Calculate VA loan payments including the VA funding fee, property taxes, and insurance. No PMI required for VA loans.
Our free VA mortgage calculator estimates your monthly payment for a VA home loan, a mortgage benefit available to eligible veterans, active-duty service members, and surviving spouses. It factors in the VA funding fee, a one-time cost unique to VA loans, along with property taxes, insurance, and HOA fees, and requires no private mortgage insurance (PMI) regardless of down payment.
VA Funding Fee = Loan Amount × Funding Fee Rate, where the rate depends on your down payment percentage and whether it's your first VA loan or a subsequent use. First-time use with no down payment is typically 2.15%, while subsequent use with no down payment is higher, around 3.30%. The fee can be paid upfront or rolled into the loan amount.
Monthly Principal & Interest = P × [ i(1 + i)^n ] / [ (1 + i)^n − 1 ], where P includes the loan amount plus any financed funding fee, i is the monthly interest rate, and n is the total number of payments.
Unlike conventional loans, VA loans never require PMI, even with 0% down, which can save borrowers hundreds of dollars per month compared to a conventional loan with a small down payment.
No, VA loans are one of the few loan types that allow 0% down payment for eligible borrowers, making homeownership more accessible without needing to save a large upfront sum.
The VA funding fee is a one-time payment that helps offset the cost of the VA loan program to taxpayers, since there's no PMI. It's typically 1.25%-3.3% of the loan amount depending on down payment size and whether it's your first or subsequent use of VA loan benefits.
Veterans receiving VA disability compensation, Purple Heart recipients on active duty, and certain surviving spouses are typically exempt from paying the VA funding fee, though eligibility rules can change, so verify current requirements with the VA.
No, VA loans never require private mortgage insurance (PMI), regardless of down payment amount, which is a significant cost advantage over conventional loans with less than 20% down.