VA Loan Calculator
VA Loan Calculator
Use our VA Loan Calculator to estimate your monthly mortgage payment—including principal, interest, taxes, insurance, and the VA funding fee—before you commit to a new home or refinance. Simply enter your loan details (sale price, down payment, interest rate, etc.), and the calculator will provide an overview of your monthly obligations and a yearly cost estimate.
VA Loan Details
Estimated Monthly Payment
Loan Totals
How to Use the VA Loan Calculator
Enter the price of the home you’re considering, whether it’s the actual price or a rough figure to gauge affordability. Then add key details such as your VA funding fee amount, any down payment, your chosen loan term (15 or 30 years), estimated interest rate, property taxes, homeowners insurance, and any applicable HOA dues. Our calculator will then total everything up to give you an accurate snapshot of your estimated monthly mortgage cost. Feel free to adjust these fields to explore different loan scenarios and find the payment that’s right for you.
How Are VA Mortgage Payments Calculated?
VA mortgage payments go beyond principal and interest. Here’s what typically makes up your monthly payment:
- Principal Balance – The remaining loan amount after any down payment.
- Interest Rate – The percentage charged by your lender.
- Loan Term – How long you have to repay (usually 15 or 30 years).
- Property Taxes – Local taxes rolled into your mortgage escrow.
- Homeowners Insurance – Coverage to protect your property against damage or liability.
- HOA Fees – If your home is in a homeowner or condo association.
- VA Funding Fee – A one-time cost added to the total loan unless you qualify for an exemption.
When you add up all these expenses, you get a clearer picture of what you’ll pay each month for a VA home loan.
Using the Calculator for VA Refinance Loans
If you’re looking to refinance, just enter your updated loan balance, potential new interest rate, and any cash-out amount into the calculator. That way, you’ll see how your monthly payment changes after refinancing. Don’t forget to include any costs associated with the refinance, like a revised funding fee, if applicable.
VA Loan Interest Rates
Your exact interest rate depends on factors like credit score, loan term, and market conditions. Our calculator provides an estimate based on the rate you enter. If you’re unsure of what rate to use:
- Estimate slightly higher to avoid underestimating your monthly payment.
- Reach out to a VA lender for more personalized interest rate details.
The VA Funding Fee
The VA Funding Fee is a one-time charge added to your VA home loan to help finance the program and reduce costs to taxpayers. Most borrowers are required to pay this fee unless they meet certain criteria (e.g., VA disability compensation). The funding fee is calculated as a percentage of your total loan amount and can vary based on factors like whether this is your first or subsequent use of VA loan benefits.
Can You Use the VA Loan More Than Once?
Yes! As long as you meet the VA Certificate of Eligibility (COE) requirements, you can use a VA loan multiple times. You might need to:
- Sell or refinance the home financed with your original VA loan.
- Transfer the old VA loan to another eligible veteran.
- Pay off the original loan in full, even if you’re not selling the property.
Keep in mind that VA occupancy requirements apply: you can’t use a VA loan to finance a second home, vacation home, or investment property.
Why Use the VA Loan Calculator?
Our calculator helps ensure you won’t overlook any costs when estimating your monthly payments. It accounts for:
- VA Funding Fee
- Taxes & Insurance
- Possible HOA Dues
This way, you have a complete picture before you decide to buy or refinance.
VA Loan Benefits
- No Down Payment Required – Unlike many conventional loans.
- No Private Mortgage Insurance (PMI) – Reduces monthly costs.
- Lenient Credit Requirements – VA loans often have lower credit score thresholds than conventional loans.
- Easy Refinance Options – Including a Streamline (IRRRL) that can lower your rate without an appraisal or credit check (in most cases).
Ready to Estimate Your VA Loan?
Use the calculator above to see how your loan parameters affect your monthly mortgage payment. If you have any questions about qualifying for a VA loan, restoring eligibility, or anything else related to military housing, visit AFCrashpad.com or reach out to us any time.