VA Loan Calculator
Your VA home loan payment and the VA funding fee, which depends on your down payment and whether you have used a VA loan before. VA loans have no mortgage insurance.
VA funding fee for purchase loans (VA)
| Down payment | First use | Later use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% or more | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
How this calculator works
The funding fee is a share of the loan, set by VA by down payment and whether this is your first VA loan; it is usually added to the loan. Veterans receiving VA disability compensation, among others, are exempt.
What it assumes
- Property tax and insurance come on top.
- Purchase loans only; cash-out refinances have their own fees.
Questions people ask
What is the VA funding fee?
A one-time charge on VA loans: 2.15% of the loan for a first purchase with less than 5% down, 1.5% with 5% down and 1.25% with 10% down; 3.3% after first use with less than 5% down.
Who is exempt from the VA funding fee?
Among others, veterans receiving VA compensation for a service-connected disability, surviving spouses receiving Dependency and Indemnity Compensation, and active-duty members who received a Purple Heart.
Do VA loans need a down payment?
No, for eligible borrowers within their entitlement; a down payment lowers the funding fee.
Do VA loans have PMI?
No. The funding fee replaces mortgage insurance.
Related calculators
Sources
Updated by the RateHerald team. The maths is tested against worked examples; report a problem.