VA Loan Calculator
A VA home loan lets eligible veterans and service members buy a home with no down payment and no mortgage insurance. This calculator estimates your VA funding fee and monthly payment. Enter the home price, any down payment, whether this is your first VA loan, and your interest rate. The funding fee is a one-time charge (2.15% first use with no down payment, less with a down payment, 3.3% for subsequent use with no down payment); disability-exempt veterans pay none. You can finance the fee into the loan or pay it in cash. The funding fee figures are sourced from the Department of Veterans Affairs.
A $350,000 home with no down payment (first VA loan) has a 2.15% funding fee of $7,525.00, a financed loan of $357,525, and a monthly payment of $2,259.80 (principal + interest at 6.5%).
How the VA loan calculation works
base loan = home price - down payment
funding fee = base loan x fee % (2.15% first use / 3.3% subsequent, no down)
loan amount = base loan + funding fee (if financed)
monthly P&I = loan amortized over the term at your rate
The VA funding fee is a one-time fee charged on VA-guaranteed home loans (it replaces mortgage insurance). For a purchase loan it depends on your down payment and whether this is your first VA loan or a subsequent one: first use is 2.15% (under 5% down), 1.5% (5% to under 10%), or 1.25% (10%+); subsequent use is 3.3% (under 5% down), 1.5%, or 1.25%. Cash-out refinance is 2.15%/3.3%; an IRRRL (streamline refi) is 0.5%. Veterans receiving VA disability compensation are exempt from the funding fee. The fee can be paid in cash or financed into the loan. VA loans require no down payment. Source: U.S. Department of Veterans Affairs.
What the funding fee really costs you
The VA funding fee is the number most borrowers underestimate. On a $350,000 purchase with nothing down, the first-use fee of 2.15% adds $7,525 to the loan. Roll it into the mortgage, as this calculator does by default, and you pay interest on that $7,525 for the full 30 years, quietly turning a one-time charge into a long-run cost of several thousand dollars more. Paying the fee in cash at closing, when you can, is almost always cheaper over the life of the loan.
Two details catch people out. First, the fee is not fixed: putting down 5% drops first use to 1.5%, and 10% down takes it to 1.25%, so a modest down payment can pay for part of itself. Second, the jump on repeat use is steep. A veteran using the benefit a second time with no money down faces 3.3%, not 2.15%, which is $11,550 on the same $350,000 home.
The most valuable line on the page is the exemption. Veterans who receive (or are eligible to receive) VA disability compensation, along with Purple Heart recipients on active duty and many surviving spouses, owe no funding fee at all. If that applies to you, check the exempt box before you compare quotes, because a lender's default estimate will often include a fee you never actually have to pay.
VA loan: frequently asked questions
What is the VA funding fee?
The VA funding fee is a one-time fee on VA-guaranteed home loans that helps keep the program running (it replaces mortgage insurance). For a purchase it is 2.15% of the loan for first use with no down payment, dropping to 1.5% at 5% down and 1.25% at 10% down; subsequent use with no down payment is 3.3%. It can be paid in cash or financed into the loan.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation (or eligible to receive it), Purple Heart recipients on active duty, and surviving spouses receiving Dependency and Indemnity Compensation are exempt. Check the "exempt" box above to remove the fee.
Do VA loans require a down payment?
No. A key benefit of VA loans is no down payment and no private mortgage insurance. A down payment is optional and lowers your funding fee (and your loan amount), but is not required.
How is the VA loan payment calculated?
Your loan amount is the home price minus any down payment, plus the funding fee if you finance it. The monthly principal-and-interest payment is that amount amortized over your term at your interest rate. This tool shows principal and interest only; property tax, insurance, and HOA are extra.
Official sources
- VA funding fee schedule: U.S. Department of Veterans Affairs, as at 15 July 2026.
Reviewed by the CalculatorHub team, edited by James Graham, 15 July 2026. See our methodology. An estimate, not lending advice; your rate and fees are set by your lender and the VA.