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VA Loan Calculator

VA Home Loan Calculator

Calculator developed by

Use our VA Home Loan Calculator to determine your monthly loan payment, LTV ratio, total monthly housing expense and mortgage limit for a zero down payment VA loan. Use our calculator to compare different loan amounts and down payments to understand the VA mortgage and monthly payment that best meet your needs.

Inputs

One of the factors that determines the VA Funding Fee
Please Select Class of Military Service
One of the factors that determines the VA Funding Fee
Please Select First time using VA Mortgage Eligibility
The VA mortgage amount you want to evaluate
Please Enter VA Loan Amount
Amount of money you make per month BEFORE subtracting taxes and other deductions. You can use our Gross Income Calculator to determine this figure
Please Enter Monthly GROSS Income
It looks like you may have inputted your annual gross income instead of your monthly grosss income. Please confirm you have inputted your monthly gross income.
X
Total of monthly payments for all non-housing related debt such as credit card, auto and student loans
Please Enter Total Monthly Debt Payments
It looks like you may have inputted your total debt balance instead of your total monthly debt payments. Please confirm you have inputted your total monthly debt payments.
X
The current interest rate for a 30 year FHA mortgage is approximately 3.500%
Please Select Annual Interest Rate
The length, in years, of the mortgage. The most common mortgage term is 30 years
Please Select Mortgage Term (Years)
The amount of money, as a percentage of the purchase price, you are contributing to purchase the property
Please Select Down Payment
Used to determine the FHA mortgage limit for the area where you are purchasing the property
Please Select State
Used to determine the FHA mortgage limit for the area where you are purchasing the property. FHA limits vary by county
Please Select County
The type of mortgage your looking to obtain
Please Select Mortgage Type
Submit Valid Info to Compare Lenders and Save Money!When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click calculator for a version of this calculator that does not require personal info
 
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
 
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
Your credit score to the best of your knowledge
Please Select Credit Score

Outputs

Estimated property purchase price based on your VA loan amount and your down payment
The size of your mortgage relative to the value of your property. If your mortgage size is $80,000 and the property purchase price is $100,000, the LTV ratio is 80%
The VA loan limit in your county. You may be able to exceed the loan limit if you make a down payment
The VA Program requires the borrower to pay an up-front VA Funding Fee. The VA Funding Fee varies depending on type of military service, down payment amount and if this is this is your first time using the VA program
This figure represents an estimate only. Property tax and insurance rates vary by state, county and property
Total monthly housing expense including your mortgage payment (principal and interest), property taxes and hazard insurance

How Our VA Home Loan Calculator Works

VA home loans offer many advantages to eligible borrowers including the ability to purchase a home with no money down and attractive mortgage rates.  Your VA loan payment is based on many factors including your loan amount, interest rate and mortgage length. Our calculator uses the following information to determine the monthly payment and what price home you can buy with a VA loan:

Type of Military Service and VA Program Usage.  This information is used to calculate the VA funding fee you may be required to pay.  You can use the VA Program multiple times as long as you restore your entitlement but the funding fee is higher for subsequent uses.

VA Mortgage Amount.  This is the VA loan amount you want. The higher your mortgage amount, the higher your monthly payment and other expenses such as property tax and insurance.

Mortgage Rate.  The lower your rate, the lower your monthly VA loan payment and the higher your rate, the higher your payment.  VA mortgage rates are typically less than the rates for other programs which reduces your monthly payment.

Mortgage Length. Also known as mortgage term, this is the length of your VA mortgage.  The longer your mortgage, the lower your payment and the shorter your mortgage, the higher your payment. Most VA applicants choose 30 year loan terms.

Down Payment.  This is how much of the property purchase price that you contribute as compared to the component of the price that you borrow.  While you are not required to make a down payment to use a VA loan, you can afford to buy more home if you put money down.

County Where the Property is Located.  Inputting the property location enables you to understand the VA mortgage limit for your area.

Our VA Home Loan Calculator shows you the following important information:

VA Home Loan Payment.  Your monthly mortgage payment includes principal and interest and is calculated based on your mortgage amount, rate and length.

Loan-to-Value (LTV) Ratio. The calculator determines your loan-to-value (LTV) ratio, which is your mortgage amount divided by the estimated property purchase price. Because the VA program enables you to buy a home with no down payment and finance all of the property purchase price, the LTV ratio for a VA loan can be as high as 100%.

VA Mortgage Limit. This is the VA mortgage limit for your county which helps you understand the loan amount you are eligible for.  Applicants that make a down payment may be eligible for a mortgage amount that is above the VA loan limit for their county.

Upfront Funding Fee.  You may be required to pay a one-time funding fee when your loan closes.  The VA funding fee is basically mortgage insurance that protects lenders in the event you default on your loan.  The amount of the funding fee depends on your LTV ratio, military service and the number of times you have used your VA entitlement.  The funding fee can be included in your loan or added to your closing costs.

Estimated Property Tax and Hazard Insurance.  When you own a home, you are required to pay hazard insurance and property tax.  Insurance and tax fees depend on the type of property, where the property is located, coverage level and other factors. Although you may pay for property tax and insurance on a semi-annual or annual basis, our calculator shows you the estimated monthly cost.

Estimated Monthly Housing Expense.  Our calculator shows you total housing expense including your monthly mortgage payment, property tax and hazard insurance. This figure enables you to understand the total monthly cost of buying a property with a VA home loan.  The higher your loan amount and property purchase price, the greater your total monthly housing expense.

Reasons to Get a VA Loan (If You Are Eligible)

1

Attractive Mortgage Terms

If you are eligible for a VA loan then chances are you have earned it through your service and sacrifice to our country. The good news is that VA loans usually offer borrowers attractive terms including a lower mortgage rate than conventional loans and many other no or low down payment programs. A lower VA mortgage rate helps you keep your monthly payment low and reduces your total interest expense over the course of your loan, which saves you money in the short term and long run. Although most applicants are required to pay a one-time VA funding fee when their mortgage closes, the fee can be added to your loan amount plus other closing costs for a VA loan tend to be lower. Although VA loan terms are favorable for borrowers it is still important to shop multiple lenders to find the mortgage with the lowest interest rate and closing costs.  Our VA Home Loan Calculator enables you to compare the monthly payment for loans with different mortgage rates.

2

Buy a Home With Zero Down Payment

In addition low mortgage rates, another important benefit of the VA program is the ability to buy a home with no money down. This program feature makes homeownership significantly more attainable for applicants and you may also be able to afford more home because you are not required to make a down payment. For example, instead of using $10,000 you may have saved for a down payment, you could use those funds to buy a higher priced home with a VA loan. Alternatively, you could use those funds to pay for your closing costs including the VA funding fee if you do not want to include it in your loan amount. In short, buying a home with zero money down is a tremendous opportunity for eligible VA applicants.

3

No Monthly Mortgage Insurance

Unlike most other no or low down payment mortgage programs, the VA Mortgage Program does not require borrowers to pay an ongoing mortgage insurance fee along with their monthly loan payment. The FHA and USDA home loan programs require borrowers to pay an ongoing mortgage insurance premium and conventional low down payment programs usually require borrowers to pay private mortgage insurance (PMI) until they have over 20% equity in their homes. Not requiring monthly mortgage insurance can save VA borrowers hundreds of dollars a month and thousands of dollars over their loan so this is another major benefit of the VA Program.

4

Ability to Exceed VA Mortgage Limits

Similar to other mortgages, the VA Home Loan Program applies loan limits that vary by county and the number of units in the property, up to a maximum of four units. What makes VA mortgage limits different is that borrowers have the ability to exceed the limits if they contribute a down payment. In short, if borrowers are willing to make a down payment that represents 25% of the amount by which their mortgage is greater than the loan limit, then they may be able to qualify for the mortgage. For example, if the VA loan limit in your county is $400,000 but you need a $500,000 loan, then you could qualify for the mortgage if you make a down payment of $25,000 ($500,000 (loan amount) - $400,000 (VA loan limit) = $100,000 x 25% = $25,000 down payment). The ability to qualify for a mortgage amount that is greater than the loan limit is not available through other low down payment programs, which highlights the financing flexibility afforded by the VA Program. Although it is important to understand the VA mortgage limit in your county -- especially if you have limited funds for a down payment -- it is also helpful to know that your loan amount can exceed the limit if you have sufficient funds for a down payment. Use our VA Home Loan Calculator to determine how your loan amount compares to the mortgage limit for your county.

5

Fewer Borrower Restrictions

Some mortgage programs apply borrower income limits or restrict where a property is located to be eligible for the best loan terms. The VA Program, however, does cap a borrower’s income or apply different qualification guidelines depending on a property’s location. This makes it easier to qualify for a VA loan and expands the housing options available to applicants. You can buy any type of one-to-four unit property with a VA mortgage as long as you occupy the property as your primary residence. Additionally, not applying income limits is helpful for eligible veterans who may have experienced an increase in earnings after they left the military.

6

You Can Use the VA Program Anywhere

Do you know that you can use the VA home loan program to buy a home anywhere in the United States and its territories? Additionally, although the program applies loan limits, there is no maximum property value which means you can buy a home with a price above the VA mortgage limit as long as you make a down payment.  These features mean the VA program can be used by eligible borrowers no matter where your live, even if you want to buy a home in a more expensive area.  This also means that the program may be beneficial to you regardless of how much money you make or your financial resources. 

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Current VA Mortgage Rates as of March 26, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How a VA Home Loan Works

Review our in-depth explanation of the VA Mortgage Program including eligibility requirements, qualification guidelines and property restrictions. Learn if you are eligible for a VA home loan and understand the benefits of the program.

Resources

VA Loan Rates

Review updated VA mortgage rates and fees for leading lenders. Compare key loan terms including monthly payment, total upfront costs and APR to find the VA loan that is right for you.

Mortgage Calculators

VA Mortgage Qualification Calculator

Determine what size VA mortgage you can afford for based on your monthly gross income, debt payments and other factors including if this is your first time using the VA Program. Learn how much home you can buy with a VA mortgage.

Ask a Mortgage Expert

Ask a Mortgage Expert

Got mortgage questions? We love answering them -- especially the tough ones. Submit your mortgage questions and receive an informative response within 24 hours. This feature is free and completely confidential.

Sources

VA Home Loan Requirements: https://benefits.va.gov/WARMS/docs/admin26/handbook/ChapterLendersHanbookChapter3.pdf

VA Home Loan Program: https://www.benefits.va.gov/homeloans/

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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