VA Loan Calculator

Q: Can I really buy a home with 0% down?

Yes. VA loans allow 100% financing with no down payment. There are no VA loan limits for borrowers with full entitlement since the Blue Water Navy Vietnam Veterans Act of 2019. You still need to meet the lender's credit and income requirements.

Q: What is a VA IRRRL (streamline refinance)?

The VA Interest Rate Reduction Refinance Loan (IRRRL) lets you refinance an existing VA loan to a lower rate with minimal paperwork. No appraisal or credit underwriting is required in most cases. The funding fee for an IRRRL is only 0.5%.

Calculate your VA loan payment with $0 down and no PMI. See your exact funding fee, compare VA vs conventional loans, and find out how much you save with VA benefits.

Calculate your VA loan monthly payment with $0 down and no PMI

Home price

Down payment

VA allows 0% down — unique benefit

Interest rate

VA rates are typically 0.25-0.5% lower

Loan term

Property tax rate

Homeowners insurance

Annual premium

Disability rating

10%+ exempts funding fee

Service type

VA loan usage

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How to Use This Calculator

VA Payment tab

Enter your home price, down payment (default 0% — VA's signature benefit), interest rate, and loan term. The calculator shows your monthly P&I, full PITI payment, VA funding fee, and total loan cost. Expand "More options" to adjust property tax, insurance, disability rating, and service type.

Funding Fee Calculator tab

See the exact VA funding fee for your situation. Select your service type (Regular Military or Reserves/Guard), first vs subsequent use, and down payment percentage. The calculator shows the fee amount, impact on monthly payment if financed, and the complete fee schedule for your service type.

VA vs Conventional tab

Compare a VA loan (0% down, no PMI, funding fee) against a conventional loan side by side. See cash needed at closing, monthly payments, and total cost at 5, 10, and 30 years. The calculator declares a winner at each timeframe.

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Every input is encoded in the URL. Click Share to send your exact scenario to a spouse, real estate agent, or financial advisor.

The Formula

VA loan payments use the standard amortization formula, with the funding fee typically financed into the loan:

Base Loan = Home Price − Down Payment
Funding Fee = Base Loan × Fee Rate (varies by service type, usage, down payment)
Total Loan = Base Loan + Funding Fee (if financed)

Monthly P&I = Total Loan × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
where r = monthly rate, n = total months

Monthly PITI = P&I + Property Tax/12 + Insurance/12 + $0 PMI

The key VA advantage: no PMI ever, regardless of down payment. A conventional borrower putting 3% down pays ~0.7% PMI annually until reaching 80% LTV — that's hundreds per month. VA replaces this with a one-time funding fee.

Example

James — retired Army E-7, San Antonio, TX

James is buying a $400,000 home with 0% down, first-time VA loan use, 6.25% rate, 30-year term. Texas has no state income tax. Property tax rate: 1.1%. Homeowners insurance: $1,800/yr.

VA Payment breakdown

Home price$400,000

Down payment (0%)$0

VA funding fee (2.15%)$8,600

Total loan (with fee)$408,600

Monthly P&I$2,518/mo

Property tax$367/mo

Homeowners insurance$150/mo

PMI$0/mo

Total PITI$3,035/mo

James pays $0 at closing (funding fee financed) and $0 PMI. A conventional borrower with 3% down on the same home would need $12,000 cash and pay ~$227/mo PMI for the first 8+ years.

FAQ

Who is eligible for a VA loan? ▼

VA loans are available to active-duty service members, veterans, National Guard and Reserve members, and eligible surviving spouses. You need a Certificate of Eligibility (COE) from the VA. Most veterans who served 90+ consecutive days during wartime or 181+ days during peacetime qualify. National Guard/Reserve members need 6+ years of service or 90+ days of active-duty service.

What is the VA funding fee and can I avoid it? ▼

The VA funding fee is a one-time fee (1.25%–3.55% of the loan) that helps sustain the VA loan program. It varies by service type, down payment, and whether it's your first or subsequent VA loan use. You're exempt if you have a 10%+ service-connected disability rating, are a surviving spouse of a veteran who died from service-connected causes, or are a Purple Heart recipient on active duty. The fee can be paid upfront or financed into the loan.

Can I really buy a home with 0% down? ▼

Yes. VA loans are one of the only loan programs that allow 100% financing with no down payment. There are no VA loan limits for borrowers with full entitlement (since the Blue Water Navy Vietnam Veterans Act of 2019). You still need to meet the lender's credit and income requirements, and the home must appraise at or above the purchase price. While 0% down is available, putting money down reduces your funding fee and monthly payment.

What is a VA IRRRL (streamline refinance)? ▼

The VA Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline Refinance, lets you refinance an existing VA loan to a lower rate with minimal paperwork. No appraisal or credit underwriting is required in most cases. The funding fee for an IRRRL is only 0.5%. This is useful when rates drop — you can lower your payment quickly and cheaply.

How does the disability exemption work? ▼

Veterans with a service-connected disability rating of 10% or higher are completely exempt from the VA funding fee. This exemption also applies to surviving spouses of veterans who died in service or from service-connected disabilities. On a $400,000 loan, the exemption saves $8,600 (2.15% funding fee) — or $14,780 in total interest if the fee would have been financed over 30 years.

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