A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs, available to veterans, active-duty service members, and eligible surviving spouses. VA loans offer benefits like no down payment, no PMI, and competitive interest rates.

What is the VA funding fee?

The VA funding fee is a one-time fee paid to the VA that helps fund the loan program. For first-time use with no down payment, it's 2.15% for regular military and 2.4% for Reserves/National Guard. The fee can be financed into the loan.

Who is exempt from the VA funding fee?

Veterans receiving VA disability compensation, those eligible to receive disability compensation but receiving retirement pay, surviving spouses of veterans who died in service or from service-connected disabilities, and Purple Heart recipients serving on active duty are exempt.

Do VA loans require PMI?

No, VA loans do not require Private Mortgage Insurance (PMI), even with no down payment. This is a major benefit that can save borrowers hundreds of dollars per month compared to conventional loans with less than 20% down.

VA Loan Calculator

Calculate your VA mortgage payment for veterans, active-duty service members, and eligible spouses.

VA Home Loan Calculator

Government-backed mortgage with exclusive benefits for those who served

Department of Veterans Affairs

No Down Payment

No PMI Required

Competitive Rates

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VA Funding Fee Exempt! Veterans with service-connected disability, surviving spouses, and Purple Heart recipients are exempt from the VA funding fee.

Property & Loan Details

Home Price ($) Purchase price of the home

Down Payment ($) Optional - VA allows $0 down

Interest Rate (%) Annual interest rate

Loan Term Loan duration

VA Loan Details

Service Type Your military service category

VA Loan Usage First or subsequent VA loan

Funding Fee Exemption Service-connected disability or surviving spouse

Finance Funding Fee? Roll funding fee into the loan

Taxes & Insurance

Annual Property Tax ($) Yearly property tax

Annual Home Insurance ($) Yearly homeowner's insurance

VA Loan Summary

Total Monthly Payment

Principal, Interest, Tax & Insurance

Principal & Interest

Base loan payment

Total Loan Amount

Including funding fee

Total Interest

Over loan term

Monthly Payment Breakdown

Principal & Interest

Property Tax

Insurance

Total Cost Breakdown

Principal (0%)

Interest (0%)

Funding Fee (0%)

Loan Cost Details

Home Price $0

Down Payment -$0

Base Loan Amount $0

VA Funding Fee $0

                    Total Loan Amount
                    $0
                

Total Interest Paid $0

                    Total Cost of Loan
                    $0
                

VA Funding Fee Rates (2024)

Down Payment	First Time Use	Subsequent Use	Your Fee

VA vs Other Loan Types

Loan Type	Down Payment	Monthly PMI/Fee	Monthly Payment	vs VA

Loan Term Comparison

Term	Monthly P&I	Total Interest	Total Cost	vs Current

VA Loan Eligibility

✓

Active Duty: Currently serving or served 90+ consecutive days during wartime

✓

Veterans: Served 181+ days during peacetime or 90+ days during wartime

✓

National Guard: 6+ years of service or 90+ days of active duty

✓

Surviving Spouses: Unremarried spouse of veteran who died in service or from service-connected disability

Amortization Schedule (First 12 Months)

Month	Payment	Principal	Interest	Balance

VA Loan Calculation

Monthly Payment = P&I + Property Tax + Insurance (No PMI!)

Understanding VA Loans

What is a VA Loan?

VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs, designed to help service members, veterans, and eligible surviving spouses become homeowners. The VA guarantee allows lenders to offer favorable terms including no down payment and no PMI.

VA Funding Fee

First Use, 0% Down: 2.15% (Regular) / 2.4% (Reserves)
First Use, 5%+ Down: 1.5%
First Use, 10%+ Down: 1.25%
Subsequent Use, 0% Down: 3.3%
Can be financed into the loan

VA Loan Benefits

No down payment required (100% financing)
No private mortgage insurance (PMI)
Competitive interest rates
Limited closing costs
No prepayment penalty

Funding Fee Exemptions

Veterans receiving VA disability compensation
Veterans eligible for disability but receiving retirement pay
Surviving spouses of veterans
Active duty Purple Heart recipients
Totally disabled before discharge