Disclaimer: The information provided by this calculator is for illustrative purposes only and should not be considered as financial advice. Results are based on user-input data and standard calculations. Actual loan terms, interest rates, funding fees, and other financial parameters may vary.
VA Loan Calculator
Effortlessly estimate your monthly mortgage payments with a VA Loan and discover your homebuying power with our easy-to-use VA Loan calculator
Your Estimated Monthly Payment
Monthly Tax Paid:
Monthly Home Insurance:
Monthly HOA Fees:
Total Interest Paid:
Funding Fee:
BAH:
Loan Calculation
- Monthly Payment
- Monthly Tax
- Monthly Home Insurance
- Monthly HOA Fees
- BAH Amount
What Makes VA Loans Different from Conventional Loans?
VA Loans have several advantages over Conventional Loans, including no down payment requirements, no private mortgage insurance (PMI), and competitive interest rates. These benefits are designed to make homeownership more accessible for those who have served our country.
Do I Qualify for a VA Loan?
Eligibility for a VA Loan is based on factors like length of service, duty status, and discharge conditions. Veterans, active-duty service members, and select military spouses with a valid Certificate of Eligibility (COE) may qualify. Using our VA Loan affordability calculator is the first step, and speaking with a DSLD Mortgage Loan Officer can help verify your eligibility.
About the VA Loan Calculator
This VA Loan Calculator is designed specifically to give you a comprehensive overview of your potential loan, allowing you to estimate your monthly mortgage payments precisely. From the home’s value to detailed VA specifics, we’ve created this calculator to account for every aspect of your military service and homebuying needs.
How Does the VA Loan Calculator Work?
To use the VA Loan mortgage calculator, enter details about the loan amount, your down payment (if any), interest rate, and the term of the loan. The calculator also has inputs for property taxes, homeowners’ insurance, and any applicable HOA fees. For military service details, you can specify your type of service and whether you’re receiving Basic Allowance for Housing (BAH).
Below is a detailed table that outlines these inputs, allowing you to accurately project the costs associated with purchasing or refinancing a home through a VA Loan.
Refers to the anticipated market price of the property, not factoring in any initial deposit. This figure is pivotal for determining the potential amount of the loan.
The down payment is the upfront payment made at the time of purchase, which is applied towards the property’s price. Although not mandated for VA Loans, making an initial payment can lessen the VA funding fee (if applicable) and diminish monthly financial obligations
Indicates the cost associated with borrowing funds, including the Annual Percentage Rate (APR) that encompasses estimated closing costs and additional fees, reflecting the genuine cost of the loan. These rates serve an educational purpose and may vary.
Specifies the time frame chosen for repaying the loan, commonly in spans of 15 or 30 years. This duration influences the monthly installment amount and the aggregate interest paid throughout the loan’s term.
The borrower’s creditworthiness, as indicated by their credit score, significantly influences the offered interest rate. Providing an estimated credit score can lead to a more accurate calculation of loan payments.
Identifies the loan’s purpose, distinguishing between options for buying and refinancing under VA Loans, which influences the calculation related to the VA funding fee. This calculator is also suitable for refinancing scenarios, including cash-out and IRRRLs.
This section is primarily about the VA funding fee, which varies depending on exemption qualifications and whether the loan is a first or subsequent use. Exemptions apply under certain conditions, such as a disability, receipt of a Purple Heart, or being a surviving spouse.
Why Should I Use a VA Loan Calculator?
Using our dedicated VA home loan mortgage calculator helps you understand how much you can afford to borrow and what your monthly payments might be with a VA Loan. It’s a crucial step in planning your budget and determining how a VA Loan fits into your homebuying journey.
Can the VA Loan Calculator Estimate My Funding Fee?
Yes, the calculator includes an option to input the VA funding fee, which is calculated as a percentage of the loan amount. This fee varies depending on factors like your military service, loan type, and whether it’s your first VA Loan. The calculator can auto-calculate this fee based on your inputs regarding previous VA Loan usage and disability status.
What Costs Can I Expect with a VA Loan?
While VA Loans do not require a down payment or PMI, borrowers might still incur costs such as the VA funding fee, property taxes, homeowner’s insurance, and any applicable HOA fees. Our VA Loan calculator allows you to input and estimate these costs for a more comprehensive view of your potential monthly payment.
How Accurate Is the Mortgage Calculator for VA Loans?
The VA Loan calculator provides an estimate based on the information you provide. For more accurate and personalized information, we recommend requesting a free loan consultation with a DSLD Loan Officer, who can consider your financial situation and current market conditions.
Explore Our Other Calculators
Besides our VA Loan Calculator, check out our other handy tools to help you on your way to owning a home.
Our BAH Calculator is great for military folks to figure out their housing allowance and plan their budget. Also, try our Conventional Mortgage Calculator to see how much you can spend on a new home based on your finances. These tools give you the info you need to make smart housing choices confidently.
BAH Loan Calculator
- Tailored for military personnel, providing clear insights into Basic Allowance for Housing entitlements.
- Helps in effective budgeting for housing expenses, ensuring financial stability.
- User-friendly interface for quick and accurate calculations.
Conventional Mortgage Calculator
- Offers a personalized assessment of your buying power based on your financial situation.
- Helps identify a comfortable price range for your new home, preventing financial strain.
- An Easy-to-use tool that factors in various financial indicators for precise results.
