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VA Mortgage Calculator
VA loans play by their own rules: $0 down, no PMI, a funding fee instead. This VA mortgage calculator applies the official fee tiers automatically, with an exemption toggle for Veterans with a service-connected disability, and updates the payment as you go.
See how this works on a $400,000 zero-down VA loan — 3 real examples
Estimated monthly payment
$0
VA funding fee
$0
Loan amount
$0
Principal & interest
$0
per month
Total interest
$0
over the loan
Total of 360 monthly P&I payments: $0
Your principal & interest, month by month
- Interest—
- Principal—
Principal & interest only — taxes, insurance and HOA are a separate, constant amount on top. The schedule runs on the loan amount shown above, which includes the VA funding fee whenever you finance it.
Loan balance over time
VA funding fee rates (purchase loans)
Your tier is highlighted. Rates set by law through November 14, 2031 · last reviewed July 2026.
| Down payment | First use | Used before |
|---|---|---|
| Less than 5% down | 2.15% | 3.30% |
| 5% to just under 10% down | 1.50% | 1.50% |
| 10% or more down | 1.25% | 1.25% |
Amortization scheduleYear-by-year breakdown
| Year | Principal paid | Interest paid | End balance |
|---|
How your VA mortgage payment is calculated
The funding fee comes straight from the dated tier table above, then the loan amortizes with the standard fixed-rate mortgage formula:
Fee = (Price − Down) × tier%
P = (Price − Down) + Fee (fee financed — the default)
M = P · r(1 + r)n / ((1 + r)n − 1) r = rate/12, n = years × 12
Total monthly = M + Tax/12 + Insurance/12 + HOA
No mortgage-insurance term is added anywhere — VA loans have no monthly PMI or MIP. Choosing Pay upfront amortizes only the base loan and treats the fee as cash due at closing; the exemption toggle sets the fee to $0. The schedule is built month by month, with the final payment clamped so the balance lands exactly on zero, and taxes, insurance and HOA dues are held constant (no escalation).
Funding-fee percentages are the purchase/construction schedule from VA.gov’s funding fee page, retrieved July 11, 2026 and last reviewed July 2026; the rates are in effect through November 14, 2031. Cash-out refinances use a different schedule, and the IRRRL streamline refinance charges a flat 0.5% — neither is modeled here.
Three Veterans, one $400,000 house
Zero down, 6.5%, thirty years — identical in every way except the funding fee. Which tier applies decides the rest.
First use of the benefit
per month$3,082.63
- A 2.15% funding fee on the $400,000 loan comes to $8,600, financed on top of the balance.
- Carrying that fee costs $54.36 a month — $19,569 over thirty years.
- No monthly mortgage insurance ever appears; the fee is the price of admission instead.
The fee rides quietly in the payment: about $54 a month for a $0-down loan.
Load this example (opens in a new tab)The second time around
per month$3,111.71
- The same loan at the subsequent-use tier: 3.3%, a $13,200 fee — $4,600 above first use.
- The balance starts at $413,200, and the monthly total climbs to $3,111.71.
- Interest across the term reaches $527,014, the largest of the three paths.
Reusing the benefit with nothing down is where the fee table charges its top rate.
Load this example (opens in a new tab)The exemption, in dollars
per month$3,028.27
- With a qualifying exemption the fee disappears entirely; the loan is the price: $400,000.
- Against the subsequent-use path, the waiver is worth $83.44 a month — $30,036 over the term.
- Total interest still lands at $510,178 — the fee never was the expensive part.
The exemption saves real money, but the 6.5% clock is what writes the big numbers.
Load this example (opens in a new tab)Illustrations only, not financial advice. Your own rate, taxes and insurance will differ — check with a qualified financial advisor before acting on any of this.
VA loans, in plain English
- $0 down, no PMI, ever. A VA loan is the only mainstream mortgage that pairs zero down with no monthly mortgage insurance — the total here is principal, interest, taxes and insurance, nothing more.
- The funding fee is the trade-off. First use with under 5% down is 2.15% of the loan ($8,600 on $400,000); most borrowers finance it, adding roughly $54/mo at 6.5% over 30 years.
- Down payments cut the fee. Reach 5% down and the fee drops to 1.5%; 10% down drops it to 1.25%. Subsequent use under 5% down is the pricey corner at 3.3%.
- Many borrowers pay $0 fee. VA disability compensation, an active-duty Purple Heart, or DIC as a surviving spouse waives the fee entirely — flip the exemption toggle to see it.
- Budget the escrow line. Lenders qualify you on the full payment, so plug in real property tax — in dollars from the bill, or as a percent of price (≈1.1% of value nationally, but 0.4%–2%+ by state) — and an actual insurance quote.
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Frequently asked questions
What is the VA funding fee and how much is it?
The funding fee is a one-time charge that keeps the VA loan program running in place of monthly mortgage insurance. For purchase loans it is 2.15% of the loan amount on first use with less than 5% down — $8,600 on a $400,000 zero-down loan — dropping to 1.5% with 5–9.99% down and 1.25% with 10% or more down. These percentages are set by law through November 14, 2031.
How much house can I afford with a VA loan?
This VA mortgage calculator shows the full monthly payment — principal, interest, taxes, insurance and any HOA — for the home price you enter, so you can gauge how much you can afford before applying. Lenders generally want your total housing payment plus other monthly debts to stay near 41% of gross monthly income, though the VA residual-income test can allow more; raise the home price until the monthly total reaches the top of your comfortable budget.
Do VA loans require a down payment?
No — with full entitlement, VA loans allow 0% down, which is why this calculator defaults to a $0 down payment. Putting money down still helps: 5% down cuts the first-use funding fee from 2.15% to 1.5%, and 10% down cuts it to 1.25%, on top of a smaller loan and less interest.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation for a service-connected condition (or eligible for it but drawing retirement or active-duty pay instead), surviving spouses receiving Dependency and Indemnity Compensation, active-duty Purple Heart recipients, and service members with a proposed or memorandum rating before closing pay no funding fee at all. Flip the exemption toggle above to remove it — on a $400,000 zero-down loan that is an $8,600 swing.
Do VA loans have PMI?
No. VA loans carry no private mortgage insurance and no monthly mortgage insurance premium, regardless of down payment. A conventional borrower putting less than 20% down typically pays PMI of roughly 0.5–1.5% of the loan per year (about $167–$500 a month on $400,000), and FHA borrowers pay 0.55% annual MIP plus 1.75% upfront — costs a VA borrower skips entirely.
Can I roll the funding fee into my loan?
Yes — most borrowers finance it, and that is this calculator’s default. Financing an $8,600 fee at 6.5% over 30 years adds about $54 a month, roughly $19,600 in total payments across the full term; paying it in cash at closing keeps the loan at the base amount. Use the fee-treatment toggle to compare both ways.
What is the VA loan limit?
Since 2020 there has been no VA loan limit for borrowers with full entitlement — the VA guarantees 25% of whatever amount a lender approves. If you have reduced entitlement (an active VA loan or a past default), county conforming loan limits determine how much you can borrow with $0 down, and larger loans require a down payment on the difference.
Can I reuse my VA loan benefit?
Yes, the benefit is reusable for life. Entitlement is restored when you sell the home and pay off the VA loan, and a one-time restoration is available if you paid the loan off but kept the property. Mind the cost, though: on subsequent use with less than 5% down the funding fee rises from 2.15% to 3.3% — an extra $4,600 on a $400,000 loan.
Disclaimer: these calculators are educational tools, not financial advice. They model your inputs with published formulas, but they cannot know your full situation — for decisions with real stakes, talk to a qualified professional. Formulas and defaults last reviewed .