VA Loan Calculator
See your VA monthly payment with the funding fee included, what you owe at closing, and how the loan compares with an FHA loan for the same home.
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Educational estimates only. Not financial, tax, or lending advice.
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What is the monthly payment on a VA loan?
In the example below, a $400,000 home with no down payment at 6.5% over 30 years costs $3,082.63 a month. That is $2,582.63 of principal and interest, with the rest going to tax and homeowners insurance. A first-use borrower with no down payment pays a funding fee of 2.15%, or $8,600.00. Added to the loan, it brings the balance to $408,600.00.
There is no monthly mortgage insurance. With 10% down the fee drops to 1.25%, which is $4,500.00, and the payment falls to $2,803.89.
Your VA payment
Monthly payment
$3,082.63
$2,582.63 principal and interest, tax, insurance and HOA. No mortgage insurance.
Loan amount
$408,600
$400,000 base loan plus $8,600.00 funding fee.
Funding fee
$8,600.00
2.15% of the base loan, added to the loan.
Cash at closing
$0.00
Your down payment. Closing costs come on top.
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Where the monthly payment goes
| Part of the payment | Per month |
|---|---|
| Principal and interest | $2,582.63 |
| Property tax | $366.67 |
| Homeowners insurance | $133.33 |
| Total | $3,082.63 |
Over the term you pay $521,147 in interest. A VA loan has no monthly mortgage insurance, so the payment does not step down later the way an FHA or PMI payment can.
The same home on an FHA loan
An FHA loan would cost $76.77 a month more in the first month, and borrow $15,845.00 less. It uses your price, rate and term with 3.5% down (FHA’s minimum), adds FHA’s upfront premium to the loan and puts its yearly premium in the payment. See the FHA loan calculator for the detail.
The funding fee table is VA’s for purchase loans. VA can also limit how much you borrow with no down payment, and your lender sets the rate and the rest of the terms. For the other VA rules, see the VA loan glossary entry.
How the VA funding fee works
One fee, paid once, instead of monthly mortgage insurance.
The fee is a percentage of the base loan, the price minus your down payment. VA sets the percentage for purchase loans on its funding fee and closing costs page. It depends on how much you put down and on whether you have used the VA home loan benefit before. These are the rates in effect since April 7, 2023.
| Down payment | First use | After first use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% or more, under 10% | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
From va.gov. The calculator picks the row from the down payment percent you enter.
You can pay the fee at closing or add it to the loan. On the example, adding it puts $8,600.00 on the balance and $54.36 on the monthly principal and interest. Paying it in cash keeps the loan at $400,000, drops the principal and interest to $2,528.27, and means you need $8,600.00 at closing for the fee alone. Using the benefit again costs more with little down: the same example at 3.3% is a $13,200.00 fee.
No monthly mortgage insurance
The payment has no insurance line to step down later.
A VA loan charges no private mortgage insurance and no FHA-style premium, whatever your down payment. The breakdown above lists principal and interest, tax, homeowners insurance and any HOA dues, and nothing else. Your lender may also ask for other costs, so the closing cost calculator is worth running next. The VA loan glossary entry covers eligibility and the other basics.
Who does not pay the fee
Some borrowers are exempt.
VA exempts veterans who receive VA compensation for a service-connected disability, among others. VA lists the full set on the page linked above, and your lender can tell you whether you qualify. Tick the exempt box and the example drops to a fee of $0.00, a loan of $400,000.00 and a payment of $3,028.27 a month.
VA or FHA for the same home
The comparison under the calculator uses the same price, rate, term and down payment, or FHA’s 3.5% minimum when yours is lower.
| VA, no down payment | VA, 10% down | |
|---|---|---|
| VA funding fee | $8,600.00 | $4,500.00 |
| VA total loan | $408,600.00 | $364,500.00 |
| VA monthly payment | $3,082.63 | $2,803.89 |
| FHA monthly payment | $3,159.40 | $2,965.27 |
| FHA total loan | $392,755.00 | $366,300.00 |
FHA needs at least 3.5% down, so the FHA rows in the first column use 3.5% down. FHA adds its upfront premium to the loan and uses HUD's current yearly premium.
With 10% down, an FHA loan on the example costs $161.38 a month more than the VA loan and borrows $1,800.00 more, because FHA adds a yearly insurance premium and an upfront one. Rates differ by lender and by loan type, and this comparison assumes the same rate for both. To see the FHA side in full, use the FHA loan calculator.
VA loan questions
- How is the VA funding fee worked out?
- It is a percentage of the base loan, which is the price minus your down payment. The percentage comes from VA's table for purchase loans and depends on how much you put down and whether this is your first use of the benefit. With less than 5% down it is 2.15% the first time and 3.3% after that. The calculator picks the row for you.
- Does a bigger down payment lower the VA funding fee?
- Yes. Putting down 5% or more cuts the fee to 1.5%, and 10% or more cuts it to 1.25%. The drop is largest for a borrower using the benefit again, whose fee falls from 3.3% with less than 5% down to 1.5% with 5%. Change the down payment in the calculator to see the fee and the payment move.
- Should I pay the VA funding fee in cash or add it to the loan?
- Adding it keeps cash in your pocket at closing, but you pay interest on it for the whole term and the monthly payment is higher. Paying in cash keeps the loan and the payment smaller. Use the option in the calculator to compare the two, and look at the cash at closing and the total interest side by side.
- Who does not have to pay the VA funding fee?
- VA exempts some borrowers, including veterans who receive VA compensation for a service-connected disability. Tick the exempt box in the calculator to set the fee to zero. VA lists the full set of exemptions on its funding fee page, and your lender can tell you whether you qualify.
- Is a VA loan cheaper than an FHA loan?
- Often the monthly payment is lower, because a VA loan has no monthly mortgage insurance. The funding fee is a one-time cost instead, and it can be bigger or smaller than FHA's upfront premium depending on your down payment. The calculator shows an FHA payment for the same price, rate and term, with at least FHA's 3.5% minimum down. Rates differ by lender and loan type, so compare real quotes before you decide.