VA Mortgage Calculator
Calculate VA loan payments including funding fee and no mortgage insurance
| Down Payment | First Time Use | Subsequent Use |
|---|---|---|
| < 5% | 2.15% | 3.3% |
| 5% - 10% | 1.5% | 1.5% |
| ≥ 10% | 1.25% | 1.25% |
* Fee waived for veterans with 10%+ service-related disability
* IRRRL (refinance): 0.50% | Loan Assumption: 0.50%
| Year | Interest | Principal | Balance |
|---|
About VA Loans
VA loans are mortgages granted to veterans, service members on active duty, members of national guards, reservists, or surviving spouses, guaranteed by the U.S. Department of Veterans Affairs (VA). As long as the person was given a DD 214 document, which proves honorable discharge on good terms, they may qualify.
VA Funding Fee
A VA funding fee is a one-time payment that borrowers typically pay as part of acquiring a VA loan. The fee is a percentage of the loan amount that varies from 0% to 3.3% depending on factors such as the down payment amount, veteran's military experience, type of home, and loan purpose.
For applicants with 10% or more service-related disability (or their surviving spouse), the fee is waived.
✓ Pros
- No down payment required
- No mortgage insurance
- Lower interest rates than conventional
- Can be reused multiple times
- No prepayment penalties
✗ Cons
- Only for eligible veterans
- Funding fee can be expensive
- Cannot be used for investment properties
- Limited to primary residences
- More paperwork required
Prepayment
There are no prepayment penalties or early payoff penalties associated with VA guaranteed loans. Making prepayments can potentially shorten the loan term and reduce the interest payments.