Use our free va mortgage calculator to estimate your monthly payments instantly. This tool is designed specifically for Veterans and active-duty military, accounting for the unique VA Funding Fee, 0% down payment options, and disability exemptions.
free va mortgage calculator
free va mortgage calculator Formula
This calculator applies the standard amortization formula to the “Gross Loan Amount,” which is the home price minus down payment, plus the financed VA Funding Fee.
2. Total Loan = Base Loan * (1 + Funding Fee %)
3. M = Total Loan [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Variables
- M: Monthly Payment.
- P: Total Loan Amount (including financed fee).
- Funding Fee: A one-time fee (0% to 3.3%) required by the VA to sustain the loan program, usually rolled into the loan.
- i: Monthly Interest Rate.
Related Calculators
- VA Disability Exempt Calculator
- VA Cash Out Refinance Calculator
- Mortgage Tax Deduction Calculator
- 2-1 Buydown Calculator
What is a Free VA Mortgage Calculator?
A free va mortgage calculator is an online tool that helps Veterans estimate their housing costs without the need for a credit check or login. It specifically handles the nuances of VA loans, such as the lack of Private Mortgage Insurance (PMI) and the addition of the VA Funding Fee.
Standard mortgage calculators often assume a 20% down payment or add PMI, which makes them inaccurate for VA borrowers. This tool provides the correct math for military financing.
How to Calculate VA Mortgage (Example)
- Enter Price: $300,000 home price.
- Down Payment: $0 (0% down).
- Select Status: “First Use” (2.15% fee).
- Result: The fee ($6,450) is added to the loan ($306,450). The calculator computes the payment on $306,450.
Frequently Asked Questions (FAQ)
Yes, this tool is completely free to use, requires no personal information, and is designed solely to help Veterans plan their finances.
No. Most borrowers choose to finance the funding fee, meaning it is added to your total loan balance and paid off over time. This calculator assumes you are financing the fee.
Veterans with a service-connected disability rating of 10% or higher are typically exempt from the funding fee. Select “Service-Related Disability” in the dropdown to see the savings.
No, it calculates Principal and Interest. You should budget extra for property taxes and homeowners insurance, which are usually collected via an escrow account.