VA Mortgage Calculator - Calculate VA Loan Payments & Funding Fees
VA Mortgage Calculator
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Enter your home details and military service information, then click "Calculate VA Loan" to see your benefits and potential savings.
Understanding VA Loans and Military Home Buying Benefits
What Are VA Loans?
VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs, designed exclusively for veterans, active-duty service members, and eligible surviving spouses. They offer exceptional benefits that make homeownership more accessible.
VA Funding Fee
The VA funding fee is a one-time payment that helps keep the VA loan program running. It varies based on your service type, down payment, and whether it's your first VA loan. Our calculator includes this fee in your estimates.
VA Loan Eligibility
VA loans are available to veterans, active-duty service members, National Guard and Reserve members, and eligible surviving spouses. You'll need a Certificate of Eligibility (COE) to apply.
VA Loan Types
VA loans come in several types to meet different needs, from purchasing your first home to refinancing an existing mortgage. Each type offers unique benefits for eligible borrowers.
VA Loan Program Statistics
VA Loans Guaranteed Since 1944
Down Payment Required
2024 Loan Limit (Most Counties)
💡 Key Insight: VA loans typically offer interest rates 0.5-1% lower than conventional loans, and the lack of PMI can save borrowers $100-300 per month on a typical home purchase.
Frequently Asked Questions
Do I need a down payment for a VA loan?
No, VA loans offer 100% financing with zero down payment required. This is one of the most significant benefits of VA loans, allowing eligible veterans and service members to purchase a home without saving for a down payment. However, making a down payment can reduce your funding fee and monthly payments.
What is the VA funding fee and can it be waived?
The VA funding fee is a one-time payment that ranges from 1.25% to 3.3% of the loan amount, depending on your service type, down payment, and whether it's your first VA loan. Veterans with a service-connected disability rating of 10% or higher are exempt from this fee. The fee can be rolled into your loan amount.
What are the VA loan limits for 2024?
For 2024, the VA loan limit is $766,550 in most counties. However, if you have full VA loan entitlement, there's technically no limit to how much you can borrow without a down payment, though lenders will still consider your income and debt-to-income ratio. High-cost counties have higher limits.
What credit score do I need for a VA loan?
While the VA doesn't set a minimum credit score, most lenders require at least 620. However, some VA-approved lenders may work with scores as low as 580. VA loans are generally more flexible with credit requirements compared to conventional loans, and lenders focus more on your overall financial picture.
Can I use a VA loan more than once?
Yes, you can use your VA loan benefit multiple times. Your entitlement restores when you sell the home and pay off the VA loan, or you may have remaining entitlement to use for another purchase. You can even have two VA loans at the same time in certain circumstances, such as when relocating for military orders.
What types of properties can I buy with a VA loan?
VA loans can be used to purchase single-family homes, condos (if VA-approved), townhouses, and multi-unit properties (up to 4 units) as long as you occupy one unit as your primary residence. The property must meet VA minimum property requirements and be move-in ready. Investment properties and vacation homes are not eligible.