VA Loan Calculator
Estimate the monthly mortgage payment and funding fee for a VA loan.
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Your estimated VA Loan
- VA Base Loan Amount
- $400,000
- VA Funding Fee (2.15%)
- $8,600
- Total Loan Amount
- $408,600
Monthly Payment Breakdown
- Principal & Interest
- $2,269
- Property Taxes
- $400
- Homeowners Insurance
- $125
- HOA Fees
- $100
How to use LendingTree’s VA loan calculator
To estimate your monthly mortgage payment using our VA loan calculator, you’ll need to enter several pieces of information:
- Loan purpose: Our calculator can help you estimate the costs for a VA purchase loan or VA refinance loan.
- Credit score: Though the VA doesn’t set minimum credit score requirements, many lenders prefer a 620 score or higher. It’s possible to get a VA loan with bad credit, but you’ll have limited options and may pay a higher interest rate.
- Location: Interest rates vary based on where you live. If you’re purchasing a home, enter the ZIP code for your desired neighborhood.
- Home price: If you know your home’s purchase price, enter it here. For refinancing, try LendingTree’s home value estimator to get an idea of how much your home is worth.
- Down payment: VA loans typically don’t require a down payment, but if you want to make one — or are required to because you don’t have full entitlement — you can enter that amount here.
- Military experience: You’ll need to prove that you served in the military, Reserves or National Guard long enough to be eligible for a VA loan. Surviving spouses may also be eligible.
- Home type: You can choose from single-family homes, townhomes, condos, multifamily homes and co-ops. In most cases, VA loans can only be used to buy a home you plan to use as a primary residence.
- Fee exemption. If you’re exempt from the funding fee requirement, choose this option to get the most accurate results from the calculator.
- First-time VA loan: If this is your first time getting a VA loan, you may pay a cheaper VA funding fee.
- Loan term: Most borrowers prefer a 30-year mortgage to get the lowest monthly payment. However, you can use a 15-year mortgage if you want to pay off your balance faster and don’t mind the higher monthly payment.
- Mortgage rate: Check out VA mortgage rates to get an idea of what percentage to enter here.
- Homeowners insurance: If you’ve shopped for homeowners insurance already, enter the premium here. Otherwise, the calculator will estimate a figure for you.
- HOA fees: If your home is governed by a homeowners association (HOA), you may have a monthly association fee, which is paid separately from your regular mortgage payment.
- Property taxes: You’ll pay local property taxes based on rates set by your city or county. The annual bill is usually divided into 12 equal installments and added to your monthly mortgage payment.
- Your monthly mortgage payment will include principal, interest, property taxes and homeowners insurance.
- You’ll also need to pay a VA funding fee and other closing costs upfront.
- Only eligible military members, veterans and surviving spouses qualify for VA loans.
VA loan eligibility: Who can qualify?
Eligibility requirements for a loan backed by the U.S. Department of Veterans Affairs (VA) depend on your military service or affiliation.
- Active-duty service members: Must have served for at least 90 consecutive days.
- Veterans, Reserve and National Guard members: Eligibility requirements vary based on your service dates.
- Surviving spouses: Must have been married to a service member and meet VA eligibility based on that service member’s military service.
Before getting a VA loan, you’ll need a certificate of eligibility (COE). This document proves that you qualify for a VA loan. You can request a COE online, by mail or through your lender.
Learn more about VA loan eligibility requirements.
VA loan closing costs and other fees
You can generally expect to pay 2% to 5% of your home’s purchase price in VA closing costs. These costs include:
- Loan origination fee: You’ll pay a maximum 1% loan origination fee to cover the administrative costs of processing your VA loan application.
- Credit report fee: The lender will need to check your credit report and credit score to determine your eligibility for a loan.
- VA appraisal fee: A home appraisal is a professional estimate of a home’s value. Since VA appraisals are more in-depth than standard appraisals, they tend to be a bit pricier — costing as much as $1,000 or more in some states.
- Discount points: You can buy mortgage points to lower your VA interest rate. One discount point typically costs 1% of your loan amount and lowers your rate by up to 0.25%.
- Recording fee: These fees are paid to state and local governments to record your deed.
- Title insurance fee: Mortgage lenders will usually require you to purchase title insurance to protect their investment if liens or other title-related issues are uncovered after closing.
- Homeowners insurance and property taxes: You’ll typically need to pay a portion of your homeowners insurance and property taxes for the first year upfront.
The VA funding fee is unique to VA loans and designed to help offset the costs of the loan program to taxpayers. You can cover it with an upfront payment or finance it into your loan. The specific percentage you’ll pay depends on a few factors — including your down payment, loan purpose and whether you’re a first-time or repeat VA borrower — but ranges from 0.5% to 3.3%.
Pros and cons of VA loans
Pros
-
No down payment.
One of the main benefits of VA loans is that you can qualify for one with no money down as long as you have full VA entitlement. -
No mortgage insurance.
VA loans don’t require mortgage insurance, unlike conventional loans (if you put down less than 20%) and FHA loans. -
Cap on lender fees.
The VA limits the closing costs VA borrowers can pay, helping to keep the program affordable.
Cons
-
Only available to qualified service members and veterans.
VA loans are only available to qualified military members, veterans and surviving spouses. -
Funding fee.
The VA funding fee is a required, upfront cost you’ll need to either pay out of pocket or roll into your loan amount. -
Can only be used for primary residences.
VA loans are only available for borrowers who plan to live in the home.
Competitive VA loan interest rates offered on LendingTree this month
| Loan product | Interest rate | APR |
|---|---|---|
| 30-year fixed rate VA mortgage purchase | 6.56% | 6.77% |
| 15-year fixed rate VA mortgage purchase | 6.21% | 6.67% |
| VA 30-year 5/1 ARM mortgage purchase | 6.12% | 6.51% |
| 30-year fixed rate VA refinance | 6.69% | 7.02% |
| 15-year fixed rate VA refinance | 6.16% | 7.06% |
Average interest rates disclaimer
Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
Since it’s a government-backed program, VA loan rates tend to be lower than conventional loan rates. You can view current VA loan rates on LendingTree, but be sure to take into account the factors beyond rates as you shop. Annual percentage rate (APR), lender fees and monthly payments also substantially affect your loan’s affordability.
Frequently asked questions
Your monthly payment on a VA loan will depend on several factors, including your loan amount, credit score and interest rate. You’ll also need to factor in homeowners insurance premiums and property taxes.
The 1% rule refers to a guideline set by the VA that prohibits lenders from charging VA borrowers more than 1% for a loan origination fee.
There’s not a single best VA lender, though LendingTree has chosen a list of best VA lenders for you to consider. When comparing VA lenders, it’s important to consider the company’s rates, fees and overall customer service reputation.