Calculators
VA Loan Calculator
No down payment, no monthly mortgage insurance, and a one-time funding fee that most borrowers finance into the loan.
- No application required
- No credit pull to talk
Estimate a VA loan
- Funding fee
- $8,600
- Financed loan amount
- $408,600
- Principal & interest
- $2,516
- Tax + insurance
- $467
- Mortgage insurance
- $0
VA loans carry no monthly mortgage insurance at any down payment.
Estimates only, for illustration. Not a loan commitment, an offer of credit, or a rate quote. Actual figures depend on underwriting, credit, income, assets, appraisal and property eligibility. Align Lending LLC, NMLS #2041154, is an independent mortgage broker and does not lend directly. Equal Housing Opportunity.
How it works
How to use a VA loan calculator
VA Loan Calculator Uses
Use our Michigan VA loan calculator to estimate mortgage payments, compare VA loan rates, and explore zero-down options for veterans and service members. Instantly see total monthly costs, including property taxes and insurance.
VA loan formula
The funding fee varies based on your military service history, down payment amount, and whether it's your first or subsequent use. Your VA loan eligibility and exemptions may reduce or eliminate this fee.
- Base Loan: This is the original loan amount you’re borrowing without the VA funding fee included.
- Funding Fee %: This is a percentage added to your loan amount by the VA to help cover the loan program costs. The exact fee depends on your service history, down payment amount, and whether it’s your first time or a subsequent use of the VA loan benefit.
- 1 + Funding Fee %: This means you multiply the base loan by 1 plus the funding fee percentage expressed as a decimal. For example, if the funding fee is 2.15%, you multiply by 1.0215.
- Financed Loan: This is the total amount you owe, which includes both the base loan and the VA funding fee. This is the figure used to calculate your monthly VA mortgage payment.
Mortgage terminology
- Certificate of Eligibility (COE): Official document proving a veteran’s entitlement to a VA loan from the Department of Veterans Affairs.
- VA Funding Fee: A one-time fee added to the loan amount to help fund the VA loan program; varies based on service history and usage.
- Loan-to-Value Ratio (LTV): The percentage relationship between loan amount and home value; VA loans often allow high LTVs with 100% financing.
- No Down Payment: A key VA loan benefit allowing eligible veterans to buy homes without upfront cash required.
- Private Mortgage Insurance (PMI): VA loans do not require PMI.
- Closing Costs: Fees paid at loan closing; VA loans limit allowable closing costs to protect borrowers.
- Residual Income: The amount of income left after monthly debts and living expenses, used by VA lenders to qualify borrowers.
- Interest Rate Reduction Refinance Loan (IRRRL): A streamlined VA refinancing program designed to lower interest rates with minimal paperwork.
- Veteran’s Affairs Appraisal: A property appraisal required for VA loans to ensure the home meets minimum property requirements.
- Assumption: Ability to transfer the VA loan to another eligible borrower, providing flexibility in selling the home.
Common questions
If yours is not here, ask it on the call. There are no dumb questions.
Do I need a down payment with a VA loan?
Most VA loans do not require a down payment if you have full entitlement. Exceptions apply if the home price exceeds the appraisal or partial entitlement applies. Zero down is a key VA loan advantage, helping Michigan veterans buy homes sooner.
How is the VA funding fee calculated?
The VA funding fee is a one-time percentage of the base loan amount. It varies based on first or subsequent use, down payment size, and service history, typically ranging from 1.25% to 3.3%. This fee helps sustain the VA loan program and can be financed into the loan.
Who is exempt from the funding fee?
Disabled veterans, Purple Heart recipients, and surviving spouses are typically exempt from paying the VA funding fee, reducing the cost of homeownership for eligible borrowers.
What are residual-income requirements?
Residual income is the cash left after monthly debts and living expenses. VA lenders use this to assess loan repayment ability beyond credit score and income, ensuring veterans have enough financial cushion for stable homeownership.
How do property taxes/insurance affect my VA payment?
Property taxes and homeowners insurance are commonly included in your monthly VA mortgage payment via escrow. Estimating these helps give a complete picture of your housing costs and monthly obligations.
Can I use a VA loan more than once?
Yes. Eligible veterans and service members can use their VA loan benefit multiple times throughout their lifetime, provided previous loans are paid off or entitlement is restored.
What credit score is required?
While the VA does not set a minimum credit score, most lenders prefer a score of 620 or higher. Strong credit increases approval chances and better interest rates for Michigan VA loan borrowers.
Can I buy a condo or multi-unit with a VA loan?
Yes. VA loans allow purchase of VA-approved condos and multi-unit properties (up to four units), expanding homeownership options for veterans.
Does VA have PMI?
No. VA loans do not require Private Mortgage Insurance (PMI), which reduces monthly mortgage costs compared to conventional loans.
Loan options
Loans to look at next
VA Loan
VA loans are backed by the U.S. Department of Veterans Affairs and are offered exclusively to eligible service members, veterans, and surviving spouses.
About VA LoanUSDA Loan
USDA loans are zero-down mortgages backed by the U.S. Department of Agriculture.
About USDA LoanFHA Loan
FHA loans are government-backed mortgages designed to make homeownership more accessible, especially for first-time buyers or those with less-than-perfect credit.
About FHA Loan30-Year Fixed Mortgage
The 30-year fixed-rate mortgage is the most common home loan in the U.S., with predictable payments and flexible qualification.
About 30-Year Fixed MortgageWhat our clients say
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See every loan optionAlign Lending LLC, NMLS #2041154, is a mortgage broker. Samantha Shelton, NMLS 1647301. Equal Housing Opportunity. Licensed in Michigan, Ohio, North Carolina, Florida, Louisiana and Texas. Calculator results are estimates for illustration, based only on the figures you enter. They are not a credit decision, a preapproval, a commitment to lend, an offer of credit, or a rate quote.
