USAA VA Mortgage Calculator
body {
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USAA VA Mortgage Calculator
Estimate your potential VA loan monthly payment with USAA.
Estimated Monthly Payment
$0.00
Includes Principal, Interest, Taxes, Insurance, and HOA (PITI+HOA)
Understanding Your USAA VA Mortgage Calculation
A VA (Department of Veterans Affairs) loan is a fantastic benefit for eligible U.S. veterans, active-duty service members, and surviving spouses, offering competitive rates and often requiring no down payment. USAA is a trusted provider of these loans. This calculator helps estimate your total monthly mortgage payment, which typically includes more than just the principal and interest.
What's Included in the Calculation?
The total estimated monthly mortgage payment is often referred to as PITI + HOA:
-
Principal & Interest (P&I): This is the core of your loan payment, covering the actual amount borrowed and the interest charged by the lender (USAA, in this case). The formula for P&I is based on the loan amount, interest rate, and loan term.
-
Property Taxes: These are the annual taxes assessed by your local government on your property. We divide the annual amount by 12 to get the monthly portion.
-
Homeowners Insurance: Lenders require insurance to protect against damage or loss. The annual premium is divided by 12 for the monthly cost.
-
VA Funding Fee: This is a one-time fee paid to the VA to help keep down the costs for taxpayers supporting the VA loan program. It can often be financed into the loan amount. The fee varies based on the type of service, down payment amount, and whether it's a first-time or subsequent use of the benefit. Veterans with a service-connected disability are typically exempt from this fee.
-
HOA Dues: If your property is part of a Homeowners Association, monthly dues are also factored into your total housing cost.
The Math Behind the Calculator
The calculator uses standard financial formulas to determine the monthly P&I payment, and then adds the prorated monthly costs for taxes, insurance, and HOA dues, along with the financed VA Funding Fee.
1. VA Funding Fee Adjustment: If a VA Funding Fee is entered, it's added to the initial Loan Amount to determine the total amount financed.
Total Financed Amount = Loan Amount + (Loan Amount * VA Funding Fee Rate)
2. Monthly Principal & Interest (P&I) Payment: This is calculated using the standard mortgage payment formula (amortization formula):
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Monthly P&I PaymentP = Total Financed Amount (after adding the funding fee)i = Monthly interest rate (Annual Interest Rate / 12 / 100)n = Total number of payments (Loan Term in Years * 12)
3. Monthly Escrow (Taxes & Insurance):
Monthly Escrow = (Annual Property Tax + Annual Homeowners Insurance) / 12
4. Total Monthly Payment:
Total Monthly Payment = M + Monthly Escrow + Monthly HOA Dues
Using This Calculator
Enter the details of the home you're considering or the loan you anticipate. This calculator provides an excellent estimate to help you budget and understand the affordability of a VA loan through USAA. Remember that actual loan offers may vary based on your creditworthiness and USAA's specific lending guidelines.
Disclaimer: This calculator is for estimation purposes only and does not constitute financial advice or a loan commitment from USAA. Consult with a USAA mortgage professional for personalized details.
function calculateVAMortgage() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var vaFundingFee = parseFloat(document.getElementById("vaFundingFee").value);
var propertyTax = parseFloat(document.getElementById("propertyTax").value);
var homeInsurance = parseFloat(document.getElementById("homeInsurance").value);
var hoaDues = parseFloat(document.getElementById("hoaDues").value);
var resultElement = document.getElementById("monthlyPayment");
var resultTitleElement = document.getElementById("result-title");
// Clear previous results and errors
resultElement.textContent = "$0.00";
resultTitleElement.textContent = "Estimated Monthly Payment";
resultTitleElement.style.color = "#004a99";
// Input validation
if (isNaN(loanAmount) || loanAmount <= 0) {
alert("Please enter a valid Loan Amount.");
return;
}
if (isNaN(interestRate) || interestRate < 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (isNaN(loanTerm) || loanTerm <= 0) {
alert("Please enter a valid Loan Term in years.");
return;
}
if (isNaN(vaFundingFee) || vaFundingFee < 0) {
alert("Please enter a valid VA Funding Fee (0 or a positive number).");
return;
}
if (isNaN(propertyTax) || propertyTax < 0) {
alert("Please enter a valid Annual Property Tax amount.");
return;
}
if (isNaN(homeInsurance) || homeInsurance < 0) {
alert("Please enter a valid Annual Homeowners Insurance amount.");
return;
}
if (isNaN(hoaDues) || hoaDues 0) {
financedLoanAmount = loanAmount * (1 + (vaFundingFee / 100));
}
var principalAndInterest = 0;
// Calculate P&I using the loan payment formula
if (monthlyInterestRate > 0) {
principalAndInterest = financedLoanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle 0% interest rate case (though unlikely for mortgages)
principalAndInterest = financedLoanAmount / numberOfPayments;
}
var monthlyPropertyTax = propertyTax / 12;
var monthlyHomeInsurance = homeInsurance / 12;
var totalMonthlyPayment = principalAndInterest + monthlyPropertyTax + monthlyHomeInsurance + hoaDues;
// Format the result to two decimal places
resultElement.textContent = "$" + totalMonthlyPayment.toFixed(2);
resultTitleElement.textContent = "Your Estimated Monthly Payment";
resultTitleElement.style.color = "#28a745"; // Success green
}