VA Loan Calculator
Estimate your VA loan budget.
If you served in the military, you have access to the most affordable mortgage: a VA loan!
Popular next steps
Mortgage Calculator
Home Affordability Calculator
Mortgage Refinance
How to use a VA loan calculator
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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. Perfect for Michigan and US homebuyers seeking top VA mortgage brokers.
VA Loan Mortgage 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.
This formula allows veterans and active service members in Michigan and across the US to accurately estimate monthly VA mortgage payments, empowering informed homebuying decisions with trusted VA mortgage brokers.
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.
What makes our mortgage calculator different
Highly customizable inputs: Quickly enter your home price, zero down payment, VA funding fee percentage, interest rate, loan term, and ZIP code for precise VA mortgage payment estimates tailored to Michigan borrowers.
Automatic VA funding fee calculation: Includes VA-specific funding fee adjustments based on service history and loan usage for accurate total financed loan estimates.
No Private Mortgage Insurance (PMI): Calculates realistic monthly payments without adding PMI, a unique VA loan advantage.
Includes property taxes and insurance: Estimates property tax and homeowners insurance costs based on ZIP code, with options to override for local accuracy.
Instant amortization schedule: Visualize your VA loan payoff timeline and test the effect of extra payments on interest saved.
Real-time results for confident planning: Dynamic, fast updates help veterans and active service members in Michigan confidently plan their home purchase.
Trusted by Michigan mortgage brokers: Combines expert VA loan knowledge and local data to provide trusted guidance tailored for Michigan VA homebuyers.
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, saving borrowers thousands compared to conventional mortgages.
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.
3 Easy Steps to Your Mortgage
Apply Online
Fill out a secure, digital application in minutes—no paperwork required.
Get Instant Decision
Receive real-time approval status and next steps right in your dashboard.
Close & Move In
Sign digitally and schedule your closing—ready for the keys, stress-free.
VA Loan Calculator FAQ's
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?
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.
How fast can I close with Align Lending?
Align Lending offers streamlined VA loan processing for fast closings, often within 30 days or less, helping veterans move into their new homes quickly and confidently.
