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VA Loan Benefits: Why It's the Best Mortgage Program
The VA loan is widely considered the most powerful mortgage benefit available to American homebuyers. Available to eligible veterans, active-duty service members, and surviving spouses, VA loans offer advantages no other mortgage program can match: zero down payment required (conventional requires 3-20%, FHA requires 3.5%), no private mortgage insurance (PMI) — saving $100-$300/month that conventional borrowers with under 20% down must pay, lower interest rates — VA rates average 0.25-0.50% below conventional rates, no prepayment penalties, and limited closing costs — the VA caps what lenders can charge.
On a $350,000 home, a VA loan with 0% down at 6.25% costs approximately $2,155/month (P&I). The same home with a conventional loan at 6.75% with 5% down ($17,500) costs $2,268/month plus $145/month PMI = $2,413/month. The VA borrower saves $258/month and $17,500 in down payment — that is $3,096/year plus the preserved cash. Over the life of the loan, the VA advantage can exceed $100,000. Compare with our Mortgage Calculator and FHA Loan Calculator.
Understanding the VA Funding Fee
The VA funding fee is a one-time charge that helps fund the VA loan program. For first-time use with zero down payment, the fee is 2.15% of the loan amount. On a $350,000 loan, that is $7,525. For subsequent use, the fee increases to 3.30%. Putting 5% down reduces the fee to 1.5%, and 10% down reduces it to 1.25%. The funding fee can be financed into the loan, so it does not require additional cash at closing.
Funding fee exemptions: Veterans receiving VA disability compensation, Purple Heart recipients serving on active duty, and surviving spouses of veterans who died in service or from service-connected disabilities are fully exempt from the funding fee. This exemption saves thousands — on a $350,000 loan, that is $7,525 saved immediately. If you believe you may qualify for a disability rating, it is worth applying before closing on your VA loan. Check your overall mortgage options with our Home Affordability Calculator.
VA Loan Eligibility Requirements
To qualify for a VA loan, you need a Certificate of Eligibility (COE) from the VA. Eligibility requires: 90 consecutive days of active service during wartime, 181 days during peacetime, 6 years in the National Guard or Reserves, or being the spouse of a service member who died in the line of duty. Most lenders also require a minimum credit score of 620 (though the VA itself has no minimum), and your debt-to-income ratio should generally be below 41%.
The VA does not set a maximum loan amount — the limit is determined by how much a lender is willing to lend based on your income and credit. However, the VA guarantees 25% of the loan amount, which gives lenders confidence to offer 100% financing. In high-cost areas, some VA borrowers purchase homes over $1 million with zero down. Your COE can be obtained online through the VA's eBenefits portal, through your lender, or by mailing VA Form 26-1880. Check your qualification with our Mortgage Qualification Calculator.