VA Loan Calculator
Model a VA mortgage with no deposit and no mortgage insurance, pricing the one-time funding fee that replaces them.
VA Loan Calculator
Results recalculate instantly on every keystroke. Nothing you type is transmitted.
What this result does not account for
- Results are a model, not a quotation — an institution's own figures govern.
- Every input is an assumption; change one and the answer changes with it.
- Rounding is applied only at the display layer, so totals may differ by a cent from a statement that rounds each line.
In short: VA loans require no deposit and charge no monthly mortgage insurance, funded instead by a one-time fee of 1.25% to 3.3% depending on service and prior use. At 2.15% on a $420,000 home the fee is $9,030.00, giving a $429,030.00 loan and $2,711.76 of principal and interest.
Formula
The funding fee replaces mortgage insurance entirely. It is a one-time charge, normally financed, and is waived for veterans with a service-connected disability rating.
Worked Example
- No deposit. The full $420,000 is financed.
- Funding fee. 2.15% first-use with zero down = $9,030.00.
- Total loan. $420,000 + $9,030.00 = $429,030.00.
- Principal and interest. At 6.5% over 360 months, $2,711.76.
- Add escrow. $385.00 tax and $150.00 insurance give $3,246.76.
Analyst note. The absent mortgage insurance is worth roughly $182.88 a month against a comparable conventional loan, which more than offsets the interest on the financed funding fee. If you hold a service-connected disability rating the fee is waived entirely, making this decisively the cheapest route to ownership available.
Strengths & Limits Of This Model
Where this engine is strong
- Runs entirely in your browser — no figure you type is transmitted or stored.
- Shows the full working, so every number can be traced and challenged.
- Free, unmetered and free of affiliate incentives.
Where it stops
- Generalised assumptions cannot capture every individual circumstance.
- Jurisdiction-specific rules and mid-year changes may not be reflected.
- A model output is not a substitute for a professional review of your position.
Practical Use Cases
Buying with no savings for a deposit
VA is the only mainstream zero-deposit loan without mortgage insurance. Compare the payment against an FHA alternative using the FHA Loan Calculator.
Deciding whether to make a deposit anyway
A 5% deposit cuts the funding fee from 2.15% to 1.5%. Enter both and compare, then check the affordability envelope with the Mortgage Affordability Calculator.
Second or subsequent use of the entitlement
The fee rises to 3.3% on subsequent use with no deposit, which is $13,860.00 here. That changes the arithmetic materially, so re-run it rather than assuming the first-use figure.
Methodology & Editorial Standards
The funding fee is applied to the base loan at the user-supplied rate and financed into the balance, which is standard practice. Default is 2.15%, the first-use rate with no deposit for regular military; subsequent use with no deposit is 3.3%, and deposits of 5% and 10% reduce the fee at both tiers. The fee is waived entirely for veterans receiving compensation for a service-connected disability, which is modelled by entering zero. No mortgage insurance is charged at any loan-to-value, which is the defining economic feature of the programme; the insurance-saved figure benchmarks against a conventional premium of 0.55% for comparison only. VA loans have no statutory maximum for borrowers with full entitlement. The engine implements the standard published formula for this calculation. Inputs are validated for domain and sign before evaluation, and any undefined case returns an em-dash rather than a spurious value.
Computation runs in IEEE-754 double precision at full internal precision; rounding to two decimal places occurs strictly at the display layer, so no cumulative drift enters the result. All monetary outputs use accounting presentation — grouped thousands, two decimals, negatives in parentheses — so figures can be transcribed directly into a model or working paper. Division-by-zero and out-of-domain inputs return an em-dash rather than a misleading number.
This engine was reconciled against an independent reference implementation and hand-verified for the worked example above before release. Our full five-stage review process is published on the About Us page.
Disclaimer. This calculator is provided for informational and modelling purposes only and does not constitute financial, tax, legal, medical, or engineering advice. Verify all figures with a qualified professional before acting on them.
VA Loan Calculator — 20 Expert FAQs
20 analyst-written answers to the questions practitioners actually ask — optimised for voice and answer-engine retrieval.
Do VA loans really require no down payment?
Yes, for borrowers with full entitlement there is no deposit requirement and no statutory loan limit. The full $420,000 is financed in this example, plus the funding fee.
How much is the VA funding fee?
2.15% for first use with no deposit, rising to 3.3% on subsequent use. Deposits reduce it: 5% down cuts first use to 1.5%, and 10% down to 1.25%. Here 2.15% of $420,000 is $9,030.00.
Who is exempt from the funding fee?
Veterans receiving compensation for a service-connected disability, those entitled to it but receiving retirement pay instead, and surviving spouses of veterans who died in service. Enter zero to model this.
Do VA loans have mortgage insurance?
No, none at all, at any loan-to-value. This is the programme's central advantage and is worth around $182.88 monthly against a comparable conventional loan requiring PMI.
Can the funding fee be paid in cash?
Yes, though most borrowers finance it. Paying cash avoids roughly thirty years of interest on the fee but raises cash at closing by $9,030.00 in this example.
Is there a VA loan limit?
Not for borrowers with full entitlement. Limits apply only if you have an existing VA loan or previously defaulted on one, in which case remaining entitlement determines the zero-deposit ceiling.
Can I use a VA loan more than once?
Yes, the entitlement is restored once a prior VA loan is repaid, and in some cases two can be held simultaneously. The funding fee rises to 3.3% for subsequent use with no deposit.
Are VA rates lower than conventional?
Typically slightly, because the government guarantee reduces lender risk. Combined with the absence of mortgage insurance, the effective cost advantage is usually substantial.
Can I use a VA loan for an investment property?
No. The property must be your primary residence. Multi-unit properties up to four units are permitted provided you occupy one of them, which is a legitimate route into small-scale property investment.
What is a VA IRRRL?
The Interest Rate Reduction Refinance Loan, a streamlined VA-to-VA refinance with minimal documentation and a reduced funding fee of 0.5%. It is one of the cheapest refinance mechanisms available.
Do VA loans have closing costs?
Yes, though the VA limits which fees a veteran may pay and prohibits certain charges outright. Sellers are permitted to pay up to 4% in concessions, which can cover most of the cost.
Does a VA loan take longer to close?
Not materially in current practice. The VA appraisal includes minimum property requirements that can surface repair demands, which is the most common source of delay rather than the underwriting itself.
Is this va loan calculator free to use?
Yes. It is free, requires no account, and has no usage limits. ApexConverter is funded by contextual advertising, never by selling user data.
Is my data sent to a server?
No. The engine runs as Vanilla JavaScript inside your browser under our Zero-Server Client-Side Execution model. Your figures are computed locally and are never transmitted, logged, or stored.
How accurate is this calculator?
It applies the standard closed-form formula in IEEE-754 double precision, rounding only at the display layer. The engine is reconciled against an independent reference implementation before release.
Does it work on mobile?
Yes. The interface is mobile-first with numeric keypad hints and is tested down to a 320-pixel viewport with no horizontal scrolling.
Can I use it offline?
Largely, yes. Because computation is client-side, the page continues to calculate without a network connection once it has loaded.
Which currency does it use?
Amounts display in US$ accounting format, but the underlying mathematics is currency-agnostic. The result is identical in any currency, so simply read the figures in your own.
Why does a result show an em-dash?
An em-dash indicates the calculation is not defined for the inputs given — typically a division by zero or a value outside the valid domain. We show a dash rather than a misleading number.
How do I report an error?
Email apexconverter.praxiscalc@gmail.com with the tool URL, your exact inputs, the output received and the output you expected. Verified mathematical errors are patched within 72 hours.