Free VA loan payment estimate — including VA funding fee, property tax & insurance
This free VA loan calculator helps you estimate your monthly VA mortgage payment, including the one-time VA funding fee that's unique to VA home loans. If you're an active-duty service member, veteran, or eligible surviving spouse, the VA home loan program is one of the most powerful homebuying benefits available — with zero down payment and no monthly PMI.
Simply enter your home purchase price, down payment (which can be $0!), interest rate, and loan term. We'll calculate the VA funding fee (which can be rolled into your loan), your principal and interest payment, plus estimated monthly property taxes and homeowners insurance.
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). It's available to active-duty service members, veterans, National Guard and Reserve members, and eligible surviving spouses. The biggest advantage of a VA loan? No down payment required — you can finance 100% of the home's purchase price.
Unlike conventional loans or FHA loans, VA loans never require private mortgage insurance (PMI). Instead, there's a one-time VA funding fee (paid at closing or rolled into the loan) that protects the lender if you default. This fee is typically 2.15% of the loan amount for first-time buyers with zero down — which sounds high, but when you compare it to putting 20% down on a conventional loan, it's often much cheaper overall.
To be eligible for a VA home loan, you typically need to meet one of these service requirements:
You'll need a Certificate of Eligibility (COE) from the VA to prove your eligibility. Most lenders can help you get this quickly online — usually within a few hours.
The VA funding fee is a one-time payment that goes to the VA to help sustain the loan program for future service members. It can be paid upfront in cash or rolled into your loan amount. The fee percentage depends on:
For most first-time buyers with zero down payment, the funding fee is 2.15%. If you put down 5-10%, it drops to 1.50%. If you put down 10% or more, it's just 1.25%. For subsequent use, the zero-down fee jumps to 3.30%, but the 5%+ down tiers stay the same.
Important: If you receive VA disability compensation for a service-connected injury, you're exempt from paying the VA funding fee entirely. This can save you thousands of dollars! Ask your lender about the disability exemption.
For most of the U.S., there's no maximum VA loan limit if you make a down payment of 5% or more. If you want to buy with zero down payment, the VA guarantees up to the local conforming loan limit — which is $766,550 for most of the U.S. in 2024, and up to $1,149,825 in high-cost counties.
This means you can buy a $1,000,000 house with a VA loan — you'd just need to put 5% down on the amount over the limit. For example, in a county with a $766,550 limit, buying a $1,000,000 home would require a 5% down payment on the $233,450 overage = $11,672.50 down.
For eligible service members and veterans, VA loans are almost always better than conventional loans:
How much down payment do I need for a VA loan?
Zero! That's the biggest benefit of the VA loan program. You can finance 100% of the home's purchase price with no down payment at all (up to the local conforming loan limit). If you're buying above the limit, you'll need 5% down on the amount over the limit. Putting money down also lowers your VA funding fee — 5%+ down drops the fee from 2.15% to 1.50%.
Do VA loans require PMI?
No! This is one of the best parts about VA loans. Unlike conventional loans (which require private mortgage insurance for down payments under 20%), VA loans never have monthly PMI. Instead, there's a one-time VA funding fee (2.15% for first-time buyers with zero down) that can be rolled into your loan. Over 30 years, this saves you thousands compared to conventional PMI.
How much is the VA funding fee?
For first-time VA loan users with zero down payment, the funding fee is 2.15% of the loan amount. On a $400,000 loan, that's $8,600. If you put down 5-10%, it drops to 1.50%. If you put down 10%+, it's just 1.25%. For subsequent VA loan use, the zero-down fee goes up to 3.30%. The funding fee can be financed into your loan (no out-of-pocket cost at closing), or you can pay it upfront.
Can I use a VA loan more than once?
Yes! You can use your VA home loan benefit multiple times, as long as you've paid off the previous VA loan or have enough remaining entitlement. Subsequent use does have a higher funding fee (3.30% for zero-down purchases, vs. 2.15% for first-time use). Many veterans use VA loans multiple times throughout their lives to upgrade homes or relocate.
What credit score do I need for a VA loan?
The VA itself doesn't set a minimum credit score requirement — it's up to individual lenders. Most VA lenders require a minimum credit score of 580-620, which is lower than conventional loans (typically 620-640+). If your credit score is on the lower side, shop around — some lenders are more flexible than others, especially if you have a strong on-time payment history and stable income.
Can I use a VA loan to buy a second home or investment property?
No. VA loans are only for primary residences — the home you live in full-time. However, you can buy a multi-unit property (up to 4 units) as long as you live in one of the units. This is a popular strategy for veterans: buy a fourplex with 0% down, live in one unit, and rent out the other three to cover the mortgage. The rental income from the other units can even help you qualify for the loan.
How are VA closing costs different?
VA closing costs are similar to conventional loans (typically 2-5% of the purchase price), but the VA limits what lenders can charge. For example, lenders can't charge you an "origination fee" higher than 1% of the loan amount. Sellers can pay up to 4% of the purchase price toward your closing costs, which covers the VA funding fee, prepaid taxes/insurance, and other buyer costs. This means you can often buy a home with zero money out of pocket.
What's the VA entitlement?
Your VA entitlement is the amount the VA guarantees to your lender if you default on the loan. For most buyers, the basic entitlement is $36,000 — which doesn't sound like much, but because of the "secondary entitlement" formula, it supports a loan guarantee up to 25% of the conforming loan limit (about $191,637 in most counties). This means you can borrow up to $766,550 with zero down payment, because the VA guarantees 25% of that amount.
Is the VA funding fee tax deductible?
Yes! The VA funding fee is treated like mortgage insurance for tax purposes. For homeowners with an adjusted gross income (AGI) below $100,000, the VA funding fee is fully tax-deductible. Even if you rolled the funding fee into your loan, you can deduct the prorated amount each year. This can save you hundreds of dollars per year on your tax return.
How long does it take to get a VA loan approved?
VA loans typically close in 30-45 days, similar to conventional loans. The biggest time-saver is getting your Certificate of Eligibility (COE) — most lenders can pull this online in minutes. If you're using your VA benefit for the first time, make sure you gather your DD-214 or other service documentation early to speed up the process. VA IRRRL streamline refinances can close in as little as 2-3 weeks because there's no appraisal and often no income verification.