VA Mortgage Calculator
VA loan payment with no down payment and no PMI
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- PMI
- Down payment
- Loan payoff date
- Total interest paid
- Property tax
- Home insurance
- Annual payment
- Total of all payments
| Year | Ends | Principal | Interest | Balance |
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| # | Date | Principal | Interest | Balance |
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Your estimate uses an example rateYour real payment depends on the rate lenders offer you. Compare quotes to see your actual number.
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The rate in this calculator is an example. To see what lenders would offer you, compare quotes based on your own details. It's free and doesn't commit you to anything.
- Check rates from several lenders at once
- A quarter point lower saves about $60 a month on a $360,000 loan
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How a VA loan payment works
VA home loans are guaranteed by the U.S. Department of Veterans Affairs for eligible service members, veterans and some surviving spouses. Two features make the payment different from other loans: you can buy with no down payment, and there's no monthly mortgage insurance.
With the example numbers, a $400,000 home with $0 down means a $400,000 loan. At 6.5%, principal and interest come to about $2,528 a month, and with property tax and insurance the total is about $3,045. Change the loan type to Conventional or FHA above to compare.
The VA funding fee
Instead of monthly mortgage insurance, VA loans charge a one-time funding fee at closing. It's a percentage of the loan that depends on your down payment and whether you've used a VA loan before, and it can be added to the loan. Veterans receiving VA disability compensation and some others are exempt. The funding fee isn't included in this estimate, so check the current rates on the VA's website.
Other things to know
- You need a Certificate of Eligibility, which a lender can usually request for you.
- VA loans are for a home you'll live in, not investment property.
- With full entitlement, there's no VA loan limit, though lenders still check that the payment fits your income.
- Rates vary by lender, so compare quotes rather than taking the first offer.
Frequently asked questions
What is a VA loan?
A home loan guaranteed by the Department of Veterans Affairs for eligible service members, veterans and some surviving spouses. It allows no down payment and has no monthly mortgage insurance.
How do you qualify for a VA loan?
You need a Certificate of Eligibility based on your service, which a lender can usually request for you. Lenders also check credit, income, debt-to-income and the VA's residual income guideline, and the home must be your primary residence.
How much house can I afford with a VA loan?
VA lenders generally use a 41% debt-to-income guideline plus residual income. Since there's no down payment or PMI, try the affordability calculator with $0 down and the all-debt limit set to 41%.
Does a VA loan require PMI?
No. VA loans have no monthly mortgage insurance. Instead there's a one-time funding fee at closing, which can be added to the loan, and some borrowers, such as veterans receiving disability compensation, are exempt.
How many times can you use a VA loan?
There's no lifetime limit. You can use the benefit again as long as you have entitlement available, which is usually restored when a previous VA loan is paid off. The funding fee is generally higher for subsequent use.
Are VA loans assumable?
Yes, a qualified buyer can assume a VA loan with lender approval. Unless the buyer is an eligible veteran who substitutes their own entitlement, the seller's entitlement stays tied to the loan.