Calculate your estimated monthly mortgage payment for a VA-backed loan.
0%
Typical is 2.3% to 3.6% for first-time use, varies by down payment and service
Estimated Monthly Payment
Principal & Interest (P&I):
$0.00
Estimated Total Cost (including VA Funding Fee):
$0.00
Estimated Total Interest Paid:
$0.00
Understanding VA Loans and Your Mortgage Payment
VA Loans are a special mortgage benefit for eligible U.S. veterans, active-duty service members, and surviving spouses. These loans are guaranteed by the U.S. Department of Veterans Affairs (VA), which allows lenders to offer favorable terms, such as no down payment requirement for many borrowers and no private mortgage insurance (PMI). This makes homeownership more accessible for those who have served our country.
While VA loans eliminate the need for PMI, they do have a VA Funding Fee. This one-time fee is paid to the VA and helps to keep the program running and costs down for future veterans. The amount of the funding fee can vary based on your service type, whether you've used your VA loan benefit before, and if you make a down payment. Some veterans with service-connected disabilities may be exempt from paying this fee.
How the VA Loan Calculator Works
Our VA Loan Calculator helps you estimate your potential monthly mortgage payment. Here's a breakdown of the inputs and the calculations involved:
Home Price: The total purchase price of the home you intend to buy.
Down Payment: While many VA loans don't require a down payment, you can enter one here. A down payment reduces the loan amount, and thus your monthly payment and total interest paid. The VA Funding Fee percentage also decreases with a larger down payment.
Interest Rate: The annual interest rate offered on your mortgage. This is a significant factor in your monthly payment.
Loan Term: The number of years over which you will repay the loan (commonly 15 or 30 years). A shorter term means higher monthly payments but less total interest paid over the life of the loan.
VA Funding Fee: The percentage charged by the VA, added to the loan amount. It varies, but for illustration, we've defaulted to 3.6% for first-time regular military use without a down payment.
The Math Behind the Calculation
The calculator uses a standard mortgage payment formula, with adjustments for the VA Funding Fee:
Loan Amount Calculation: Loan Amount = (Home Price - Down Payment) + ((Home Price - Down Payment) * VA Funding Fee Percentage)
The VA Funding Fee is typically rolled into the loan amount.
Number of Payments: Number of Payments = Loan Term (in years) * 12
Principal & Interest (P&I) Payment Calculation:
This uses the standard amortization formula:
P&I = Loan Amount * [Monthly Interest Rate * (1 + Monthly Interest Rate)^Number of Payments] / [(1 + Monthly Interest Rate)^Number of Payments - 1]
If the monthly interest rate is 0, the formula simplifies to:
P&I = Loan Amount / Number of Payments
Total Interest Paid: Total Interest Paid = (P&I * Number of Payments) - Loan Amount
Total Loan Cost: Total Loan Cost = Home Price - Down Payment + (Loan Amount * VA Funding Fee Percentage) + Total Interest Paid
This represents the total amount paid for the home over the life of the loan, including the upfront funding fee and all interest.
Disclaimer: This calculator provides an estimate only. Actual loan payments may vary based on specific lender programs, closing costs, property taxes, homeowner's insurance, and other potential fees. It's crucial to consult with a qualified mortgage lender for precise figures and loan options.
function formatCurrency(amount) {
return amount.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
}
function formatPercentage(value) {
return parseFloat(value).toFixed(2) + '%';
}
function updateInput(sliderId, inputId, labelId) {
var slider = document.getElementById(sliderId);
var input = document.getElementById(inputId);
var label = document.getElementById(labelId); // Label for showing value
if (slider && input) {
var value = slider.value;
input.value = value;
// Special handling for down payment slider to show percentage
if (sliderId === 'downPaymentSlider') {
var homePrice = parseFloat(document.getElementById('homePrice').value) || 0;
var percentage = homePrice > 0 ? (value / homePrice) * 100 : 0;
if (label) {
label.innerText = formatPercentage(percentage);
}
document.getElementById('downPaymentSliderValue').innerText = formatPercentage(percentage);
} else if (label) {
// For interest rate and funding fee, just show the value
label.innerText = parseFloat(value).toFixed(2) + '%';
}
}
}
function updateSlider(inputId, sliderId, labelId) {
var input = document.getElementById(inputId);
var slider = document.getElementById(sliderId);
var label = document.getElementById(labelId); // Label for showing value
if (input && slider) {
var value = parseFloat(input.value);
if (isNaN(value)) {
value = 0; // Default to 0 if input is invalid
}
// Clamp value within slider's min/max
if (value parseFloat(slider.max)) value = parseFloat(slider.max);
slider.value = value;
input.value = value; // Ensure input shows the clamped value
// Special handling for down payment slider to show percentage
if (inputId === 'downPayment') {
var homePrice = parseFloat(document.getElementById('homePrice').value) || 0;
var percentage = homePrice > 0 ? (value / homePrice) * 100 : 0;
if (label) {
label.innerText = formatPercentage(percentage);
}
document.getElementById('downPaymentSliderValue').innerText = formatPercentage(percentage);
// Adjust max value of slider if home price changes significantly
if (homePrice > 0) {
var maxPossibleDownPayment = homePrice;
slider.max = maxPossibleDownPayment;
if (parseFloat(slider.value) > maxPossibleDownPayment) {
slider.value = maxPossibleDownPayment;
input.value = maxPossibleDownPayment;
percentage = 100;
if(label) label.innerText = formatPercentage(percentage);
document.getElementById('downPaymentSliderValue').innerText = formatPercentage(percentage);
}
} else {
slider.max = 100000; // Default max if home price is 0
}
} else if (label) {
// For interest rate and funding fee, just show the value
label.innerText = parseFloat(value).toFixed(2) + '%';
}
}
}
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var vaFundingFee = parseFloat(document.getElementById("vaFundingFee").value);
var monthlyPaymentResult = document.getElementById("monthlyPaymentResult");
var totalInterestResult = document.getElementById("totalInterestResult");
var totalCostResult = document.getElementById("totalCostResult");
// Input validation
if (isNaN(homePrice) || homePrice <= 0) {
alert("Please enter a valid Home Price.");
return;
}
if (isNaN(downPayment) || downPayment homePrice) {
alert("Down Payment cannot be greater than the Home Price.");
return;
}
if (isNaN(interestRate) || interestRate < 0) {
alert("Please enter a valid Interest Rate.");
return;
}
if (isNaN(loanTerm) || loanTerm <= 0) {
alert("Please enter a valid Loan Term.");
return;
}
if (isNaN(vaFundingFee) || vaFundingFee 0) {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
monthlyPayment = loanAmount / numberOfPayments;
}
var totalInterestPaid = (monthlyPayment * numberOfPayments) – loanAmount;
var totalCost = loanAmount + totalInterestPaid; // This is the total amount paid for the loan itself. To reflect total paid for the home: homePrice – downPayment + fundingFeeAmount + totalInterestPaid
// Format and display results
monthlyPaymentResult.innerText = "$" + formatCurrency(monthlyPayment);
totalInterestResult.innerText = "$" + formatCurrency(totalInterestPaid);
totalCostResult.innerText = "$" + formatCurrency(totalCost);
}
// Initialize slider values and percentages on load
document.addEventListener('DOMContentLoaded', function() {
updateSlider('downPayment', 'downPaymentSlider', 'downPaymentLabel');
updateSlider('interestRate', 'interestRateSlider', 'interestRateLabel');
updateSlider('vaFundingFee', 'vaFundingFeeSlider', 'vaFundingFeeLabel');
var homePriceInput = document.getElementById('homePrice');
var downPaymentInput = document.getElementById('downPayment');
var downPaymentSlider = document.getElementById('downPaymentSlider');
var downPaymentSliderValueSpan = document.getElementById('downPaymentSliderValue');
// Function to update the down payment percentage display
var updateDownPaymentPercentage = function() {
var homePrice = parseFloat(homePriceInput.value) || 0;
var downPayment = parseFloat(downPaymentInput.value) || 0;
var percentage = homePrice > 0 ? (downPayment / homePrice) * 100 : 0;
if (downPaymentSliderValueSpan) {
downPaymentSliderValueSpan.innerText = formatPercentage(percentage);
}
// Ensure slider max and value are consistent with home price
if (homePrice > 0) {
var maxPossible = homePrice;
downPaymentSlider.max = maxPossible;
if (downPayment > maxPossible) {
downPaymentInput.value = maxPossible;
downPaymentSlider.value = maxPossible;
percentage = 100;
if (downPaymentSliderValueSpan) downPaymentSliderValueSpan.innerText = formatPercentage(percentage);
}
} else {
downPaymentSlider.max = 100000; // Default max
if (downPayment > 100000) {
downPaymentInput.value = 100000;
downPaymentSlider.value = 100000;
}
}
};
homePriceInput.addEventListener('input', updateDownPaymentPercentage);
downPaymentInput.addEventListener('input', updateDownPaymentPercentage);
// Initial call to set the percentage correctly
updateDownPaymentPercentage();
});