VA Loan Calculator
Calculate your monthly payments for VA-guaranteed mortgages with our free calculator. VA loans offer exceptional benefits to eligible veterans, active-duty service members, and surviving spouses, including no down payment and no private mortgage insurance.
VA Loan Eligibility Requirements
| Service Type | Minimum Service | Additional Requirements |
|---|---|---|
| Active Duty | 90 consecutive days | Currently serving or honorably discharged |
| Wartime Veteran | 90 days | At least one day during wartime period |
| Peacetime Veteran | 181 days | Continuous active service |
| National Guard/Reserve | 6 years | Or 90 days active duty (called to service) |
| Surviving Spouse | N/A | Veteran died in service or from service-related disability |
VA Loan Key Benefits
- No down payment required on loans up to county limits
- No private mortgage insurance (PMI) ever
- Competitive interest rates typically 0.25-0.5% lower than conventional
- Limited closing costs with seller contribution caps at 4%
- No prepayment penalties for paying off early
VA Funding Fee Structure
``javascript
function calculateVAFundingFee(loanAmount, downPayment, usage, serviceType) {
const downPaymentPercent = (downPayment / loanAmount) * 100;
// 2024 VA Funding Fee rates
const feeRates = {
firstUse: {
noDown: serviceType === 'regular' ? 2.15 : 2.4,
fivePercent: serviceType === 'regular' ? 1.5 : 1.75,
tenPercent: serviceType === 'regular' ? 1.25 : 1.5
},
subsequentUse: {
noDown: 3.3,
fivePercent: 1.5,
tenPercent: 1.25
}
};
const rates = usage === 'first' ? feeRates.firstUse : feeRates.subsequentUse;
const rate = downPaymentPercent >= 10 ? rates.tenPercent
: downPaymentPercent >= 5 ? rates.fivePercent
: rates.noDown;
return (loanAmount * rate / 100).toFixed(2);
}
``
VA Loan vs FHA vs Conventional
For eligible borrowers, VA loans typically offer the best value due to zero down payment and no ongoing mortgage insurance. The one-time VA funding fee (1.25-3.3%) is often lower than cumulative FHA MIP or conventional PMI costs over the loan's life. Veterans with service-connected disabilities may be exempt from the funding fee entirely.
Where the Money Goes
On $350,000 at 6.5% over 30 years, paying $2,212 a month:
| Point | Principal repaid | Interest paid | Balance |
|---|---|---|---|
| Year 3 | $12,540 | $67,101 | $337,460 |
| Year 8 | $36,572 | $162,529 | $313,428 |
| Year 15 | $96,043 | $302,160 | $253,957 |
| Year 23 | $192,748 | $404,556 | $157,252 |
| Year 30 | $350,000 | $446,406 | $0 |
What a Rate Change Costs
| Rate | Monthly | vs 6.5% | Total repaid |
|---|---|---|---|
| 5.50% | $1,987 | -$225 | $715,414 |
| 6.00% | $2,098 | -$114 | $755,434 |
| 6.50% | $2,212 | ā | $796,406 |
| 7.00% | $2,329 | +$116 | $838,281 |
| 7.50% | $2,447 | +$235 | $881,010 |