VA Loan Calculator
Calculate VA loan payments with no PMI requirement for eligible veterans and service members.
Files processed in your browser — never uploaded to our serversWhat is VA Loan Calculator?
A VA loan is a mortgage benefit available to eligible veterans, active-duty service members, National Guard and Reserve members, and surviving spouses, backed by the U.S. Department of Veterans Affairs. The program's defining features are zero down payment required, no private mortgage insurance (PMI), and competitively low interest rates. These advantages can save tens of thousands of dollars compared to conventional loans requiring PMI. There is a VA funding fee — a one-time charge of 1.25% to 3.3% of the loan amount depending on service type, down payment, and whether it is a first or subsequent use of the benefit. Veterans with a service-connected disability rating of 10% or higher are typically exempt from the funding fee entirely.
How to use
- Confirm eligibility: veterans, active-duty members (90+ days wartime or 181+ days peacetime), and qualifying National Guard or Reserve members may be eligible.
- Obtain your Certificate of Eligibility (COE) from the VA or through your lender — this confirms your entitlement amount.
- Enter the home purchase price — no down payment is required, though a voluntary down payment reduces the funding fee.
- Input the loan amount and your quoted VA loan interest rate.
- Review your monthly payment — note there is no PMI line item, which is a direct monthly saving vs. conventional loans.
- Factor in the VA funding fee if applicable: it can be financed into the loan or paid at closing.
Why it matters
The combination of no down payment and no PMI makes the VA loan one of the most powerful mortgage programs available to any borrower in the U.S. On a $350,000 home, a conventional buyer putting 5% down pays PMI until reaching 20% equity — often 7–10 years of $100–$200 per month in extra costs. A VA borrower pays no PMI at all, saving $10,000–$20,000 over that same period, in addition to not needing $17,500 upfront. For eligible borrowers, evaluating VA financing before considering any other loan type is almost always the right first step.
Pro tip
If you have a service-connected disability rating of 10% or higher, you are typically exempt from the VA funding fee — a saving of 1.4–3.3% of the loan amount at closing. Lenders do not always proactively verify this exemption, so confirm your status before closing. On a $300,000 loan, the funding fee exemption alone can be worth $4,000–$10,000 in immediate savings.