VA Loan Calculator

What the calculator includes

Enter the price, any down payment, whether this is your first use of the benefit and whether you are exempt from the funding fee, then pick a rate. The calculator adds the funding fee to the loan, works out principal and interest, and adds property tax and insurance.

It assumes the fee is added to the loan. Paying it in cash at closing, or having the seller pay it, lowers the loan and the payment a little. Closing costs are not in the payment.

Funding fee formula

Financed loan = base loan × (1 + funding fee)

• Base loan: the price minus any down payment.
• Funding fee: a percent of the base loan that VA sets by the loan type, your down payment and whether you have used the benefit before. The calculator applies VA's current chart to what you enter.
• Financed loan: what you owe with the fee added, the figure the payment is worked out from.

Our VA funding fee calculator works out the fee in dollars, for a refinance too.

VA loan terms

• Certificate of Eligibility (COE): VA's document showing your entitlement and any funding fee exemption.
• Entitlement: The share of the loan VA backs if it is not repaid. With full entitlement, VA sets no loan limit.
• VA funding fee: A one-time charge on most VA loans that helps pay for the program. It depends on the loan type, your down payment and whether you have used the benefit before.
• Down payment: The options for eligible veterans depend on entitlement and the appraisal; closing costs still apply unless seller concessions or credits cover them.
• Mortgage insurance: VA loans have no monthly mortgage insurance at any down payment.
• Closing costs: Fees paid at closing. VA limits which fees a veteran can be charged.
• Residual income: The money left each month after the housing payment, other debts, taxes and an allowance for living costs. VA sets a minimum by family size and region.
• Interest Rate Reduction Refinance Loan (IRRRL): A VA-to-VA refinance to lower the rate, usually with less paperwork than a full refinance.
• VA appraisal: An appraisal ordered through VA that also checks the home meets VA's minimum property requirements.
• Assumption: A qualified buyer can take over a VA loan with the lender's approval. The seller's entitlement stays tied to the loan unless the buyer is an eligible veteran who substitutes their own.