VA Home Loan Calculator
For Veterans, Service Members, and Eligible Spouses.
Loan & Home Details
Estimated Monthly Payment
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The VA Home Loan Benefit
The VA home loan is a powerful benefit earned by eligible service members, veterans, and surviving spouses. Backed by the U.S. Department of Veterans Affairs, these loans are offered by private lenders and feature significant advantages over other types of mortgages. The most notable benefits are the option for 100% financing without requiring a down payment and the absence of private mortgage insurance (PMI), which can save homeowners hundreds of dollars per month.
Understanding the VA Funding Fee
While VA loans don’t have PMI, they typically include a one-time VA Funding Fee. This fee helps to keep the loan program running for future generations of service members. The amount of the fee depends on several factors, including the type of military service, the size of the down payment (if any), and whether it is the first time the borrower is using their VA loan benefit. This calculator allows you to include the funding fee in your calculation, which can be paid upfront at closing or rolled into the total loan amount.
Frequently Asked Questions (FAQ)
Who is eligible for a VA loan?
VA loans are generally available to active-duty service members, veterans who meet minimum service requirements, members of the National Guard and Reserve, and certain surviving spouses. To prove your eligibility to a lender, you must obtain a Certificate of Eligibility (COE) from the Department of Veterans Affairs, which your lender can help you get.
What is the VA Funding Fee?
The VA Funding Fee is a one-time fee paid to the Department of Veterans Affairs to help lower the cost of the loan program for U.S. taxpayers, which reduces the need for down payments and private mortgage insurance. The fee varies depending on your service type, down payment amount, and whether it’s your first time using your VA loan benefit. Most borrowers choose to roll this fee into their total loan amount.
Do VA loans require a down payment?
No, one of the biggest advantages of a VA loan is that they do not require a down payment for most qualified borrowers purchasing a home within their entitlement limits. They also do not require private mortgage insurance (PMI), which can result in significant monthly savings compared to other loan types.
Are there closing costs with a VA loan?
Yes, VA loans still have closing costs, which can include appraisal fees, title insurance, and other lender fees. However, the VA limits the closing costs lenders can charge. Additionally, sellers are allowed to pay for all of the veteran’s closing costs, which is a common point of negotiation in a real estate transaction.