VA Mortgage Calculator
Calculate monthly payments for a VA loan with 0% down payment, no monthly PMI, and official VA funding fee tier schedules.
How It's Calculated
Formula
\text{Monthly Payment} = P_{\text{financed}} \cdot \frac{r(1+r)^n}{(1+r)^n - 1}VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs, allowing eligible service members, veterans, and surviving spouses to purchase homes with 0% down and no private mortgage insurance (PMI). In place of PMI, a one-time VA funding fee is typically financed into the loan balance.
Worked Examples
First-Time Use, 0% Down: $400,000 purchase price, 6.0% rate, 30-year term
- 0% down payment requires standard first-time VA funding fee of 2.15%: $400,000 × 2.15% = $8,600.
- Total financed loan balance = $400,000 + $8,600 = $408,600.
- Monthly interest rate = 6.0% / 12 = 0.5% per month over 360 months.
- Monthly principal and interest payment = $2,449.77 ($0 monthly PMI).
- Total lifetime payments = $881,917.20 ($473,317.20 total interest paid).
Frequently Asked Questions
Do VA loans require monthly private mortgage insurance (PMI)?
No. Unlike conventional loans with less than 20% down or FHA loans with annual MIP, VA loans never require monthly mortgage insurance.
Can I get a VA loan with 0% down payment?
Yes. Qualified military service members can finance 100% of the home purchase price without paying any down payment.
Who is exempt from the VA funding fee?
Veterans receiving VA compensation for a service-connected disability, active-duty service members awarded the Purple Heart, and eligible surviving spouses are exempt from paying the VA funding fee.