VA Home Loan Mortgage Calculator

About the VA Home Loan Benefit

VA loans allow eligible veterans, active-duty service members and surviving spouses to buy a home with zero down payment and no monthly PMI. In exchange, most borrowers pay a one-time VA funding fee, financed into the loan, which varies by down payment and whether it's your first VA loan.

Disabled veterans receiving VA compensation are exempt from the funding fee. Use the calculator to compare scenarios by adjusting your down payment, exemption status and first-use answer. Learn more about VA loans in Michigan.

Understanding the VA Funding Fee

The VA funding fee is what makes zero-down financing possible without monthly mortgage insurance. It's a one-time charge paid to the VA that offsets the cost of the loan guarantee, and for most borrowers it's rolled into the loan balance rather than paid at closing. The percentage isn't flat: it depends on your down payment and whether this is your first time using your VA entitlement. Put down at least 5% and the fee drops noticeably; put down 10% or more and it drops again. Use a subsequent VA loan with no money down, and the fee runs higher than a first-time use case. The calculator applies the correct tier automatically based on the down payment and first-use answers you select, so you can see the real dollar impact before you lock in a rate.

What Veterans Are Searching For

Do I have to pay the VA funding fee if I'm disabled?

No. Veterans receiving VA disability compensation, and in some cases surviving spouses, are exempt from the funding fee entirely. Select "Yes" under the disabled veteran option above and the calculator removes the fee from your total loan amount.

How much house can I afford with a VA loan?

Since VA loans don't require PMI or a down payment, affordability usually comes down to your debt-to-income ratio and residual income, not how much cash you have saved. Enter a purchase price above and compare the resulting payment against your monthly take-home pay before you start shopping.

Is the VA funding fee the same for every veteran?

No. First-time use with no down payment sits at the higher end of the fee schedule, while a second or later use with a larger down payment sits lower. Reservists and National Guard members are charged at the same rate as active duty and veterans under current VA guidelines.

Can I roll the funding fee into my loan?

Yes, and most borrowers do. Financing the fee avoids an out-of-pocket cost at closing, though it does slightly increase your loan balance and your principal and interest payment. The calculator shows both the fee amount and how it affects your total loan.

VA Loan Calculator FAQ

Do VA loans require a down payment?

No. Eligible veterans, active-duty service members and surviving spouses can finance 100% of the purchase price with no down payment required, though putting money down does reduce your VA funding fee.

Is there PMI on a VA loan?

No. VA loans never require private mortgage insurance, regardless of your down payment. The tradeoff is the one-time VA funding fee most borrowers pay instead.

What counts as a first-time use of VA loan benefits?

If you have never used your VA entitlement to purchase or refinance a home, you qualify for the lower first-use funding fee tier. Veterans who have used and restored their entitlement on a prior VA loan are charged the subsequent-use rate.

Can surviving spouses use this calculator?

Yes. Surviving spouses who qualify for VA loan benefits typically follow the same funding fee exemption as disabled veterans; a loan officer can confirm your eligibility documentation.

Why did my total loan amount go up after I financed the funding fee?

Financing the fee adds it directly to your base loan amount rather than requiring cash at closing. It is a tradeoff between a larger loan balance and a lower amount due at signing.

Riverbank Finance LLC is not part of the VA government entity. The information provided by this VA Home Loan calculator is for illustrative purposes only. The default values are hypothetical and may not be applicable to your individual situation. Speak with a licensed loan officer to review rate and terms that may be available for you. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.