VA Loan Calculator

    Calculate your VA home loan payment with 0% down payment and no private mortgage insurance. VA loans offer exceptional benefits for eligible veterans, active-duty service members, and surviving spouses.

    VA Loan Details

    %
    %

    VA Eligibility

    Yes
    No
    Financed

    Additional Costs

    Monthly Payment Breakdown

    Principal

    $388

    12.7%

    Interest

    $2,128

    70.0%

    Property Tax

    $400

    13.2%

    Insurance

    $125

    4.1%

    The Complete Guide to VA Home Loans in 2025

    A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. Originally created in 1944 as part of the GI Bill, VA loans have helped more than 25 million veterans and service members achieve homeownership. These loans are available to eligible veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses.

    VA Loan Benefits at a Glance

    0%

    Down Payment

    No PMI

    Mortgage Insurance

    Lower

    Interest Rates

    No Limit

    Loan Amount*

    *For veterans with full entitlement

    VA Loan Eligibility Requirements

    According to the VA's official eligibility requirements, you may qualify for a VA loan if you meet one of these service criteria:

    Active Duty Service Members

    Currently serving at least 90 continuous days, or completed the required service time based on when you served.

    Veterans

    Served 90 days during wartime, 181 days during peacetime, or 6 years in the Reserves/National Guard.

    National Guard / Reserves

    6 years of service in the Selected Reserve or National Guard, or 90 days of active federal service.

    Surviving Spouses

    Unremarried surviving spouse of a veteran who died in service or from a service-connected disability.

    VA Loan Pros and Cons

    ✓ Advantages of VA Loans

    • ✓No down payment required—100% financing
    • ✓No private mortgage insurance (PMI) ever
    • ✓Lower interest rates than conventional or FHA loans
    • ✓No loan limit for borrowers with full entitlement
    • ✓More lenient credit requirements (no VA minimum)
    • ✓No prepayment penalty—pay off early without fees
    • ✓Seller can pay up to 4% of closing costs
    • ✓Benefit can be used multiple times

    ✗ Disadvantages of VA Loans

    • ✗VA funding fee adds to loan cost (unless exempt)
    • ✗Primary residence only—no investment properties
    • ✗Property must meet VA Minimum Property Requirements
    • ✗Some sellers prefer conventional offers
    • ✗Requires Certificate of Eligibility (COE)
    • ✗Limited to eligible veterans and spouses

    Understanding the VA Funding Fee

    The VA funding fee is a one-time payment that helps sustain the VA loan program so it remains available for future veterans. The fee varies based on your military category, down payment amount, and whether you've used a VA loan before:

    Down PaymentFirst Use (Active)First Use (Reserves)Subsequent Use
    Less than 5%2.15%2.40%3.30%
    5% - 9.99%1.50%1.50%1.50%
    10% or more1.25%1.25%1.25%

    Who is Exempt from the VA Funding Fee?

    According to VA guidelines, the following individuals are exempt from paying the funding fee:

    • Veterans receiving VA disability compensation for a service-connected disability (10% or higher)
    • Veterans entitled to receive disability compensation but receiving retirement or active-duty pay
    • Surviving spouses of veterans who died in service or from service-connected disabilities
    • Active-duty service members who provide evidence of a Purple Heart award

    Who Is a VA Loan Best For?

    VA loans are typically the best mortgage option for eligible borrowers. Consider a VA loan if you are:

    • Active-duty military purchasing your first home or relocating for PCS
    • Veterans who want to leverage their earned benefit
    • Buyers with limited savings who benefit from 0% down payment
    • Those with service-connected disability who qualify for funding fee exemption
    • Borrowers with moderate credit who might not qualify for conventional loans

    If you're eligible, a VA loan is almost always more advantageous than an FHA loan or conventional mortgage due to the combination of no down payment and no PMI.

    How to Interpret Your Calculator Results

    Making Sense of Your VA Loan Estimate

    • Check funding fee exemption: If you have a service-connected disability rating, you may qualify for funding fee exemption—potentially saving thousands.
    • Compare to conventional: Even with the funding fee, VA loans often cost less than conventional loans with PMI over the life of the loan.
    • Consider a down payment: While 0% down is available, putting 5-10% down reduces your funding fee and builds immediate equity.
    • Verify affordability: Use our affordability calculator to ensure your payment fits comfortably within your BAH or civilian income.

    VA Loan vs. Other Loan Types

    FeatureVA LoanFHA LoanConventional
    Min. Down Payment0%3.5%3%
    Mortgage InsuranceNoneMIP (lifetime)PMI until 20%
    Upfront FeeFunding fee (waivable)1.75% UFMIPNone
    Credit Score Min.No VA minimum (lender varies)500-580620
    Loan LimitNone (full entitlement)Area limitsConforming limits

    Frequently Asked Questions About VA Loans

    Can I use a VA loan for a second home?

    VA loans are for primary residences only. However, you may use your VA benefit for a new primary residence while keeping a previous VA-financed home as a rental, subject to remaining entitlement limits.

    How do I get my Certificate of Eligibility (COE)?

    You can obtain your COE through eBenefits, through your lender (most can retrieve it instantly), or by mail using VA Form 26-1880.

    Can I refinance my VA loan?

    Yes! The VA offers the Interest Rate Reduction Refinance Loan (IRRRL), also called a "streamline refinance," which has minimal documentation requirements. You can also do a cash-out refinance with a VA loan to access your home's equity.

    What if I'm buying with a non-veteran spouse?

    You can still use a VA loan with a non-veteran co-borrower (spouse or otherwise), but their income can only be counted if they're on the loan. If they're not a spouse, a 12.5% down payment is typically required.

    Official Resources & Citations