

Choose from 30-year fixed, 15-year fixed, and 5-year ARM loan programs. The program affects your interest rate and monthly payment. For example, a 30-year fixed mortgage has a lower monthly payment but costs more in interest over time compared to a 15-year fixed.

Interest Rate

Interest is the annual percentage paid to your lender for the borrowed money. Our calculator uses the current national average VA mortgage rate. Your actual rate depends on factors like credit score and down payment. Compare rates from at least three VA lenders to ensure you get the lowest rate.

A VA loan is a mortgage partially backed by the U.S. Department of Veterans Affairs (VA), helping eligible homeowners and buyers purchase, build, repair, or refinance a primary residence.

Eligible candidates include:

• Veterans
• Active-duty personnel
• Reserve members
• National Guard member
• Surviving spouses

To qualify for a VA-backed loan, you may need to meet additional standards like suitable credit, sufficient income, and a valid Certificate of Eligibility (COE). Find a VA lender near you to get pre-qualified for a VA loan.

The VA offers three VA-backed loans and a VA direct loan. The VA direct loan, known as the Native American Direct Loan (NADL) program, is financed by the VA and available to eligible Native American Veterans or Veterans married to a Native American. The more common VA-backed loans are provided by private lenders, such as banks and mortgage companies. These VA-backed loans include:

• VA Purchase Loan
• VA Interest Rate Reduction Refinance Loan (IRRRL)
• VA Cash-Out Refinance Loan

VA-backed loans are considered less risky by lenders, making it easier for you to secure a mortgage with favorable terms. Here are some key benefits:

• Zero Down Payment: No down payment is needed unless you’re using remaining entitlement and your loan amount exceeds $144,000.

• No Private Mortgage Insurance (PMI): VA loans don’t require monthly mortgage insurance premiums.

• Lower Interest Rates: VA loans typically offer lower interest rates compared to other loan types.

• Limited Closing Costs: The VA caps the amount you can be charged for closing costs. If the seller agrees, they can pay all your loan-related closing costs plus up to 4% in concessions.

• No Prepayment Fees: There are no prepayment penalties with VA loans.

• Payment Support: If you struggle to make payments, the VA can negotiate with your lender on your behalf. Additionally, VA loans are assumable, allowing a qualified military member to take over your mortgage without extra fees.

A VA loan limit is the amount the VA guarantees to pay your lender if you default, not the amount you can borrow. As of 2020, eligible borrowers with full entitlement have no VA loan limit, meaning the VA covers up to 25% of loans over $144,000 if you default. You have full entitlement if:

• You haven’t used your home loan benefit.
• You’ve paid off a previous VA loan and sold the property.
• You’ve had a foreclosure or short sale, repaid the VA in full, and restored your entitlement.

If you have remaining entitlement, your VA loan limit is based on your county loan limit. You might have remaining entitlement if:

• You have an active VA loan.
• You paid off a previous VA loan but still own the home.
• You refinanced your VA loan into a non-VA loan and still own the home.
• You had a short sale or compromise claim and didn’t repay the VA in full.
• You had a deed in lieu of foreclosure and transferred the home’s title to the bank.
• You had a foreclosure and didn’t repay the VA in full.

With remaining entitlement, the VA will cover up to 25% of the county loan limit minus the amount of entitlement you’ve used. You can use this remaining entitlement alone or combine it with a down payment for another VA loan.

Most VA loan borrowers, including veterans, active-duty service members, and National Guard and Reserve members, need to pay a one-time funding fee to help keep the loan program running. This fee keeps loan costs lower for taxpayers. Some veterans with service-related disabilities might be exempt. You can pay the funding fee upfront at closing or include it in your loan. Here’s a quick breakdown of the VA funding fee rates by loan type, based on data from the Department of Veterans Affairs, effective January 1, 2020.

Purchase and construction loans

Your funding fee rate depends on your down payment amount and if it’s your first time using a VA-backed loan. If you previously used a VA loan to buy a manufactured home, you’ll still pay the first-time funding fee rate.

Cash-out refinancing loans

The funding fee rate doesn’t change based on your down payment amount. For those buying a manufactured home, the first-time use funding fee rate applies.

Native American Direct Loan (NADL)

The funding fee for NADLs doesn’t change based on down payment amount or VA loan usage. It only varies based on whether you use the loan to purchase or refinance a home.

Other VA loan types

For all other types of VA loans, the funding fee rate stays the same regardless of down payment amount or past loan usage.