VA Mortgage Calculator
Calculate monthly payments for a VA loan with 0% down payment, no monthly PMI, and official VA funding fee tier schedules.
Calculator Inputs
Total agreed purchase price of the home.
VA loans allow 0% down payment.
Fixed annual interest rate.
Duration of mortgage (typically 15 or 30 years).
Additional months (0-11). For 18 months, enter 1 year 6 months.
Determines the VA funding fee percentage rate.
- Total Monthly Payment
- $2,449.76
- Monthly PMI
- $0.00
- Total Financed Loan Amount
- $408,600.00
- VA Funding Fee
- $8,600.00
- VA Funding Fee Rate
- 2.15%
- Total Interest Paid
- $473,313.60
- Total Lifetime Payments
- $881,913.60
About these results
CalcSpectrum calculators produce automated estimates using established formulas and the specific values you enter. Because real-world outcomes depend on input accuracy, mathematical assumptions, and rounding conventions, please verify critical figures with an appropriately qualified financial, tax, medical, legal, or other professional, as relevant.
Financial Notice: These figures are informational estimates for personal planning only. They do not constitute financial, investment, tax, or legal advice, nor do they represent a lending offer or credit approval. Provider and financial institution figures, rates, fees, and underwriting requirements may differ.
How It's Calculated
Formula
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.