Your VA home loan payment, with the funding fee at the rates VA currently charges and no monthly mortgage insurance.
Home and loan
$
%
%
VA funding fee
Taxes and insurance
% / yr
$
$
Your VA payment
Estimated monthly payment
$0
VA funding fee
$0
Principal & interest—
Property tax—
Homeowners insurance—
HOA dues—
Monthly mortgage insurance—
Base loan amount—
Funding fee rate—
Total loan amount—
How this is calculated
Base loan = price − down payment. Funding fee (purchase loans, va.gov, effective April 7, 2023): under 5% down 2.15% first use / 3.3% after first use; 5% or more down 1.5%; 10% or more down 1.25%; 0% if exempt.
If financed, loan amount = base loan + funding fee. Principal and interest use M = P × r(1+r)n ÷ ((1+r)n − 1).
Total monthly payment = principal and interest + property tax + insurance + HOA. VA loans have no monthly mortgage insurance.
VA-backed loans have no required down payment and no monthly mortgage insurance. Instead, most borrowers pay a one-time funding fee, a percentage of the loan amount that depends on your down payment and whether you have used the benefit before. For purchase loans the fee is 2.15% on first use with less than 5% down (3.3% after first use), 1.5% with 5% or more down and 1.25% with 10% or more down, per the VA funding fee table (effective April 7, 2023).
You do not pay the fee if you receive VA compensation for a service-connected disability, are a surviving spouse receiving Dependency and Indemnity Compensation, or meet the other exemptions VA lists, such as active-duty members with a Purple Heart. Most borrowers add the fee to the loan. You still need a Certificate of Eligibility and must meet the lender's credit and income rules; see VA loan basics and compare with the FHA loan calculator.
Common questions
Do VA loans have PMI?
No. VA loans do not charge monthly mortgage insurance, which is one of their biggest savings compared with FHA and low-down-payment conventional loans.
Can I roll the VA funding fee into the loan?
Yes. Most borrowers finance the funding fee, which adds it to the loan balance and the monthly payment. You can also pay it in cash at closing.
Does putting money down lower the funding fee?
Yes. Putting 5% down lowers the purchase fee to 1.5%, and 10% or more lowers it to 1.25%, whether it is your first VA loan or not.