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. Free online calculator with formula guide and step-by-step results.

✓ Formula verified: January 2026For informational purposes only

VA Loan Calculator

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Enter Values

Home Price*The purchase price of the home. VA loans have no maximum loan amount with full entitlement, but lenders may impose their own limits.

Down Payment InputChoose whether to enter your down payment as a dollar amount or as a percentage of the home price. VA loans allow 0% down.

Down PaymentVA loans allow 0% down. Enter 0 to see the full VA benefit.

Loan Term*30-year term has lower monthly payments but higher total interest. 15-year term saves tens of thousands in interest but requires higher monthly payments.

Interest Rate*VA rates are typically 0.25-0.50% lower than conventional rates. Enter the rate quoted by your VA-approved lender.

VA Loan Use*First use of VA benefit vs. subsequent use affects the funding fee.

Funding Fee ExemptionVeterans receiving service-connected disability compensation or certain surviving spouses are exempt.

How to pay the VA Funding Fee?Most borrowers roll the funding fee into the loan balance to preserve cash.

Annual Property TaxesEnter your estimated annual property tax amount.

Annual Hazard InsuranceHomeowners insurance premium per year.

Monthly HOA FeesMonthly homeowners association dues. Enter 0 if your property has no HOA.

Total Monthly Payment

$3,200.17

Principal & Interest

$2,650.17

VA Funding Fee (2.15%)

▼ $8,600.00

Total Loan Amount (incl. Funding Fee if rolled)

$408,600.00

Private Mortgage Insurance (PMI)

▲ $0.00 — Not required on VA loans

Monthly Property Tax

$400.00

Monthly Insurance

$150.00

What if your home price changes? $360000 → $2,935.15 · $400000 → $3,200.17 · $440000 → $3,465.19

Scenario Comparison

Conservative (5%)

$16,470.09

$6,470.09 interest

Your scenario (7%)

$20,096.61

$10,096.61 interest

Aggressive (10%)

$27,070.41

$17,070.41 interest

High-risk (14%)

$40,224.71

$30,224.71 interest

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VA Loan Analysis

Monthly Payment Breakdown

Principal & Interest

$2,650.1782.8%

Property Tax

$400.0012.5%

Insurance

$150.004.7%

✓

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.

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