VA Loan Calculator
A VA loan is the only common mortgage with no down payment and no monthly mortgage insurance. The trade-off is a one-time funding fee — which is waived entirely for veterans receiving disability compensation.
The Home & Service
The funding fee depends on your down payment and whether this is a first use.
No down payment, no monthly mortgage insurance
The VA loan's two defining features are that it requires nothing down for most eligible borrowers and charges no monthly mortgage insurance at all. On an FHA loan the monthly MIP runs for the life of the loan; on a conventional loan with low equity, PMI applies until you reach 20%. A VA borrower pays neither, which usually makes it the cheapest monthly payment available for someone buying with little cash.
The funding fee replaces mortgage insurance
Instead of a recurring premium, the VA charges a single funding fee that is almost always financed into the loan. The rate depends on your down payment and whether you have used a VA loan before: first use with nothing down carries the highest rate, and putting 5% or 10% down reduces it meaningfully. Because the fee is rolled in, you pay interest on it for the life of the loan — which is worth comparing against the cash cost of paying it upfront.
The exemption is significant
Veterans receiving VA disability compensation, and certain surviving spouses, are exempt from the funding fee entirely. That turns a VA loan into a genuinely zero-cost-to-enter mortgage: no down payment, no funding fee, no monthly insurance. If you are exempt, select that option above and the fee drops out of the calculation completely.
What eligibility and entitlement actually mean
VA loans require a Certificate of Eligibility based on service history, and the amount you can borrow without a down payment depends on your remaining entitlement. Since 2020 there is no county loan limit for borrowers with full entitlement, but someone with an existing VA loan still active has reduced entitlement and may need a down payment on a second purchase. The property must also pass a VA appraisal with minimum property requirements, which is stricter than a conventional appraisal on condition issues. None of that changes the payment maths here, but it does change whether the loan is available at the amount you want.
Frequently Asked Questions
Do VA loans really require nothing down?
Is there monthly mortgage insurance on a VA loan?
Who is exempt from the funding fee?
Should I pay the funding fee in cash or finance it?
Sources
Official publications only. Links open the original document in a new tab.
- Consumer Financial Protection Bureau Owning a home — buying a house Mortgage programs and loan costs
- Consumer Financial Protection Bureau What is the difference between a mortgage interest rate and an APR? How a financed fee affects the rate you pay