Estimate your potential VA loan eligibility and monthly payments.
Use the current VA loan rate or your best estimate.
Typically 15 or 30 years.
Varies by service, down payment, and prior use. Typically 2.3% for first-time regular military use with no down payment. Enter 0 if exempt.
VA loans often require no down payment.
Your Estimated VA Loan Breakdown
Loan Amount (Principal):$0.00
VA Funding Fee Amount:$0.00
Total Loan Value (incl. Fee):$0.00
Estimated Monthly Principal & Interest (P&I):$0.00
Estimated VA Funding Fee %:0.00%
Estimated Loan Term:0 Years
Understanding the Zillow VA Loan Calculator
The VA Loan Calculator is a powerful tool designed to help prospective homebuyers, particularly those eligible for VA loans, estimate key financial aspects of purchasing a home. This calculator focuses on the unique components of VA financing, including the VA Funding Fee, and provides an estimate of your potential loan amount and monthly principal and interest (P&I) payment. While Zillow does not originate loans, tools like this calculator, often found on real estate platforms, offer valuable insights based on user-provided information.
How VA Loans Work
VA loans are a benefit guaranteed by the U.S. Department of Veterans Affairs (VA) for eligible service members, veterans, and surviving spouses. This guarantee allows lenders to offer favorable terms, such as:
No Down Payment Requirement: For most eligible borrowers, a down payment is not required.
No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require PMI, saving borrowers significant monthly costs.
Competitive Interest Rates: VA loans often come with lower interest rates compared to other loan types.
Limited Closing Costs: The VA limits the closing costs lenders can charge.
The VA Funding Fee
The VA Funding Fee is a one-time charge paid to the VA by the veteran to help offset the cost of the program and reduce the burden on taxpayers. The amount of the funding fee varies based on several factors:
Type of service (e.g., Regular Military, National Guard, Reserves)
Whether it's the veteran's first time using their VA loan benefit
The percentage of the down payment (if any)
For example, a first-time regular military user making no down payment typically pays a 2.3% funding fee. This fee can often be financed into the loan amount, increasing the total amount borrowed.
Calculator Inputs Explained
Home Purchase Price: The total agreed-upon price for the property.
Estimated Interest Rate (%): The annual interest rate you anticipate for your VA loan. This significantly impacts your monthly payment and total interest paid over the life of the loan.
Loan Term (Years): The duration of the loan, typically 15 or 30 years. A shorter term means higher monthly payments but less interest paid overall.
VA Funding Fee (%): The percentage of the loan amount that goes towards the VA Funding Fee. Enter 0 if you are exempt (e.g., receiving VA compensation for a service-connected disability).
Down Payment ($): While often $0 for VA loans, you can enter a specific amount if you plan to make a down payment.
How the Calculator Works (The Math)
The calculator performs several key calculations:
Loan Amount (Principal): This is calculated as:
Loan Amount = Home Purchase Price - Down Payment
VA Funding Fee Amount: Calculated based on the loan amount and the provided funding fee percentage:
Funding Fee Amount = Loan Amount * (VA Funding Fee % / 100)
Total Loan Value (incl. Fee): The sum of the loan amount and the funding fee:
Total Loan Value = Loan Amount + Funding Fee Amount
Monthly Principal & Interest (P&I): This is the core mortgage payment, calculated using the standard mortgage payment formula (Amortization Formula). The formula uses the Total Loan Value as the principal (P), the monthly interest rate (i), and the total number of payments (n).
i = (Annual Interest Rate / 100) / 12n = Loan Term (Years) * 12Monthly P&I = P * [i * (1 + i)^n] / [(1 + i)^n - 1]
Note: The calculator provides an estimate for Principal & Interest (P&I) only. It does not include other potential monthly housing costs such as property taxes, homeowners insurance, or potential VA loan maintenance fees (for manufactured homes).
Using the Calculator Effectively
To get the most accurate estimates:
Check Current Rates: Research current VA loan interest rates from reputable lenders.
Determine Your Funding Fee: Consult the VA's official guidelines or your lender to determine your specific funding fee percentage. Some veterans are exempt.
Input Accurate Data: Ensure all other inputs (purchase price, loan term) are realistic for your home search.
This calculator is a planning tool to help you understand potential costs. For precise figures and loan origination, always consult with a qualified mortgage lender.
function calculateVA loan() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var vaFundingFeePercent = parseFloat(document.getElementById("vaFundingFee").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var errorMessageElement = document.getElementById("errorMessage");
errorMessageElement.style.display = 'none';
errorMessageElement.textContent = ";
var resultElement = document.getElementById("result");
var loanAmountResultElement = document.getElementById("loanAmountResult");
var fundingFeeAmountResultElement = document.getElementById("fundingFeeAmountResult");
var totalLoanValueResultElement = document.getElementById("totalLoanValueResult");
var monthlyPIResultElement = document.getElementById("monthlyPIResult");
var vaFundingFeePercentResultElement = document.getElementById("vaFundingFeePercentResult");
var loanTermResultElement = document.getElementById("loanTermResult");
if (isNaN(purchasePrice) || purchasePrice <= 0) {
displayError("Please enter a valid Home Purchase Price.");
return;
}
if (isNaN(interestRate) || interestRate 20) {
displayError("Please enter a valid Estimated Interest Rate (e.g., 3.5).");
return;
}
if (isNaN(loanTerm) || loanTerm <= 0) {
displayError("Please enter a valid Loan Term in years (e.g., 30).");
return;
}
if (isNaN(vaFundingFeePercent) || vaFundingFeePercent < 0) {
displayError("Please enter a valid VA Funding Fee percentage (e.g., 2.3) or 0 if exempt.");
return;
}
if (isNaN(downPayment) || downPayment purchasePrice) {
displayError("Down Payment cannot be greater than the Purchase Price.");
return;
}
// Calculations
var loanAmount = purchasePrice – downPayment;
var fundingFeeAmount = loanAmount * (vaFundingFeePercent / 100);
var totalLoanValue = loanAmount + fundingFeeAmount;
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPI = 0;
if (monthlyInterestRate > 0 && numberOfPayments > 0) {
monthlyPI = totalLoanValue * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else if (totalLoanValue > 0 && numberOfPayments > 0) {
// Handle 0% interest rate case if necessary, though unlikely for mortgages
monthlyPI = totalLoanValue / numberOfPayments;
} else {
monthlyPI = totalLoanValue; // If loan term is 0, or no interest, or other edge cases.
}
// Format results
var formatCurrency = function(amount) {
return "$" + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
};
var formatPercent = function(percent) {
return percent.toFixed(2) + "%";
};
loanAmountResultElement.textContent = formatCurrency(loanAmount);
fundingFeeAmountResultElement.textContent = formatCurrency(fundingFeeAmount);
totalLoanValueResultElement.textContent = formatCurrency(totalLoanValue);
monthlyPIResultElement.textContent = formatCurrency(monthlyPI);
vaFundingFeePercentResultElement.textContent = formatPercent(vaFundingFeePercent);
loanTermResultElement.textContent = loanTerm + " Years";
resultElement.style.display = 'block';
}
function displayError(message) {
var errorMessageElement = document.getElementById("errorMessage");
errorMessageElement.textContent = message;
errorMessageElement.style.display = 'block';
document.getElementById("result").style.display = 'none';
}