Monthly Payment Formula:
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Definition: This calculator estimates the monthly payment for a VA home loan in California, including the VA funding fee.
Purpose: It helps veterans and active military personnel in California plan their home financing using VA loan benefits.
The calculator uses the standard mortgage formula:
Where:
Explanation: The formula accounts for both the principal and VA funding fee in calculating the amortized monthly payment.
Details: Accurate payment estimation helps veterans understand affordability and budget for home purchases in California's housing market.
Tips: Enter the principal amount, VA funding fee (if applicable), interest rate, and loan term. All values must be > 0 except funding fee which can be 0.
Q1: What is the VA funding fee?
A: A one-time fee paid to the VA that helps keep the loan program running. It can be rolled into the loan amount.
Q2: Are VA loans available throughout California?
A: Yes, VA loans are available statewide, but home prices and county loan limits vary.
Q3: What's the current VA loan limit in California?
A: For 2023, the standard limit is $726,200 for most counties, with higher limits in expensive areas.
Q4: Do I need to include property taxes and insurance?
A: This calculator shows principal/interest only. Add ~1.25% of home value annually for taxes and insurance.
Q5: Can disabled veterans waive the funding fee?
A: Yes, veterans receiving VA disability compensation are exempt from the funding fee.