Broker DaveVA payment calculator
Zero down, and — this is the part that changes the payment — no monthly mortgage insurance at any loan-to-value, for the life of the loan. The VA charges one funding fee and then nothing else. Here's what that does to the number.
The purchase
$0 down · 100.00% LTV
Zero down is the whole point of a VA loan, and unlike every other program here it carries no monthly mortgage insurance at 100% financing.
30 yrs — 360 is a 30-year note, 180 a 15-year.
Escrows
1.10% of the price · $366.67/mo
$200.00/mo
Leave at 0 if there's no association.
VA funding fee
First and subsequent use only price differently under 5% down.
$400,000 loan at 6.125% · 100.00% LTV · 30 yrs
The monthly payment
- Principal & interest
- $2,482.70
- Property taxes
- $366.67
- Homeowners insurance
- $200.00
- Mortgage insurance
- None
- Total payment
- $3,049.36
Loan & cash to close
- Purchase price
- $400,000
- Down payment (0.00%)
- $0
- Base loan amount
- $400,000
- Loan-to-value
- 100.00%
- VA funding fee — 2.15%
- $8,600
- Total loan amount (fee financed)
- $408,600
- Financed loan as a % of value
- 102.15%
- Cash to close
- $0
Cash to close here is the down payment plus any fee you chose not to finance. Title, escrow, appraisal, points and prepaids are separate — those come off a Loan Estimate, not a calculator.
The VA funding fee
- Funding fee rate
- 2.15%
- Funding fee
- $8,600
- Monthly mortgage insurance
- None — at any LTV, for the life of the loan
- Lifetime cost of VA's insurance
- $8,600
This is the single biggest thing a VA loan does for a payment. FHA charges MIP for the life of most loans and USDA charges its annual fee forever; VA charges a one-time fee and then nothing, which is why a VA payment at 100% financing usually beats a conventional payment at 5% down.
Rates are the purchase schedule effective April 7, 2023 (38 U.S.C. 3729, VA Pamphlet 26-7 Ch. 8): 2.15% first use and 3.30% subsequent use under 5% down, 1.50% at 5%, 1.25% at 10% or more. Exempt borrowers pay nothing, and a fee paid before an exemption is granted is refundable.
Amortization schedule
Every payment, with interest, principal, mortgage insurance and the balance — yearly or month by month.
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What a VA loan charges instead of mortgage insurance
First use — 2.15%
With less than 5% down on your first VA loan. Drop to 1.5% at 5% down and 1.25% at 10% or more. The fee can be financed into the loan, and it's the one charge VA lets you roll in above the property's value.
Used it before — 3.3%
Subsequent use costs more, but only under 5% down. Put 5% down on a second VA loan and you're back to 1.5% — the same as a first-time user. That's the cheapest 5% down payment in the business.
Exempt — 0%
No fee at all if you receive VA compensation for a service-connected disability, hold a pre-discharge rating, received a Purple Heart on active duty, or are a surviving spouse receiving DIC.
Why this usually beats everything else
- No monthly MI is not a small edge. On a $400,000 purchase, FHA's annual MIP and conventional PMI each run somewhere between $150 and $300 a month. VA charges zero — so a VA borrower at 100% financing often has a lower payment than a conventional borrower who put 5% down.
- The fee is one-time and financeable. Rolled into the loan it costs you interest, not cash — and if you're exempt, it costs you nothing at all. If you pay it and an exemption is later granted with a retroactive effective date, it's refundable.
- Rates are the current statutory schedule. Effective April 7, 2023, per 38 U.S.C. 3729 and VA Pamphlet 26-7 Chapter 8. Since the Blue Water Navy Act took effect in 2020 there is no longer a separate, higher rate for National Guard and Reserve service.
- What isn't modeled here. Entitlement and county loan limits, residual income, the VA appraisal and its minimum property requirements. Those decide whether you get the loan; this page decides what it costs.
This calculator is educational and is not a loan offer, a rate quote, or a commitment to lend. It is not endorsed by or affiliated with the Department of Veterans Affairs or any government agency. Every figure is an estimate. David Lurvey, NMLS 410420.