VA Loan Mortgage Calculator
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VA Loan Mortgage Calculator
Your Estimated VA Loan Payment
Estimated Monthly Principal & Interest:
—
Total Interest Paid:
—
Total Paid Over Loan Term:
—
Adjusted Loan Amount (incl. Funding Fee):
—
Understanding VA Loan Mortgages and Your Payment
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee allows veterans, active-duty service members, and eligible surviving spouses to obtain home loans with potentially more favorable terms, such as no down payment requirement and competitive interest rates.
The VA Funding Fee
Most VA borrowers pay a VA Funding Fee. This is a one-time fee paid to the VA that helps the program operate and reduces the cost to taxpayers. The amount of the funding fee varies based on factors like the type of loan, whether it's a first-time use, the down payment amount, and service type. While it's an upfront cost, the VA Funding Fee can typically be financed into the loan amount, meaning you don't have to pay it out of pocket at closing. Some veterans may be exempt from paying the funding fee, such as those receiving VA compensation for service-connected disabilities.
How Your Monthly Payment is Calculated
The core of your mortgage payment, often called Principal and Interest (P&I), is calculated using a standard amortization formula. For VA loans, we first need to determine the actual loan amount, which includes the original loan amount plus any financed VA Funding Fee.
The Amortization Formula:
The monthly payment (M) for a fixed-rate mortgage is calculated as follows:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
- M = Monthly Payment (Principal & Interest)
- P = Principal Loan Amount (including financed VA Funding Fee)
- i = Monthly Interest Rate (Annual Rate / 12 / 100)
- n = Total Number of Payments (Loan Term in Years * 12)
Calculating the VA Funding Fee:
The financed VA Funding Fee is calculated as a percentage of the loan amount (P_original) and then added to it to get the new principal (P_adjusted).
P_adjusted = P_original + (P_original * VA_Funding_Fee_Rate / 100)
Example Calculation:
Let's assume:
- Loan Amount (P_original): $300,000
- Annual Interest Rate: 5.5%
- Loan Term: 30 Years
- VA Funding Fee Rate: 2.15% (typical for first-time use, no down payment)
Step 1: Calculate the VA Funding Fee Amount
Funding Fee Amount = $300,000 * (2.15 / 100) = $6,450
Step 2: Calculate the Adjusted Loan Amount
Adjusted Loan Amount (P_adjusted) = $300,000 + $6,450 = $306,450
Step 3: Calculate Monthly Interest Rate (i)
i = (5.5 / 100) / 12 = 0.055 / 12 ≈ 0.00458333
Step 4: Calculate Total Number of Payments (n)
n = 30 years * 12 months/year = 360 payments
Step 5: Calculate Monthly Payment (M)
Using the formula: M = 306450 [ 0.00458333(1 + 0.00458333)^360 ] / [ (1 + 0.00458333)^360 – 1]
M ≈ $1,734.51
Step 6: Calculate Total Interest Paid
Total Interest = (Monthly Payment * Number of Payments) – Adjusted Loan Amount
Total Interest = ($1,734.51 * 360) – $306,450 ≈ $624,423.60 – $306,450 = $317,973.60
Step 7: Calculate Total Paid Over Loan Term
Total Paid = Monthly Payment * Number of Payments
Total Paid = $1,734.51 * 360 ≈ $624,423.60
Important Disclaimer: This calculator provides an estimate based on the inputs provided. It does not include other potential costs such as property taxes, homeowner's insurance (which are often required for VA loans and may be escrowed), or private mortgage insurance (PMI, though not typically required for VA loans unless there's a down payment). Consult with a mortgage professional for a precise loan estimate.
function calculateLoan() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var vaFundingFeeRate = parseFloat(document.getElementById("vaFundingFee").value);
// Clear previous results
document.getElementById("monthlyPaymentResult").innerHTML = "–";
document.getElementById("totalInterestResult").innerHTML = "–";
document.getElementById("totalPaymentResult").innerHTML = "–";
document.getElementById("adjustedLoanAmountResult").innerHTML = "–";
// 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.");
return;
}
if (isNaN(vaFundingFeeRate) || vaFundingFeeRate 0) {
vaFundingFeeAmount = loanAmount * (vaFundingFeeRate / 100);
adjustedLoanAmount = loanAmount + vaFundingFeeAmount;
}
var monthlyPayment = 0;
if (monthlyInterestRate > 0) {
monthlyPayment = adjustedLoanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle 0% interest rate case
monthlyPayment = adjustedLoanAmount / numberOfPayments;
}
var totalInterestPaid = (monthlyPayment * numberOfPayments) – adjustedLoanAmount;
var totalPayment = monthlyPayment * numberOfPayments;
// Format results to 2 decimal places for currency
document.getElementById("adjustedLoanAmountResult").innerHTML = "$" + adjustedLoanAmount.toFixed(2);
document.getElementById("monthlyPaymentResult").innerHTML = "$" + monthlyPayment.toFixed(2);
document.getElementById("totalInterestResult").innerHTML = "$" + totalInterestPaid.toFixed(2);
document.getElementById("totalPaymentResult").innerHTML = "$" + totalPayment.toFixed(2);
}