VA Loan Calculator

Monthly payment for a VA loan, with the one-time VA funding fee financed into the loan. No down payment and no PMI. Results update as you type.

Home price

Down payment (%)

Interest rate (annual %)

Loan term (years)

VA funding fee (%)

Start date

Monthly payment

$0.00

Cost breakdown

Amortization schedule

How this calculator works

Enter the home price and any down payment. The VA funding fee is added to the base loan, and the monthly payment is the principal and interest on that total loan. There is no monthly PMI on a VA loan.

Results are estimates for education only and are not financial advice.

Is there PMI on a VA loan?

No. VA loans have no monthly PMI. Instead there is a one-time VA funding fee, which most borrowers finance into the loan. The fee percentage depends on down payment, first or subsequent use, and service type.

VA loan payment formula

Base loan = home price × (1 − down payment %). Total loan = base loan × (1 + VA funding fee %). Monthly payment = P × r ÷ (1 − (1 + r)^(−n)) on the total loan, with r = annual rate ÷ 100 ÷ 12 and n = term in months. There is no monthly PMI on a VA loan.

How the calculation works, step by step

Multiply the home price by the down payment percentage to get the down payment, and subtract it from the price to get the base loan.
Add the one-time VA funding fee, a percentage of the base loan, to the base loan to get the total loan amount.
Apply the amortization formula to the total loan, the monthly rate, and the term to get the monthly payment.
Total interest is the monthly payment times the number of months, minus the total loan. No monthly PMI is added at any step.

Worked example

A $400,000 home with no down payment and a 2.15% VA funding fee gives a $8,600 fee and a total loan of $408,600. At 6.75% over 30 years, the monthly payment is $2,650.17, and total interest over the loan is $545,461.86.

Who is eligible for a VA loan?

VA loans are available to eligible veterans, active-duty service members, members of the National Guard and Reserves who meet service requirements, and certain surviving spouses. Eligibility is confirmed with a Certificate of Eligibility, which the lender can usually request on the borrower's behalf.

Can I use a VA loan more than once?

Yes. VA entitlement can be reused, and a borrower can have more than one VA loan in some cases, as long as entitlement remains. The funding fee percentage for subsequent use is usually higher than for first use, and it also depends on the down payment.