Plan Your Homeownership Budget with a VA Loan Calculator
Our calculator is user-friendly and helps you estimate your VA loan payments quickly. Follow these steps to get started:
- Enter the home price for the property you’re considering.
- Input your down payment amount (optional, as VA loans often require none).
- Select your loan term (15 or 30 years).
- Adjust the interest rate based on current market rates or your pre-approval.
- Choose your military status to determine VA Funding Fee eligibility.
- Indicate prior VA loan use (first or subsequent).
- Estimate annual property tax rate based on local rates.
- Enter annual homeowners insurance costs (consult an insurance agent for accuracy).
- Use advanced options for HOA fees, joint loans, or income/debt details for DTI calculations.
Factors Affecting Your VA Loan Payments
Several elements influence your monthly VA loan payment and total costs:
The purchase price is the home’s cost, and the base loan amount is this price minus any down payment. A higher price increases your loan and monthly payments.
While not required, a down payment reduces your loan amount, lowering monthly payments and potentially the VA Funding Fee. For example, a $15,000 down payment on a $300,000 home reduces the loan to $285,000.
This one-time fee (1.5%–3.6%) funds the VA loan program. It varies by military status, prior VA loan use, and down payment size. Veterans with service-connected disabilities or surviving spouses receiving DIC are exempt, saving thousands.
Property taxes, set by local governments, and homeowners insurance, required by lenders, are typically paid monthly via an escrow account. Both vary by location and home value, directly impacting your payment.
Lower interest rates reduce monthly payments and total interest. Shorter loan terms (e.g., 15 years) increase monthly payments but decrease total interest, while longer terms (e.g., 30 years) lower monthly payments but increase total interest.
Lowering Your Debt-to-Income (DTI) Ratio
A DTI ratio below 41% is ideal for VA loan approval. If yours is high, consider these strategies:
- Pay Off Debt: Reduce credit card or loan payments to lower monthly obligations.
- Increase Income: Include side hustles or VA benefits to boost monthly income.
- Lower Home Price: Choose a less expensive home to reduce your loan amount.
- Increase Down Payment: Pay more upfront to decrease your loan and funding fee.
- Shop for Lower Rates: Secure a lower interest rate to reduce principal and interest payments.
- Choose Lower Tax/Insurance Areas: Select properties with lower property taxes or insurance costs.
- Avoid HOA Fees: Opt for homes without homeowners association fees.
Frequently Asked Questions About VA Loan Calculator
A VA Loan Calculator estimates monthly mortgage payments for veterans, service members, and surviving spouses, factoring in home price, interest rate, loan term, VA Funding Fee, taxes, and insurance.
The VA Funding Fee is a one-time fee (1.5%–3.6% of the loan) that supports the VA loan program. It’s waived for veterans with service-connected disabilities or surviving spouses receiving DIC.
A down payment reduces your loan amount, potentially lowering monthly payments and the VA Funding Fee. VA loans typically require no down payment for eligible borrowers.
Key factors include home price, down payment, interest rate, loan term, VA Funding Fee, property taxes, homeowners insurance, and HOA fees (if applicable).
Lower your DTI by paying off debts, increasing income, choosing a lower-priced home, increasing your down payment, securing a lower interest rate, or selecting a property with lower taxes or no HOA fees.
Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
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