*Typically 2.15% for first-time users, no down payment. Varies based on service, down payment, and previous use.
*VA loans typically don't require PMI, but some lenders might for specific scenarios or if there's a down payment.
Estimated Monthly Payment
$0.00
This is an estimate and may not include all fees or adjustments.
This calculator provides an estimate for VA mortgages based on your inputs. It includes principal, interest, taxes, insurance, and PMI (if entered). VA loans generally do not require Private Mortgage Insurance (PMI) for borrowers with no down payment, but a VA Funding Fee is mandatory. This calculator is for informational purposes only and is not a loan offer. Consult with a qualified VA loan specialist for precise figures and personalized advice.
function calculateMortgage() {
var purchasePrice = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var vaFundingFeePercent = parseFloat(document.getElementById("vaFundingFee").value);
var annualPropertyTax = parseFloat(document.getElementById("propertyTax").value);
var annualHomeInsurance = parseFloat(document.getElementById("homeInsurance").value);
var pmi = parseFloat(document.getElementById("pmi").value);
var validationErrors = [];
if (isNaN(purchasePrice) || purchasePrice <= 0) validationErrors.push("Purchase Price must be a positive number.");
if (isNaN(interestRate) || interestRate < 0) validationErrors.push("Interest Rate cannot be negative.");
if (isNaN(loanTerm) || loanTerm <= 0) validationErrors.push("Loan Term must be a positive number of years.");
if (isNaN(vaFundingFeePercent) || vaFundingFeePercent < 0) validationErrors.push("VA Funding Fee cannot be negative.");
if (isNaN(annualPropertyTax) || annualPropertyTax < 0) validationErrors.push("Property Tax cannot be negative.");
if (isNaN(annualHomeInsurance) || annualHomeInsurance < 0) validationErrors.push("Homeowner's Insurance cannot be negative.");
if (isNaN(pmi) || pmi 0) {
alert("Please correct the following errors:\n- " + validationErrors.join("\n- "));
document.getElementById("result").classList.add("hidden");
return;
}
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
// Calculate the total loan amount including the VA funding fee, amortized over the loan term
// VA funding fee is typically added to the loan principal
var fundingFeeAmount = purchasePrice * (vaFundingFeePercent / 100);
var totalLoanAmount = purchasePrice + fundingFeeAmount;
var principalAndInterest = 0;
if (monthlyInterestRate > 0) {
principalAndInterest = totalLoanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle zero interest rate case
principalAndInterest = totalLoanAmount / numberOfPayments;
}
var monthlyPropertyTax = annualPropertyTax / 12;
var monthlyHomeInsurance = annualHomeInsurance / 12;
var monthlyPmi = pmi / 12;
var totalMonthlyPayment = principalAndInterest + monthlyPropertyTax + monthlyHomeInsurance + monthlyPmi;
document.getElementById("monthlyPayment").innerText = "$" + totalMonthlyPayment.toFixed(2);
document.getElementById("result").classList.remove("hidden");
}