VA Mortgage Calculator — VA Funding Fee, No PMI Payment Breakdown
Calculate your VA loan payment including the VA Funding Fee for first vs. subsequent use. Covers disability exemptions, roll-in or upfront fee options, and conventional loan comparison with PMI.
VA Loan Calculator
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Monthly Property Tax
$400.00
Monthly Insurance
$150.00
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Monthly Payment Breakdown
No PMI Required — VA Loan Benefit
VA Funding Fee Detail
Funding Fee Breakdown
| Base Loan Amount | $400,000.00 |
| + VA Funding Fee (2.15%) | +$8,600.00 |
| = Total Loan Balance | $408,600.00 |
Rolled into loan balance
The funding fee is financed — your loan balance increases by $8,600.00, adding approximately $55.78/month to your P&I payment.
VA vs. Conventional — Same Home
How VA compares to conventional financing options at the same interest rate.
| Item | VA Loan | Conventional (20% down) | Conventional (5% down) |
|---|---|---|---|
| Down Payment | $0 | $80K | $20K |
| PMI / Month | $0 — None | $0 — None | $221.67 |
| Funding Fee (one-time) | $8,600.00 | None | None |
| Monthly P&I | $2,650.17 | $2,075.51 | $2,464.67 |
| Total Monthly (P&I + PMI) | $2,650.17 | $2,075.51 | $2,686.34 |
PMI assumed at 0.7% annually for 5%-down conventional. Same interest rate used for all columns. P&I only — does not include tax, insurance, or HOA.
Down Payment Impact on Funding Fee
Funding fee rate at different down payment levels for first-time VA loan use.
| Down Payment | Fee Rate | Funding Fee $ | Total Loan |
|---|---|---|---|
| 0% CURRENT | 2.15% | $8,600.00 | $408,600.00 |
| 5% | 1.50% | $5,700.00 | $385,700.00 |
| 10% | 1.25% | $4,500.00 | $364,500.00 |
Based on first-time VA loan use. Funding fee rolled into loan for total loan calculation.
VA Loan Key Advantage
VA loans have no PMI requirement. A conventional borrower with 5% down on a $400K home would pay approximately $221.67/month in PMI alone — that is $31,920.00 per year in insurance that builds no equity. VA borrowers pay a one-time funding fee instead.
The Formula
VA loans use the standard mortgage amortization formula with some unique additions. The monthly payment includes principal and interest on the total loan amount (which may include the rolled-in VA Funding Fee). The key difference from conventional loans: no PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. requirement, a one-time VA Funding Fee that replaces PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower., and typically competitive interest rates. The Funding Fee rate depends on your down payment percentage and whether it is your first or subsequent use of VA loan benefits.
Variable Definitions
One-Time Fee
Replaces monthly PMI. First use with 0% down: 2.15%. First use with 5-10% down: 1.50%. First use with 10%+ down: 1.25%. Subsequent use with 0% down: 3.30%. Veterans with service-connected disabilities are exempt.
No Private Mortgage Insurance
Unlike conventional loans, VA loans never require PMI — regardless of down payment size. This saves $100–$300/month compared to a conventional loan with less than 20% down.
Zero Down Payment Option
VA loans allow eligible borrowers to finance 100% of the home price. This is the only major mortgage program that offers true 0% down without requiring PMI or paying a higher rate.
How to Use This Calculator
- 1
Enter the home price and choose how to input your down payment (dollar or percentage). Try 0% to see the full VA benefit.
- 2
Select your loan term (15 or 30 years) and enter the interest rate you have been quoted.
- 3
Indicate whether this is your first VA loan use or a subsequent use — this affects the Funding Fee rate.
- 4
If you have a service-connected disability rating of 10% or more, toggle the Funding Fee Exemption to "Exempt."
- 5
Optionally enter property tax, insurance, and HOA estimates for a complete monthly payment picture.
Common Applications
- Calculate the monthly payment on a VA home loan including the funding fee to understand the true cost of zero-down mortgage financing.
- Compare VA loans against conventional mortgages by modeling the savings from no PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. and no minimum down payment requirements.
- Determine how a service-connected disability exemption from the VA funding fee affects your total loan cost and monthly payment.
VA loans offer zero down payment, no PMI, and competitive rates -- the single best mortgage program for eligible veterans
Understanding the Concept
VA loans offer exceptional benefits that no other mortgage program matches: no PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. requirement (saving $100–$300/month vs. conventional loans with less than 20% down), no minimum down payment required, and competitive interest rates often below conventional rates. The VA Funding Fee replaces PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. — it is a one-time fee paid at closing or rolled into the loan. For first-time VA loan users putting 0% down, the fee is 2.15% of the loan amount. Veterans with a service-connected disability rating of 10% or more are fully exempt from this fee. The ability to finance 100% of the home price without PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. is the single biggest advantage of VA loans. On a $400,000 home, a conventional loan with 5% down would require about $250/month in PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. and a $20,000 down payment. A VA loan with 0% down requires no PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. and no down payment — just the Funding Fee (which can be rolled into the loan). Over 5 years, the VA loan saves roughly $15,000 in PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. and upfront cash.
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