Is a VA loan right for you?
VA loans are government-backed loans intended to help eligible service members, veterans, and military spouses to purchase homes. These loans come with great rates and payment terms, and require no down payment. Are you an active military member, veteran, reservist, or surviving spouse? You may be eligible for a VA loan!
Benefits of a VA loan
- No money down: Purchase or refinance at 100% of the home’s value.
- Fast processing:Â Let our VA team guide you through a fast and easy process.
- Multiple uses: Use your VA loans to purchase property, refinance an existing loan, and even to build or improve your home.
- Save on mortgage insurance: VA loans don’t require mortgage insurance no matter how much deposit you put down.
VA loan eligibility requirements
- Qualifying military member or veteran
- Satisfactory credit
- Sufficient income
- Purchased property must be primary residence
Check out what your monthly payment could be by using our VA Mortgage Calculator...
This calculator is made available to you as an educational tool only and calculations are based on borrower-input information. This is not an advertisement for the above terms, interest rates, or payment amounts. This is not an advertisement to extend credit as defined by Regulation Z nor an application for credit as defined by RESPA/Regulation X.
The information is meant for educational purposes only, the approximate origination charges, and total approximate funds needed to close is just an illustration and may not be accurate to your personal loan scenario. Actual fees and costs and payments may vary. As a result of refinancing, your total finance charges may be higher over the life of the loan. This is not a commitment to lend. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. Monthly Payment does not include taxes and insurance. Your payment obligation will be higher. APR is not shown – see our website for assumptions and loan terms. Certain limitations apply, call for details.
Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. We do not guarantee the accuracy of any information or inputs by users of the software.
Principal & Interest (P&I)
$
Taxes & HOA
$
Homeowners Insurance
$
VA Funding Fee
$
Purchase Price
$
+ VA Funding Fee
$
- Down Payment
$
Total Loan Amount
$
VA Funding Fee
$
Estimated Taxes & Insurance
Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
VA Funding Fee
The VA Funding Fee is paid to the VA to help fund the program and varies depending on type of service, loan amount, down payment and subsequent VA Loan usage. This fee can be paid in cash at closing, but most borrowers choose to roll this cost into their monthly payments. The VA Funding Fee is waived for Veterans entitled to VA compensation for a service-connected disability and surviving spouses of Veterans who died in service or as a result of a service-connected disability.
Amount Financed
Purchase Price (-) Down Payment (+) VA Funding Fee.
Estimated Payment
$ /mo
Loan amount
$
VA Funding fee
$
VA Funding fee percentage
Down payment
$
Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
HOA dues
$
Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
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