VA Mortgage Calculator
Compute the monthly principal-and-interest payment on a VA-backed home loan. No down payment or PMI is required for eligible veterans.
Last updated: September 2026
Compare with similar
About this calculator
A VA loan is a mortgage guaranteed by the US Department of Veterans Affairs and made available to eligible veterans, active-duty service members, National Guard, Reservists, and certain surviving spouses. The government guarantee lets private lenders offer favorable terms: no down payment (100% financing), no private mortgage insurance (PMI), and typically slightly lower rates than a conventional loan.
The monthly principal-and-interest calculation is the same amortization math used for any fixed-rate mortgage: M = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
What is different about a VA loan is what is not in this formula. There is no PMI line (saving 0.5–1% of the loan value per year), but there is a one-time VA funding fee (1.25–3.3% depending on service history and whether it is the first use) that is usually financed into the loan balance. This calculator handles the P&I after funding fee is capitalized; property taxes, homeowner's insurance, and any HOA are outside the P&I scope. For the full monthly-housing-cost picture, layer those on separately.
How to use
Example — a $300 000 VA loan at 6.5% for 30 years. Enter loanAmount = 300 000, rate = 6.5, termYears = 30. Monthly rate = 6.5/100/12 = 0.005417. n = 360. (1.005417)^360 ≈ 7.019. Payment = 300 000 × 0.005417 × 7.019 / (7.019 − 1) = 300 000 × 0.005417 × 7.019 / 6.019 ≈ $1 896.20/month. Add property tax (say 1.2% of purchase price / 12 = $300/month on a $300k home) and homeowner's insurance ($100/month typical) for a full PITI of roughly $2 296. No PMI is added, which saves the borrower ~$150/month compared with a conventional loan at the same LTV. For the FHA equivalent that does add MIP, see /en/calculators/mortgage-advanced/fha-loan-calculator/.
Frequently asked questions
Who is eligible for a VA loan?
Active-duty service members after 90 continuous days; Veterans after 90 days wartime service or 181 days peacetime; National Guard and Reservists after 6 years; certain surviving spouses of service members who died in the line of duty. Full eligibility rules are at VA.gov and require a Certificate of Eligibility (COE).
Is there really no down payment?
Yes — 100% financing is available up to the county VA loan limits (varies from ~$766k in most counties to $1.15M+ in high-cost areas in 2024). Above the county limit, VA loans still work but require a proportional down payment on the excess. Even at 0% down, borrowers can voluntarily put money down to reduce the loan balance and the funding fee.
What is the VA funding fee?
A one-time fee paid to VA that funds the loan-guarantee program. It is 2.15% of the loan amount for first-time use with 0% down (1.5% with 5%+ down, 1.25% with 10%+), and 3.3% for subsequent use. Purple Heart recipients and veterans with service-connected disabilities are exempt. The fee is typically financed into the loan balance rather than paid in cash.
Can I refinance a VA loan?
Yes — through either a VA Interest Rate Reduction Refinance Loan (IRRRL, also called a 'streamline' refi) or a VA cash-out refinance. IRRRL is fastest and cheapest (no appraisal required in many cases, funding fee 0.5%), only for existing VA-loan borrowers. For the payoff math on a refinance, see /en/calculators/mortgage-advanced/mortgage-refinance-calculator/.