Loan Types / VA
VA Loan Calculator
VA loans are a strong benefit for eligible veterans and service members: no down payment and no monthly mortgage insurance. Estimate your payment with the one-time funding fee.
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How VA loans work
A VA loan is backed by the Department of Veterans Affairs for eligible veterans and active-duty service members.
- Down payment: often zero.
- Monthly mortgage insurance: none.
- Funding fee: a one-time fee from 1.25% to 3.30% based on down payment and prior use; waived for many disabled veterans.
- Rates: often competitive thanks to the guarantee.
Why VA is often the lowest cost
With no down payment and no monthly mortgage insurance, an eligible veteran frequently sees a lower monthly payment than any other program. The funding fee is usually financed, and it disappears for exempt borrowers.
Funding fee at a glance
| Down payment | First use | After first use |
|---|
| Less than 5% | 2.15% | 3.30% |
| 5% to 9.99% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% |
Exempt borrowers pay no funding fee.
See your real numbers. The calculator estimates this loan next to every other type, side by side.
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Frequently asked questions
Do VA loans require a down payment?
Usually no. Eligible borrowers can often finance the full purchase price, subject to lender approval.
What is the VA funding fee?
A one-time fee that replaces monthly mortgage insurance, from 1.25% to 3.30% depending on down payment and use. Many disabled veterans are exempt.
Do VA loans have monthly mortgage insurance?
No, which often makes the monthly payment lower than a comparable FHA or low-down conventional loan.
Who is eligible for a VA loan?
Qualified veterans, active-duty service members, and some surviving spouses, confirmed with a Certificate of Eligibility.
Important disclosures. LoanFitCalc is a free educational tool that provides estimates only. It is not a loan, a loan approval, a commitment to lend, a rate lock, or an offer to make a loan, and it does not provide financial, legal, or tax advice or recommend a specific loan for you. Mortgage insurance rates, funding and guarantee fees, loan limits, taxes, and insurance figures are typical published values used for estimation and are subject to change. Program eligibility rules are summarized and simplified. Actual terms depend on your full application, credit, property, and lender underwriting. Consult a licensed mortgage loan originator before making any decision. LoanFitCalc is an independent educational website and is not a lender. ⌂ Equal Housing Opportunity
