Mortgages / VA Loan Calculator
VA Loan Calculator
Use our VA home loan calculator to estimate your monthly mortgage payment with taxes and insurance. Simply enter the purchase price of the home, your down payment and details about the loan to calculate your VA loan payment breakdown, schedule and more.
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What will your new home cost? Estimate your monthly mortgage payment with our easy-to-use mortgage calculator.
Use our VA home loan calculator to estimate payments for a VA loan for qualifying veterans, active military, and military families.
Your debt-to-income ratio helps determine if you would qualify for a mortgage. Use our DTI calculator to see if you're in the right range.
Interested in refinancing your existing mortgage? Use our refinance calculator to see if refinancing makes sense for you.
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How our VA loan calculator works
Zillow's VA loan calculator provides autofill elements to help you quickly estimate your monthly mortgage payment on a new home. Like most home loans, the mortgage payment on a VA loan includes the principal amount you borrowed and the interest the lender charges for lending you the money. Both of which are represented as P&I on the VA loan calculator breakdown. You can also choose whether to include taxes and insurance in the total monthly payment amount. Learn more about the details used to calculate your va loan payment using the definitions below.
Home price
The amount you paid for a home or plan to pay for a future home purchase. Buying a home with a lower purchase price can help lower the monthly mortgage payment. Enter your home price into the VA loan payment calculator above.
ZIP code
Enter your ZIP code and the calculator will take your county's VA loan limits into consideration to let you know if a down payment is required. As of January 2020, the U.S. Department of Veterans Affairs does not limit the amount you can borrow with a VA loan, but lenders still use loan limits as a guide to lower lending risk.
Property tax
The annual property tax is an estimation based on the home's purchase price. The total is divided by 12 and applied to each monthly mortgage payment. If you know the specific amount of taxes, you can add it as an annual total or percentage.
Home insurance
Homeowners insurance protects your liability as the property owner and insures against hazard, loss, etc. VA lenders will require homeowners insurance before closing on a loan. The annual total is divided by 12 and applied to each monthly mortgage payment.
Down payment
In most cases, VA loans do not require a down payment, but providing one will reduce the amount you need to borrow and reduce the VA funding fee. Adjust the $0 default setting as needed on our VA loan calculator.
Loan program
The VA loan calculator provides 30-year fixed, 15-year fixed and 5-year ARM loan programs. The loan program you choose can affect the interest rate and total monthly payment amount. For example, a 30-year fixed mortgage will have a lower monthly payment than a 15-year fixed but will require you to pay more interest over the life of the loan.
Interst rate
Interest on a mortgage is expressed as a percentage rate and paid to your lender each year for the money borrowed. Our calculator is pre-filled with the current national average VA mortgage rate based on lender quotes on Zillow. Your actual rate will vary based on factors like credit score and down payment. Compare rates from at least three VA lenders to ensure you get the lowest rate.
HOA dues
Homeowners in some developments, townhomes or condominiums may pay a monthly Homeowners Association (HOA) fee to collectively cover maintenance, amenities and some insurance. If applicable, update your monthly HOA costs in the field provided.
What is a VA loan?
A VA loan is a mortgage that is partially backed by the U.S. Department of Veterans Affairs (VA) to provide eligible homeowners and buyers the help needed to buy, build, repair or refinance a home as long as it's a primary residence.
Who is eligible for a VA loan?
Those who have served or are presently serving in the U.S. military may be eligible for a VA-backed loan. This includes:
- Veterans
- Active-duty personnel
- Reserve members
- National Guard member
- Surviving spouses
To qualify for a VA-backed loan, your lender may require you to meet additional standards, such as having suitable credit, sufficient income and a valid Certificate of Eligibility (COE). Find a VA lender near you to get pre-qualified for a VA loan.
Types of VA loans
The VA offers three VA-backed loans and a VA direct loan. The VA direct loan is the Native American Direct Loan (NADL) program, which is financed by the VA, and available to eligible Native American Veterans or Veterans married to a Native American. The other more common VA-backed loans are provided by a private lender, such as banks and mortgage companies. VA-backed loans include:
VA loan benefits
Since lenders tend to view VA-backed loans as less risky, lenders are more likely to give you a mortgage with more favorable terms than other loan programs. These VA loan benefits may include:
- Zero down payment: A down payment is not required, unless you're using remaining entitlement or the property price exceeds county loan limits.
- No mortgage insurance: VA loans do not require monthly mortgage insurance payments.
- Lower interest rate: VA loans typically have lower average interest rates than other loan types.
- Limited closing costs: The VA limits the amount you can be charged for closing costs. And if the seller is willing, they can pay all of your loan-related closing costs as well as up to 4% in concessions.
- No prepayment fees: VA loans do not have prepayment penalties.
- Payment support: If you're struggling to make payments, the VA can negotiate with your lender on your behalf. Alternatively, if you know a qualified military member willing to take over your mortgage, VA loans are assumable without fees.
VA loan limits
A VA loan limit is the amount of money the VA will guarantee to pay your lender if you default on the loan and does not limit how much you can borrow. As of 2020, according to the Department of Veterans Affairs, eligible borrowers who have full entitlement do not have a VA loan limit — meaning if you default on a loan that's over $144,000, the VA will pay up to 25% of the loan amount. In order to have full entitlement, you must meet at least one of the following requirements:
- You have not used your home loan benefit.
- You have paid a previous VA loan in full and sold the property (restoring your full entitlement).
- You have used your home loan benefit, but had a foreclosure or compromised claim (i.e. short sale) and repaid the VA in full.
If you have remaining entitlement, your VA loan limit is based on the county loan limit where you live. You may have remaining entitlement if any of the following statements are true:
- You have an active VA loan you're still paying back
- You paid a previous VA loan in full and still own the home.
- You refinanced your VA loan into a non-VA loan and still own the home.
- You had a compromise claim or short sale on a previous VA loan and didn't repay the VA in full.
- You had a deed in lieu of foreclosure on a previous VA loan and transferred the home's title to the bank that holds your mortgage to avoid foreclosure.
- You had a foreclosure on a previous VA loan and did not repay the VA in full.
With remaining entitlement, if you default on the loan, the VA will pay your lender up to 25% of the county loan limit minus the amount of entitlement you've already used. You can use the remaining entitlement on its own or combine it with a down payment to take out another VA loan.
VA funding fee
Almost all eligible VA loan borrowers (veterans, active-duty service members, and National Guard and Reserve members) are required to pay a one-time funding fee to help keep the loan program running and keep the costs of the loan lower for taxpayers. Some veterans with a service-related disability may be exempt. The funding fee can be paid up front at closing or financed into your loan. Here's a look at the VA funding fee rates by loan type based on data from the Department of Veterans Affairs that went into effect January 1, 2020.
Purchase and construction loans
For VA-backed purchase and construction loans, your funding fee rate will be based on your down payment amount and loan usage. If you used a VA-backed loan to purchase a manufactured home in the past, you'll still pay the first-time funding fee rate.
| Down payment | Funding fee (first-time use) | Funding fee (after first use) |
|---|---|---|
| Less than 5% | 2.3% | 3.6% |
| 5% or more | 1.65% | 1.65% |
| 10% or more | 1.4% | 1.4% |
Cash-out refinancing loans
The funding fee rate for VA-backed refinanced loans doesn't change based on your down payment amount. If you purchase a manufactured home, you also only need to pay the first-time use funding fee rate.
| Type of use | Funding fee rate |
|---|---|
| First-time use | 2.3% |
| After first use | 3.6% |
Native American Direct Loan (NADL)
The funding fee for a NADL doesn't change based on your down payment amount or your VA loan usage. The rate only varies whether you use the loan to purchase or refinance a home.
| Type of use | Funding fee rate |
|---|---|
| Purchase | 1.25% |
| Refinance | 0.5% |
Other VA loan types
For all other types of VA loans, the funding fee rate doesn't change based on your down payment amount or your past loan usage.
| Loan type | Funding fee rate |
|---|---|
| Interest Rate Reduction Refinancing Loan (IRRRL) | 0.5% |
| Manufactured home loans (not permanently affixed) | 1% |
| Loan assumptions | 0.5% |
| Vender loan, for purchasing VA-acquired property | 2.25% |
Related Articles
The process for getting a VA mortgage is similar to the traditional mortgage process, with a few differences along the way. Here's a look at the steps you need to take.
Are you considering taking advantage of your VA loan benefit? Here are answers to the most common questions about VA loans.
VA Certificate of Eligibility (COE)
The VA requires all lenders making VA-backed loans to include a COE in their loan approval process. Read on to see how to get your COE.
