VA Mortgage Calculator

VA loan advantages, quantified

On a $425,000 home with nothing down at 6.5%, a VA loan's principal and interest run about $2,808 a month (the 2.15% first-use funding fee adds $9,138 to the loan when financed). Compare a conventional loan with 5% down: the loan is smaller, but PMI adds roughly $150–$200 a month until you reach 20% equity — and you needed $21,250 in cash up front. The VA benefit usually wins for eligible buyers with less than 20% saved.

The VA funding fee, explained

• It is a one-time VA charge (not lender profit) that keeps the program running without taxpayer funding.
• It can be paid in cash or financed into the loan — this calculator finances it, the common choice.
• Bigger down payments shrink it: 5% down drops the first-use fee to 1.5%; 10% down to 1.25%.
• Veterans receiving service-connected disability compensation are fully exempt — select that option above.
• Subsequent use costs more (3.3% with zero down), so the benefit is at its best the first time.

VA loan basics to know

There is no VA-set maximum loan amount for borrowers with full entitlement — lenders set their own limits based on your finances. You will still pay taxes, insurance and possibly HOA dues through escrow, and the home must meet VA minimum property requirements. Your Certificate of Eligibility (COE) from the VA proves entitlement; most lenders can pull it electronically in minutes.

Shopping for a VA loan? Lender quality varies a lot in this niche — ask about VA-specific experience and compare offers with the comparison calculator. Non-VA alternatives: FHA (3.5% down, with mortgage insurance) or conventional with PMI from the standard calculator.