VA Loan Calculator
A US VA-backed home loan: the VA funding fee from VA.gov's current rate chart (first or later use, by down payment, or exempt), the fee added to the loan, and the monthly payment.
Result…
How it's calculated
Loan before fee = price − down payment (purchase) or the refinance amount Funding fee = rate × loan before fee Purchase: first use 2.15% (< 5% down), 1.5% (5% or more), 1.25% (10% or more); after first use 3.3%, 1.5%, 1.25% Cash-out refinance 2.15% first use, 3.3% after; IRRRL 0.5%; exempt 0% P&I = L × i ÷ (1 − (1 + i)^−n) on L = loan + financed fee
Works out the VA funding fee and the monthly payment on a VA-backed loan in the United States. The fee rates are VA.gov's current charts: for a purchase or construction loan 2.15% on first use (3.3% after first use) with less than 5% down, 1.5% with 5% or more and 1.25% with 10% or more; for a cash-out refinance 2.15% or 3.3%; and 0.5% for an interest rate reduction refinance. Veterans receiving disability compensation and some others are exempt. The fee is usually added to the loan, which raises the payment slightly; there is no monthly mortgage insurance. Add your property tax and insurance for the full payment.
Your numbers, step by step
About the VA Loan calculator
This VA loan calculator works out the VA funding fee and the monthly payment on a home loan backed by the US Department of Veterans Affairs. Choose a purchase, a cash-out refinance or an interest rate reduction refinance, say whether this is your first VA loan, and enter the price and down payment or the loan amount. The fee rate comes from VA.gov's current charts: for a purchase, 2.15% on first use or 3.3% after first use with less than 5% down, 1.5% with 5% or more and 1.25% with 10% or more. Veterans who receive disability compensation and some others are exempt. The fee can be added to the loan, and there is no monthly mortgage insurance. VA loans exist only in the United States. Amounts are US dollars.
How to use it
- Choose the “Loan type” and your “VA loan use”: first use or after first use.
- Set “Exempt from the funding fee” if it applies to you.
- Enter the “Home price” and “Down payment”, or the “New loan amount” for a refinance.
- Choose whether the “Funding fee” is added to the loan, pick the “Loan term” and enter the “Interest rate”, tax and insurance.
Worked example
A first-time VA buyer purchases a 350,000 home with nothing down. The funding fee is 2.15% × 350,000 = 7,525, added to the loan, which becomes 357,525. At 6.25% over 30 years principal and interest are 2,201.34 a month. With 4,200 of property tax and 1,500 of insurance a year, the monthly payment is 2,676.34. No cash is needed at closing for the fee or a down payment.
Updated
Questions people ask
How is the VA funding fee calculated?
Multiply the loan amount (not the price) by the rate for your loan type, use and down payment. A first-use purchase with no down payment is 2.15%, so a 300,000 loan has a 6,450 fee. The VA.gov funding fee page has the current charts.
Who doesn't have to pay the VA funding fee?
Veterans receiving VA compensation for a service-connected disability, those eligible for it but receiving retirement or active-duty pay instead, surviving spouses receiving Dependency and Indemnity Compensation, and some others listed on VA.gov, such as active-duty Purple Heart recipients.
Does a down payment lower the VA funding fee?
Yes, for purchases. Putting 5% down cuts the fee to 1.5%, and 10% cuts it to 1.25%, whether it is your first or a later VA loan. It also lowers the loan itself, so you save twice.
Should I add the funding fee to the loan?
Financing it means no cash at closing, but you pay interest on it for the life of the loan. Compare both choices here, or compare loan offers with the mortgage calculator.
What does this VA loan estimate leave out?
Other closing costs, county loan limits, your remaining entitlement, and whether you qualify for the loan. Your lender and your Certificate of Eligibility decide those, so check a Loan Estimate or ask a VA-approved lender before you commit.