Loans & mortgages

VA Mortgage Calculator

VA loans let eligible veterans and service members buy with no down payment and no monthly mortgage insurance. Instead there is a one-time funding fee, which this calculator adds to the loan.

VA loan use
Exempt from the funding fee?

$2,958.10Estimated monthly VA payment (no mortgage insurance)

Base loan$400,000
VA funding fee (2.15%, financed)$8,600
Total loan$408,600
Principal & interest$2,449.76
Property tax$366.67
Insurance$141.67
Monthly total$2,958.10

Veterans receiving VA disability compensation, Purple Heart recipients on active duty and eligible surviving spouses don’t pay the funding fee.

How this calculator works

The funding fee depends on your down payment and whether you have used a VA loan before: 2.15% for first use with under 5% down, 1.5% with 5% or more, and 1.25% with 10% or more. Later uses with under 5% down cost 3.3%.

The fee is usually financed into the loan, so it adds to the balance rather than to cash at closing.

There is no monthly mortgage insurance on VA loans, which often makes the payment lower than an FHA loan of the same size.

Veterans receiving VA disability compensation, eligible surviving spouses and certain Purple Heart recipients are exempt from the fee.

Worked example

$400,000 home, no money down, first use, 6% for 30 years

  1. Funding fee: 2.15% × $400,000 = $8,600, financed.
  2. Total loan: $408,600.
  3. With tax and insurance, the payment is about $2,958 a month, with no mortgage insurance.

Questions people ask

Who qualifies for a VA loan?

Veterans, active-duty service members and some National Guard and Reserve members who meet service requirements, plus some surviving spouses. You need a Certificate of Eligibility.

Is there a VA loan limit?

Borrowers with full entitlement have no VA loan limit, though lenders still check income and credit.

Can I get the funding fee refunded?

If you are later awarded disability compensation effective before your closing date, you may be eligible for a refund. Contact VA.

Can I use a VA loan more than once?

Yes. Later uses usually have a higher funding fee unless you put 5% or more down.

Sources

Last reviewed October 2, 2026