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VA Mortgage Calculator Payment Options

VA Loan Payment Formula:

\[ M = \frac{(P + F) \times r(1 + r)^n}{(1 + r)^n - 1} \]

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1. What is a VA Mortgage Payment Calculator?

Definition: This calculator estimates the monthly payment for a VA home loan, including the VA funding fee in the loan amount.

Purpose: It helps veterans and active service members understand their potential mortgage payments when using VA loan benefits.

2. How Does the Calculator Work?

The calculator uses the standard mortgage formula:

\[ M = \frac{(P + F) \times r(1 + r)^n}{(1 + r)^n - 1} \]

Where:

Explanation: The formula calculates the fixed monthly payment required to fully amortize the loan (principal + funding fee) over the loan term.

3. VA Loan Special Features

Details: VA loans typically require no down payment and no private mortgage insurance (PMI), but include a one-time funding fee that can be rolled into the loan.

4. Using the Calculator

Tips: Enter the loan amount, funding fee (if any), annual interest rate (as decimal), and loan term in months (30 years = 360 months).

5. Frequently Asked Questions (FAQ)

Q1: What is the VA funding fee?
A: A one-time fee charged by the VA to help offset the cost of the loan program. It varies by loan type and down payment amount.

Q2: Can I avoid the VA funding fee?
A: Veterans receiving VA compensation for service-connected disabilities are typically exempt from the funding fee.

Q3: What's a typical interest rate for VA loans?
A: Rates vary but are often slightly lower than conventional loans (e.g., 3-5% as of 2023).

Q4: Does this include property taxes and insurance?
A: No, this calculates principal and interest only. Your actual payment may include escrow for taxes and insurance.

Q5: What loan terms are available for VA loans?
A: Common terms are 15, 20, 25, or 30 years. Enter the term in months (e.g., 360 for 30 years).

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