A VA mortgage is a home loan guaranteed by the U.S. Department of Veterans Affairs (VA), designed to help active-duty service members, veterans, and eligible surviving spouses buy or refinance a home. VA loans often allow $0 down payment, no monthly private mortgage insurance (PMI), and competitive interest rates.
Home price – enter the total purchase price of the home.
Down payment (optional) – VA loans typically require no down payment, but entering one can lower your costs.
Loan term & rate – choose your loan length (15- or 30-year) and interest rate.
VA funding fee – add a one-time fee required on most VA loans (can be financed). Exemptions apply for some veterans.
Taxes & insurance – enter estimates to see your full payment (PITI).
Principal & Interest (P&I)
VA Funding Fee (if financed)
Estimated Taxes & Insurance
Total Monthly Payment
What is it? A one-time fee charged by the VA to help keep the program sustainable.
How much? The percentage depends on down payment, service history, and whether it’s your first or subsequent VA loan.
Who is exempt? Veterans with a service-connected disability rating, Purple Heart recipients, and certain others may be exempt.
Can it be financed? Yes. Most borrowers choose to roll it into the loan amount.
No down payment required for most borrowers.
No monthly PMI (a big savings compared to FHA or Conventional).
Competitive interest rates, often lower than other loan types.
Flexible credit standards compared to some conventional mortgages.
Assumable loans — future buyers may assume your VA loan at your locked-in rate.
Home price: $300,000
Down payment: $0
Base loan: $300,000
+ VA funding fee (2.3% financed): $6,900 → new loan $306,900
Rate/term: 30-year fixed at an assumed rate
Your monthly payment would include P&I + taxes + homeowners insurance. No monthly PMI applies. Actual results depend on your rate, county taxes, and VA eligibility.
To qualify for a VA loan, you must meet service requirements (length of service, duty status, or discharge type). You’ll also need to provide a Certificate of Eligibility (COE).
While VA loans don’t have strict loan limits anymore for most borrowers, lenders may still cap maximum amounts based on income, credit, and debt-to-income ratios.