Calculate your estimated VA home loan payment, including principal, interest, and the VA Funding Fee.
(Varies by service, down payment, and prior use. Usually 0% to 3.6%).
(Enter annual amount).
(Enter annual amount).
(VA loans typically don't require PMI if no down payment is made, but can apply in some cases. Enter 0 if not applicable).
Understanding the VA Mortgage Calculator
The VA Mortgage Calculator is a specialized tool designed to estimate the monthly payments for homebuyers using a VA loan. VA loans are a significant benefit for eligible U.S. veterans, active-duty military personnel, and surviving spouses, offering competitive terms and often allowing for zero down payment. This calculator helps you understand the various components that make up your total monthly housing cost.
How the VA Mortgage Payment is Calculated
Your total estimated monthly VA mortgage payment typically includes several key components:
Principal and Interest (P&I): This is the core of your mortgage payment. It covers the repayment of the loan amount (principal) and the interest charged by the lender. The formula used for P&I is the standard mortgage payment formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Monthly Payment
P = Loan Principal Amount (Home Purchase Price – Down Payment, though VA loans often have 0% down)
i = Monthly Interest Rate (Annual Interest Rate / 12)
n = Total Number of Payments (Loan Term in Years * 12)
VA Funding Fee: This is a one-time fee paid to the Department of Veterans Affairs to help keep the program running and reduce the cost to taxpayers. It can be financed into the loan amount. The percentage varies based on the type of service, whether it's a first-time or subsequent use of the VA loan benefit, and if a down payment is made. For this calculator, we assume the fee is financed.
Property Taxes: This is an estimate of the annual property taxes divided by 12. These taxes are paid to your local government and are typically held in an escrow account by your lender.
Homeowner's Insurance: This is the estimated annual cost of homeowner's insurance divided by 12. Lenders require this to protect against damage to the property and is also usually held in an escrow account.
Private Mortgage Insurance (PMI) / VA Funding Fee (if applicable): While traditional PMI is typically waived for VA loans with zero down payment, some specific scenarios or lender requirements might lead to a similar fee. For simplicity, this calculator uses a field for monthly PMI, which can be set to 0 if not applicable. Note that the VA Funding Fee itself is separate from this.
Why Use a VA Mortgage Calculator?
VA loans offer unique advantages, such as no private mortgage insurance (PMI) for most borrowers who make no down payment, no prepayment penalties, and competitive interest rates. Understanding your potential monthly payments is crucial for budgeting and determining how much house you can afford. This calculator provides a clear estimate, helping you compare different scenarios and prepare for the home-buying process.
Disclaimer: This calculator provides an estimate for informational purposes only. It does not constitute financial advice. Actual loan terms, interest rates, funding fees, and final monthly payments may vary. Consult with a qualified VA loan specialist or mortgage lender for precise figures and personalized guidance.
function calculateVAMortgage() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseFloat(document.getElementById("loanTerm").value);
var vaFundingFeePercentage = parseFloat(document.getElementById("vaFundingFeePercentage").value);
var estimatedPropertyTaxes = parseFloat(document.getElementById("estimatedPropertyTaxes").value);
var estimatedHomeInsurance = parseFloat(document.getElementById("estimatedHomeInsurance").value);
var estimatedMonthlyPMI = parseFloat(document.getElementById("estimatedMonthlyPMI").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
// Input validation
if (isNaN(homePrice) || homePrice <= 0 ||
isNaN(interestRate) || interestRate < 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(vaFundingFeePercentage) || vaFundingFeePercentage < 0 ||
isNaN(estimatedPropertyTaxes) || estimatedPropertyTaxes < 0 ||
isNaN(estimatedHomeInsurance) || estimatedHomeInsurance < 0 ||
isNaN(estimatedMonthlyPMI) || estimatedMonthlyPMI 0) {
principalAndInterest = loanPrincipal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle 0% interest rate case (unlikely but for completeness)
principalAndInterest = loanPrincipal / numberOfPayments;
}
var monthlyTaxes = estimatedPropertyTaxes / 12;
var monthlyInsurance = estimatedHomeInsurance / 12;
var totalMonthlyPayment = principalAndInterest + monthlyTaxes + monthlyInsurance + estimatedMonthlyPMI;
// Format numbers for display
var formattedPrincipalAndInterest = principalAndInterest.toFixed(2);
var formattedTotalMonthlyPayment = totalMonthlyPayment.toFixed(2);
var formattedLoanPrincipal = loanPrincipal.toFixed(2);
var formattedVaFundingFeeAmount = vaFundingFeeAmount.toFixed(2);
var formattedMonthlyTaxes = monthlyTaxes.toFixed(2);
var formattedMonthlyInsurance = monthlyInsurance.toFixed(2);
resultDiv.innerHTML =
"Estimated Loan Principal: $" + formattedLoanPrincipal + "" +
"(Includes financed VA Funding Fee: $" + formattedVaFundingFeeAmount + ")" +
"Estimated Principal & Interest (P&I): $" + formattedPrincipalAndInterest + "" +
"Estimated Monthly Property Taxes: $" + formattedMonthlyTaxes + "" +
"Estimated Monthly Homeowner's Insurance: $" + formattedMonthlyInsurance + "" +
"Estimated Monthly PMI: $" + estimatedMonthlyPMI.toFixed(2) + "" +
"" +
"Total Estimated Monthly Payment: $" + formattedTotalMonthlyPayment + "";
}