1. What is a VA Loan Mortgage Calculator?

Definition: This calculator estimates the monthly payment for a VA loan from Navy Federal Credit Union based on loan principal, funding fee, interest rate, and loan term.

Purpose: It helps veterans and active service members plan their home financing using VA loan benefits.

2. How Does the Calculator Work?

The calculator uses the standard mortgage formula:

Where:

• \( M \) — Monthly payment (USD)
• \( P \) — Loan principal (USD)
• \( F \) — VA funding fee (USD)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Number of payments (months)

Explanation: The formula accounts for both principal and interest payments over the loan term.

3. Importance of VA Loan Calculations

Details: VA loans offer competitive rates and terms, but proper calculation ensures borrowers understand their long-term financial commitment.

4. Using the Calculator

Tips: Enter the loan amount, funding fee (if applicable), annual interest rate (as decimal), and loan term in months (360 for 30-year loan).

5. Frequently Asked Questions (FAQ)

Q1: What is the VA funding fee?
A: A one-time fee paid to the VA that helps lower the cost of the loan program for taxpayers.

Q2: How is the interest rate entered?
A: Enter as a decimal (e.g., 5% as 0.05). The calculator converts it to a monthly rate.

Q3: What's a typical VA loan term?
A: Common terms are 15 years (180 payments) or 30 years (360 payments).

Q4: Does this include property taxes and insurance?
A: No, this calculates principal and interest only. Add 1/12 of annual taxes and insurance for full PITI payment.

Q5: Are VA loans available to all military members?
A: VA loans are available to eligible veterans, active-duty service members, and some surviving spouses.