Get your monthly payment and the VA funding fee that actually applies to you: first use, subsequent use, or exempt.
Free VA loan estimator for eligible veterans, active-duty service members, and surviving spouses. It applies the correct 2026 funding fee for your prior-use tier and down payment, treats the disability-rating exemption as a real option, and amortizes the fee when you roll it in, so the payment and the total interest are the ones you will actually pay. No PMI, because VA loans never have any.
The VA charges the fee on the base loan amount, then lets you add it on top. Financing $8,062 at 6.5% for 30 years turns it into $18,346 of total cost. That can still be the right call if the cash is worth more to you as reserves, but it is a financing decision, not a free one.
Direct answers to the most common questions, in plain language. Skim if you're in a hurry; dig deeper below.
2.15% first use, 3.3% subsequent use at zero down. $0 if you are exempt.
The funding fee is a one-time charge that replaces mortgage insurance. At zero down it is 2.15% for first use and 3.3% for subsequent use; 5% down cuts both to 1.5% and 10% down cuts both to 1.25%. Pick your situation in the calculator and it applies the right rate to your base loan.
Disability compensation, Purple Heart, or eligible surviving spouse means $0.
Veterans receiving VA disability compensation (or entitled to it but taking retirement pay), Purple Heart recipients on active duty, and qualifying surviving spouses are fully exempt. The calculator has exempt as a first-class option, so you can see the payment with the fee erased instead of guessing.
You pay interest on it for the whole term, often more than the fee itself.
Financing the fee means it is amortized with the rest of the loan. On a $375,000 zero-down first-use purchase at 6.5% over 30 years, the $8,063 fee adds about $51 a month and roughly $10,300 of interest. The calculator shows the financed and cash-at-closing versions side by side so the choice is an informed one.
Never, at any down payment.
VA loans carry no private mortgage insurance and no monthly mortgage insurance premium, even at zero down. The one-time funding fee is the only insurance-style charge, which is why a VA payment usually beats FHA and low-down conventional on the same house.
The mechanics in short answers. No jargon, no upsell.
The lender funds the mortgage, and the Department of Veterans Affairs insures a slice of it. That guarantee is why lenders accept 0% down without charging PMI.
Instead of monthly PMI, you pay a one-time funding fee. It is typically 2.15% first use or 3.3% subsequent use with $0 down, and it can be rolled into the loan.
Principal + interest, property tax, homeowners insurance, and (optionally) HOA. There is no PMI line item to drag the payment up.
VA loans never carry prepayment penalties. Extra principal goes directly against the loan balance and shortens the term.
Worked example: A $375,000 home with $0 down on first use carries a 2.15% funding fee = $8,063, rolled in for a $383,063 loan. At 6.5% over 30 years, P&I is about $2,421; adding $344/mo property tax and $150/mo insurance brings the total to roughly $2,915/mo, with no PMI despite zero down. Rolling the fee in is what adds the last $51/mo, and about $10,300 of interest over the 30 years, so the $8,063 fee really costs about $18,300 unless you pay it at closing.
Uses the current VA purchase funding fee schedule (first use, subsequent use, and the 5% and 10% down-payment tiers). Veterans receiving VA disability compensation, Purple Heart recipients on active duty, and qualifying surviving spouses are exempt entirely. IRRRL streamline refinances use a separate 0.5% fee. Everything runs locally in your browser.
Designed so anyone can model their situation in under a minute, with or without a finance background.
Finance 100% of the purchase price up to your county loan limit, with no PMI ever.
VA loans never charge PMI, saving most borrowers $100–$300 every month for the life of the loan.
VA-backed loans typically price 0.25–0.50% below comparable conventional loans.
VA underwriting weighs residual income heavily, so borrowers with mid-600s FICO scores routinely qualify.
Veterans with a service-connected disability rating, Purple Heart recipients, and qualifying surviving spouses pay $0 funding fee.
You can use your VA entitlement multiple times across a lifetime: buy, sell, and buy again.
Everything you might ask before, during, or after using this tool.
Active-duty service members, veterans, National Guard and Reserve members meeting time-in-service requirements, and certain surviving spouses qualify. You will need a Certificate of Eligibility (COE) from the VA, which most lenders can pull electronically in minutes.
With $0 down, the funding fee is 2.15% of the loan amount for first-time use and 3.3% for subsequent use. The fee drops with a down payment of 5% or 10%. Veterans with a service-connected disability rating, Purple Heart recipients, and qualifying surviving spouses are exempt.
Yes. Most borrowers finance the funding fee on top of the base loan amount. This avoids a large cash outlay at closing but increases your monthly payment slightly and the total interest you pay over the life of the loan.
Veterans with full entitlement (no active VA loan and no prior VA foreclosure) have no loan limit; you can borrow whatever a lender will fund. Borrowers with reduced entitlement are subject to the conforming county loan limits.
No. VA loans never carry private mortgage insurance, regardless of your down payment. The funding fee is paid once and replaces ongoing PMI for the life of the loan.
Yes. Your VA entitlement is reusable. After you pay off a prior VA loan or sell the property, you can restore your entitlement and use it again. Many veterans use VA financing two, three, or more times across their lives.
The VA itself does not set a minimum credit score, but most lenders look for 580–620 at minimum. Stronger scores get better rates. VA underwriting also weighs residual income heavily, so a modest credit score with strong cash flow often still qualifies.
Yes. VA loans prohibit prepayment penalties. You can pay extra toward principal any month, refinance whenever it makes sense, or pay the loan off completely at any time with no charge.
Other Lazysmirk tools that pair well with this one.
FHA payment calculator that finances the 1.75% upfront MIP into the loan and tells you whether your mortgage insurance cancels after 11 years or never.
Calculate your full PITI payment with taxes, insurance, PMI, and HOA, model extra payments, and see the exact date PMI drops off your loan.
Apply the 28/36 rule or FHA/VA presets to your income and debts for a PMI-aware max home price, a comfortable vs. stretch budget, and your binding limit.
Find out if refinancing your mortgage actually saves money. Break-even month, lifetime interest savings, and the term-reset trap, all in one calculator.
Estimate your cash to close in any of the 50 states plus DC: lender fees, title, per-state transfer taxes, prepaids, and seller credits, itemized.
Eligibility hinges on service history. Active-duty members typically qualify after 90 continuous days. Veterans need 90 days during wartime or 181 days during peacetime, with an honorable or general discharge. National Guard and Reserve members generally qualify after 6 years of service, or sooner if activated to federal duty.
Surviving spouses of service members who died in the line of duty, or from a service-connected disability, also qualify in many cases. The Certificate of Eligibility (COE) is the document that proves it; your lender pulls it electronically through the VA portal in most cases.
The funding fee is the VA's version of mortgage insurance, except you pay it once instead of monthly. For purchases with $0 down, the 2026 schedule is 2.15% for first-time use and 3.3% for subsequent use. A 5% down payment drops first-use to 1.5% and subsequent-use to 1.5%. A 10% down payment drops both to 1.25%.
Veterans receiving disability compensation from the VA, those eligible to receive disability compensation but receiving retirement pay instead, Purple Heart recipients on active duty, and qualifying surviving spouses pay no funding fee. If you qualify as exempt, switch the toggle in the calculator; your monthly payment and lifetime cost both drop noticeably.
For eligible veterans, VA is almost always cheaper. FHA requires 3.5% down and charges lifetime mortgage insurance premium (MIP) on most loans, typically 0.55% annual MIP plus a 1.75% upfront premium. That is roughly $170/month on a $375K loan, for the life of the loan.
Conventional loans avoid PMI only at 20% down. Below that, expect 0.3–1.5% annual PMI depending on credit and LTV. VA loans skip both of these, and the funding fee, even at 3.3% subsequent use, is usually less than the lifetime cost of FHA MIP on the same loan. Run both side-by-side in the calculators before you commit.
Two short notes worth reading before you trust any number on this page.
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We are not a bank, NBFC, advisor, broker, or distributor of any financial product. The numbers shown here are estimates for educational purposes only, based on the inputs you provide.
Results are not financial, legal, or tax advice. Please consult a qualified professional before any decision about your loan, investments, or personal finances. Actual loan terms and charges depend on your bank and individual circumstances.
