What is VA Mortgage Calculator?
A VA mortgage calculator helps US military veterans, active duty personnel, and qualifying surviving spouses calculate monthly housing expenses. VA loans feature 0% down payment, competitive rates, zero private mortgage insurance (PMI), and a one-time VA funding fee.
How to Use This Calculator
- Enter home purchase price.
- Choose down payment (0% is standard).
- Select your VA funding fee tier (first-time, repeat, or disabled/exempt).
- Input interest rate to view total monthly payment.
The Mathematical Formula & Variables
Total Loan = (Price - Down) * (1 + FeeRate)
Variables Definition
| Symbol / Variable | Name | Description |
|---|---|---|
Fee\% |
Funding Fee | Standard 2.15% on first use with 0% down, waived for disabled veterans. |
Step-by-Step Worked Example
Scenario: $400,000 home with 0% down by a first-time VA buyer at 6.5% interest.
- VA Funding Fee (2.15%) = $400,000 * 0.0215 = $8,600.
- Total financed loan = $400,000 + $8,600 = $408,600.
- Monthly interest rate r = 0.065 / 12 = 0.0054167.
- Monthly P&I payment = $2,582.64.
- Monthly PMI = $0 (VA loans never charge monthly mortgage insurance).
Result: Monthly Principal & Interest is $2,582.64 with $0 monthly insurance.
Frequently Asked Questions
Who is exempt from paying the VA funding fee?
Veterans receiving VA compensation for a service-connected disability, Purple Heart recipients, and surviving spouses receiving DIC benefits are fully exempt from the VA funding fee.