VA Loan Calculator
Estimate your monthly VA home loan payment including the VA funding fee. Supports purchase loans, cash-out refinance, and IRRRL streamline refinance.
What is the VA Funding Fee?
The VA funding fee is a one-time cost that helps fund the VA loan program. Rates vary by loan type and down payment:
- Purchase, first use, 0% down: 2.15%
- Purchase, subsequent, 0% down: 3.3%
- Purchase, 5%+ down: 1.5%
- Purchase, 10%+ down: 1.25%
- IRRRL refinance: 0.5%
Loan Limits
For 2024, VA loans have no maximum limit for eligible borrowers with full entitlement. For those with partial entitlement, the limit is based on the county loan limit set by the FHFA.
Most counties have a limit of $766,550, though high-cost areas may be higher.
Benefits of VA Loans
- No down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates
- Flexible credit requirements
- Limited closing costs
- Assumable by another veteran
Frequently Asked Questions
The VA funding fee is a one-time fee paid to the Department of Veterans Affairs that helps fund the VA loan program. First-time VA borrowers pay 2.15% of the loan amount for purchase loans with zero down payment. The fee varies based on down payment amount and whether you've used a VA loan before. Disabled veterans and surviving spouses may be exempt.
No, one of the biggest benefits of VA loans is that they require no down payment in most cases. However, making a down payment can reduce your VA funding fee — put 5% down to lower the fee from 2.15% to 1.5% for first-time users, or 10% down to lower it to 1.25%.
VA loans typically come in 15-year and 30-year fixed-rate terms. The 30-year term offers lower monthly payments, while the 15-year term saves significantly on total interest over the life of the loan. Some lenders may offer additional term options.
Yes! This calculator supports purchase loans, cash-out refinances, and IRRRL (Interest Rate Reduction Refinance Loan) streamline refinances. The VA funding fee for refinances is different — typically 0.5% for IRRRL and varies for cash-out refinances.