Va Home Loan Calculator

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VA Home Loan Calculator
First-time Use (0% Down)Subsequent Use (0% Down)First-time Use (5% Down)First-time Use (10% Down)Exempt (Disability/Purple Heart)
Results Summary:
Total Loan Amount: $ 0.00
VA Funding Fee: $ 0.00
Monthly P&I: $ 0.00
Total Monthly Payment: $ 0.00
function calculateVALoan(){var price=parseFloat(document.getElementById('home_price').value);var down=parseFloat(document.getElementById('down_payment').value);var rate=parseFloat(document.getElementById('interest_rate').value)/100/12;var years=parseFloat(document.getElementById('loan_term').value);var months=years*12;var tax=parseFloat(document.getElementById('taxes').value)/12;var ins=parseFloat(document.getElementById('insurance').value)/12;var feePercent=parseFloat(document.getElementById('funding_fee_status').value)/100;var rollFee=document.getElementById('include_fee').checked;if(isNaN(price)||isNaN(down)||isNaN(rate)||isNaN(years)){alert('Please fill in all required fields with valid numbers');return;}var baseLoan=price-down;var fundingFee=baseLoan*feePercent;var totalLoan=rollFee?baseLoan+fundingFee:baseLoan;var pi=totalLoan*(rate*Math.pow(1+rate,months))/(Math.pow(1+rate,months)-1);var totalMonthly=pi+tax+ins;document.getElementById('resTotalLoan').innerHTML=totalLoan.toLocaleString(undefined,{minimumFractionDigits:2,maximumFractionDigits:2});document.getElementById('resFee').innerHTML=fundingFee.toLocaleString(undefined,{minimumFractionDigits:2,maximumFractionDigits:2});document.getElementById('resPI').innerHTML=pi.toLocaleString(undefined,{minimumFractionDigits:2,maximumFractionDigits:2});document.getElementById('resTotal').innerHTML=totalMonthly.toLocaleString(undefined,{minimumFractionDigits:2,maximumFractionDigits:2});}

VA Home Loan Calculator Use

A VA home loan is a mortgage option available to United States Veterans, Service Members, and select surviving spouses. Our va home loan calculator helps you estimate your monthly mortgage payments including principal, interest, taxes, and insurance (PITI), while specifically accounting for the unique VA Funding Fee.

Unlike conventional loans, VA loans often require $0 down payment and do not require private mortgage insurance (PMI), making them highly affordable for those who serve. Use this tool to compare how different home prices and funding fee statuses impact your monthly budget.

Home Price
The total purchase price of the property you intend to buy.
Down Payment
While VA loans support 0% down, any amount you pay upfront reduces your loan amount and may lower your funding fee percentage.
VA Funding Fee Status
The fee required by the Department of Veterans Affairs. This varies based on whether it is your first time using the benefit and your down payment amount.
Loan Term
The duration of the loan, typically 15 or 30 years.

How the VA Home Loan Calculation Works

The calculator uses the standard amortization formula to determine the monthly principal and interest, but first, it must calculate the VA Funding Fee and add it to the loan balance (if selected). The core mortgage formula is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

  • M: Total monthly principal and interest payment
  • P: Principal loan amount (Home Price – Down Payment + Funding Fee)
  • i: Monthly interest rate (Annual Rate / 12)
  • n: Total number of months (Years x 12)

Calculation Example

Example Scenario: A first-time homebuyer purchasing a $400,000 home with $0 down payment at a 6% interest rate for 30 years.

Step-by-step solution:

  1. Base Loan: $400,000 – $0 = $400,000
  2. Funding Fee: 2.15% of $400,000 = $8,600
  3. Total Loan Amount: $400,000 + $8,600 = $408,600
  4. Monthly P&I: $408,600 at 6% over 360 months = $2,449.77
  5. Add Escrow: If taxes are $3,600 ($300/mo) and insurance is $1,200 ($100/mo)
  6. Final Result: $2,449.77 + $300 + $100 = $2,849.77 per month

Common VA Loan Questions

Who is exempt from the VA Funding Fee?

Veterans receiving disability compensation for a service-connected disability, those who would be entitled to receive disability compensation if they didn't receive retirement pay, and surviving spouses of Veterans who died in service or from a service-connected disability are generally exempt.

Can I get a VA loan with bad credit?

While the VA itself doesn't set a minimum credit score, individual lenders usually do. Most lenders look for a score of at least 580-620, which is often lower than what is required for conventional financing.

Is there a limit on how much I can borrow?

As of 2020, Veterans with full entitlement do not have VA loan limits. However, the lender will still limit the loan amount based on your income and ability to repay the debt.

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