VA Loan Calculator

Calculate VA loan payments with funding fees for veterans

Property & Loan
VA Loan Details
VA Loan Summary
Base Loan Amount: $0.00
VA Funding Fee: $0.00
Total Loan Amount: $0.00
Monthly Payment: $0.00
Total Interest: $0.00
VA Loan Benefits
No PMI required, no down payment needed for most veterans, competitive rates

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What is a VA Loan?

VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs, designed to help veterans, active-duty service members, and eligible surviving spouses purchase homes with favorable terms.

Key benefits include no down payment required (for most), no private mortgage insurance (PMI), competitive interest rates, and limited closing costs. The VA guarantees a portion of the loan, allowing lenders to offer better terms.

How to Use This Calculator

Step 1: Enter the home purchase price.
Step 2: Input any down payment (optional with VA loans).
Step 3: Enter the interest rate offered.
Step 4: Select your military status and down payment percentage.
Step 5: Click "Calculate VA Loan" to see payment details with funding fee.
Step 6: Review total costs and VA loan benefits.

Understanding the VA Funding Fee

The VA funding fee is a one-time payment that helps fund the VA loan program. It can be paid upfront or rolled into the loan. The fee varies based on:

  • First-time use: 2.15% (0% down), 1.5% (5-9% down), 1.25% (10%+ down)
  • Subsequent use: 3.3% (0% down), 1.5% (5-9% down), 1.25% (10%+ down)
  • Service-connected disability: Exempt from funding fee

While it adds to your loan amount, the lack of PMI typically saves more over time than the funding fee costs.

Who is Eligible for a VA Loan?

  • Veterans – served 90+ consecutive days during wartime or 181+ days during peacetime.
  • Active Duty – currently serving with 90+ days of continuous service.
  • National Guard/Reserves – 6 years of service or 90+ days of active duty.
  • Surviving Spouses – unmarried spouses of service members who died in service or from service-connected disability.

A Certificate of Eligibility (COE) is required to prove entitlement to lenders.

VA Loan Advantages

  • No Down Payment: Finance 100% of home value (with full entitlement).
  • No PMI: Save $100-300/month compared to conventional loans.
  • Competitive Rates: Typically lower than conventional rates.
  • Flexible Credit: More lenient credit requirements (typically 620+).
  • Limited Closing Costs: VA limits what veterans can be charged.
  • Assumable: Loans can be transferred to qualified buyers.
  • No Prepayment Penalty: Pay off early without fees.

Frequently Asked Questions

Can I use a VA loan more than once?
Yes, VA loans are reusable. You can use your full entitlement multiple times as long as you pay off the previous VA loan or have remaining entitlement. The funding fee is slightly higher for subsequent use (3.3% vs 2.15%).
What is the maximum VA loan amount?
With full entitlement, there's no maximum loan limit for loans over $144,000. The VA guarantees up to 25% of the loan amount. However, lenders may impose their own limits based on your income and credit. In 2026, most counties have no specific cap with full entitlement.
Do I need a down payment for a VA loan?
No down payment is required if you have full VA entitlement. However, making a down payment reduces the funding fee and your total loan amount. Some veterans choose to put money down to lower monthly payments or compete in multiple-offer situations.
What credit score do I need for a VA loan?
The VA doesn't set a minimum credit score, but most lenders require 620-640. Some go as low as 580. VA loans are more forgiving of past credit issues due to the government guarantee. Work on your credit to get the best rates possible.
Can I use a VA loan to buy a second home or investment property?
VA loans are for primary residences only. You must intend to occupy the home within 60 days of closing and live there as your primary residence. After living in the home, you may be able to rent it out and use remaining entitlement for another VA loan.
What closing costs can I be charged on a VA loan?
VA limits certain fees. Veterans cannot be charged attorney fees, escrow fees, underwriting fees, or processing fees by the lender. You can pay for appraisal, credit report, title insurance, recording fees, and a 1% origination fee. Sellers can pay up to 4% in concessions.
Can I refinance a VA loan?
Yes, through the VA Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline Refinance. It requires no appraisal, no credit check, and minimal paperwork. You can also do a cash-out refinance to access equity with a new VA loan.
What is a VA loan entitlement?
Entitlement is the dollar amount the VA guarantees to the lender. Basic entitlement is $36,000, but bonus entitlement allows loans up to $144,000+ with no down payment. If you've used entitlement before, you may have remaining entitlement for another purchase.
Can I get a VA loan with a service-connected disability?
Yes, and veterans with service-connected disabilities are exempt from the VA funding fee, saving thousands upfront. You must have a disability rating from the VA. This exemption applies to both first-time and subsequent use.
How long does it take to get a VA loan?
VA loans typically take 30-45 days, similar to conventional loans. The process includes getting a Certificate of Eligibility (COE), VA appraisal, and standard underwriting. Working with a VA-experienced lender can speed the process.
Can I use a VA loan for new construction?
Yes, VA loans can be used for new construction, but the builder must be VA-approved. You'll need additional inspections and the builder must provide a warranty. Construction-to-permanent VA loans combine construction financing and permanent mortgage in one.
What is the VA loan limit for 2026?
With full entitlement, there is effectively no loan limit for VA loans. The VA guarantees 25% of the loan amount to lenders. However, your income and credit must support the loan amount. High-cost areas may have specific considerations.