VA Loan Calculator
Our VA Loan Calculator enables you to calculate your monthly mortgage payment, the VA loan limit in your county and the VA funding fee based on your loan amount. Our VA Loan Calculator also determines your estimated total housing expense including your principal and interest payment, property tax and hazard insurance so that understand the total monthly cost for a VA loan. You can input different mortgage rates, loan lengths and mortgage amounts to compare numerous financing options. VA loan rates are usually lower than conventional mortgage rates plus you are not required to pay an ongoing mortgage insurance fee so your monthly loan payment remains low. Use our VA Loan Calculator to select the loan amount, length and monthly payment that fit your financial budget and personal goals. When you submit your inputs we match you with up to four leading VA lenders so that you can confirm your mortgage terms and compare multiple proposals to find the loan that is right for you. We also offer a version of this calculator that does not require personal information.
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Reasons to Get a VA Loan (If You Are Eligible)
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 Loan Calculator enables you to compare the monthly payment for loans with different mortgage rates.
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.
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.
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 Loan Calculator to determine how your loan amount compares to the mortgage limit for your county.
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.
More FREEandCLEAR Mortgage Resources
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.
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.
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.
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.