VA Mortgage Calculator (US)
Estimate VA loan monthly payments, funding fee rates (1.4%–3.6%), and maximum VA guaranty for eligible US veterans. Free VA mortgage calculator with amortization schedule and charts.
About This Calculator
The VA Mortgage Calculator (US) helps eligible US veterans, active-duty service members, National Guard members, Reservists, and surviving spouses estimate their VA-backed home loan payments. Enter your home price, down payment percentage, interest rate, and loan term to see a complete breakdown including the VA funding fee, monthly payment, total interest, and maximum VA guaranty.
This calculator uses standard mortgage amortization formulas combined with current VA funding fee rates. The VA funding fee ranges from 1.4% to 3.6% depending on your down payment and whether it is your first VA loan. Making a down payment of 5% or more reduces the funding fee rate significantly, and a down payment of 10% or more reduces it further to 1.4%. Veterans with service-connected disabilities, surviving spouses, and Purple Heart recipients are exempt from the funding fee entirely.
The VA Maximum Guaranty is calculated as 25% of the base loan amount, representing the amount the Department of Veterans Affairs guarantees to the lender if you default. The yearly amortization schedule shows how your loan balance decreases over time along with annual principal and interest payments.
Regional Notes: This calculator is specific to the United States VA home loan program administered by the U.S. Department of Veterans Affairs. VA loans offer several unique benefits including no down payment requirement, no private mortgage insurance (PMI), competitive interest rates, and lenient credit requirements. The VA loan program is available to eligible borrowers in all 50 states, Washington DC, Puerto Rico, and US territories.
Frequently Asked Questions
What is a VA loan?
A VA loan is a mortgage loan program backed by the U.S. Department of Veterans Affairs that allows eligible veterans, active-duty service members, and surviving spouses to purchase a home with no down payment, no PMI, and competitive interest rates.
Who is eligible for a VA loan?
You are eligible if you are an active-duty service member with at least six months of service, a veteran with an honorable discharge meeting minimum service requirements, a National Guard or Reserve member with six years of service, or a surviving spouse of a veteran who died from a service-connected disability.
What is the VA funding fee and how is it calculated?
The VA funding fee is a one-time fee that helps cover the cost of the VA loan program. For first-time use with no down payment, the fee is 2.3% of the loan amount. It drops to 1.65% with a 5% down payment and 1.4% with a 10% down payment. Subsequent use with no down payment is 3.6%. The fee can be paid upfront or rolled into the loan amount.
Who is exempt from paying the VA funding fee?
Veterans receiving VA disability compensation, surviving spouses of veterans who died in service or from a service-connected disability, and Purple Heart recipients serving on active duty are exempt from the VA funding fee.
What is the VA Maximum Guaranty?
The VA Maximum Guaranty is the amount the Department of Veterans Affairs guarantees to your lender if you default on the loan. For borrowers with full entitlement, the VA guarantees 25% of the loan amount, regardless of the county loan limit.
Can I use a VA loan more than once?
Yes, you can use a VA loan multiple times. As long as you pay off the previous VA loan or have sufficient remaining entitlement, you can take out another VA loan. You can also restore your full entitlement by selling the property or paying off the loan.
Do I need a down payment for a VA loan?
No, one of the key benefits of a VA loan is that eligible borrowers can purchase a home with zero down payment. However, making a down payment reduces the VA funding fee rate and gives you more equity in the home from the start.