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VA Mortgage Calculator

Work out the VA funding fee from VA’s rate chart and the monthly payment on a VA-backed home purchase loan.

By Nitin Raturi · Last reviewed

Your worksheet

How to use the VA Mortgage Calculator

Work out the VA funding fee and the monthly principal and interest on a VA-backed purchase loan.

  1. Enter the home price and your down payment.
  2. Choose first or later use, and whether you are exempt from the fee.
  3. Choose to finance the fee or pay it at closing.
  4. Enter the rate and term, then read the payment and fee.

Good to know

  • Add property tax and insurance for your full monthly cost.
  • The address stores your figures for sharing; anyone with the link can read them.

Your VA funding fee from VA’s current rate chart and the monthly principal and interest, with the fee paid at closing or added to the loan.

Home price

The purchase price of the home.

How to fill it in

  • Enter US dollars, digits only.

Down payment

Cash you put down. VA loans can need none, but 5% or 10% lowers the funding fee.

How to fill it in

  • Enter 0 for no down payment.

Example

$10,000 down on $200,000 (5%) means a fee of $2,850.00; with nothing down it is $4,300.00.

First or later use

Whether this is your first VA-backed or VA direct home loan.

How to fill it in

  • With under 5% down, later use costs 3.3% instead of 2.15%.

Example

A later-use buyer of a $350,000 home with nothing down pays $11,550.00.

Funding fee exemption

Some borrowers pay no fee, for example those receiving VA compensation for a service-connected disability.

How to fill it in

  • Your Certificate of Eligibility shows whether you are exempt.

Example

Exempt, the default loan costs $1,200.93 a month.

How you pay the fee

Add the fee to the loan, or pay it in cash at closing.

How to fill it in

  • Financing it raises the loan and the monthly payment.

Example

Financed, the default payment is $1,218.94; paid at closing, $1,200.93.

Interest rate

The fixed annual rate on the loan.

How to fill it in

  • Enter 0% to 15%.

Loan term

Years to repay.

How to fill it in

  • Enter 5 to 30; 30 and 15 are common.

Monthly principal and interest

$1,218.94

The funding fee is 1.5% of the $190,000.00 loan, $2,850.00, added to the loan. Borrowing $192,850.00 at 6.5% for 30 years costs $1,218.94 a month, $245,969.55 of interest in all.

Down payment
$10,000.00 (5% of the price)
Loan before the fee
$190,000.00
Funding fee rate
1.5%
Funding fee
$2,850.00
Loan amount
$192,850.00
Total interest
$245,969.55

VA-backed loans need no monthly mortgage insurance. Property tax, homeowners insurance and any HOA dues add to the monthly cost.

Funding fee from VA’s purchase and construction loan chart (effective 7 April 2023), as a share of the loan by first or later use and down payment. Fixed rate, monthly payments. Taxes, insurance and other closing costs are not included.

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How this calculator works

  1. Step 1Loan before fee$190,000.00Price minus down payment.
  2. Step 2Funding fee$2,850.00VA chart: use and down payment.
  3. Step 3Loan amount$192,850.00With the fee added, if financed.
  4. Step 4Monthly payment$1,218.94Principal and interest.

VA-backed home loans need no down payment and no monthly mortgage insurance. Instead, most borrowers pay a one-time funding fee, a percentage of the loan.

The percentage depends on whether this is your first VA loan and how much you put down. Some borrowers, such as those receiving VA disability compensation, are exempt.

Worked example: VA’s own example

First use, $200,000 home, $10,000 down
Funding fee
loan × chart rate
Payment
level monthly payment at rate ÷ 12
  1. Loan before fee$200,000 − $10,000$190,000.00
  2. Down payment share5%: rate 1.5%
  3. Funding fee1.5% × $190,000$2,850.00
  4. Loan with fee added$192,850.00
  5. Monthly payment at 6.5%, 30 years$1,218.94

VA’s page gives the same fee, $2,850, for this example. The fee is charged on the loan, not the price.

How the down payment changes the fee

  • No down payment (2.15%)$4,300.00
  • 5% down (1.5%)$2,850.00
  • 10% down (1.25%)$2,250.00
Funding fee on a $200,000 home, first use

With under 5% down, later use costs 3.3%: a $350,000 home with nothing down carries a fee of $11,550.00.

Financing the fee or paying it

  • Fee added to the loan$1,218.94No cash at closing for the fee.
  • Fee paid at closing$1,200.93Pay $2,850.00 up front.
  • Exempt$1,200.93No funding fee.

The payment shown is principal and interest only: property tax, homeowners insurance and any HOA dues come on top.

The VA funding fee is one cost of a VA loan. The loan itself works like any fixed-rate mortgage.

For a standard fixed-rate mortgage with taxes and insurance, use the mortgage calculator. The amortization calculator shows each month’s split, and the Canadian mortgage calculator covers half-yearly compounding.

Common mistakes

  • Mistake: Working out the fee on the price.

    Instead: It is a share of the loan amount.

  • Mistake: Assuming every VA buyer pays the fee.

    Instead: Check your Certificate of Eligibility for an exemption.

  • Mistake: Comparing loans on principal and interest only.

    Instead: Add tax and insurance for the full monthly cost.

Methodology and sources

A separate script looks the fee up from VA’s chart as printed and finds each payment by bisection, reproducing VA’s example.

The fee chart and example come from VA’s funding fee page. Sources, the review date and the financial disclaimer follow.

Read how we test our calculators, or browse more money calculators.

Frequently asked questions

How much is the VA funding fee?

For purchase loans: first use, 2.15% with under 5% down, 1.5% with 5% or more, 1.25% with 10% or more. After first use, 3.3% with under 5% down; the other bands are the same.

What is the fee on a $200,000 home with $10,000 down?

For a first-time user, $2,850.00: 1.5% of the $190,000 loan. With nothing down it would be $4,300.00.

Can I add the funding fee to my loan?

Yes. On the default loan at 6.5% for 30 years, financing it gives $1,218.94 a month; paying it at closing gives $1,200.93.

What does a later VA loan cost?

With under 5% down, 3.3%. A $350,000 home with no down payment carries a fee of $11,550.00.

Who does not pay the VA funding fee?

Among others, borrowers receiving VA compensation for a service-connected disability. Your Certificate of Eligibility shows if you are exempt.

Sources and methodology

The formulas are standard time-value-of-money results. We check every figure against golden values worked out independently, by closed form and by month-by-month simulation; see the methodology.

Written and maintained by Nitin Raturi, a software engineer (about the author). Last reviewed 4 Nov 2026; next review due by . Found an error? Tell us.

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