home / financial / va mortgage calculator

VA Mortgage Calculator

Monthly Pay: $3,201.46

House Price		$500,000.00
VA Funding Fee (2.15%)		$10,750.00
Down Payment		$0.00
Loan Amount		$510,750.00
Total of 360 Mortgage Payments		$1,152,526.62
Total Interest		$641,776.62
Mortgage Payoff Date		Aug. 2054

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$2,733	$469	$510,281
2	$2,730	$471	$509,810
3	$2,727	$474	$509,336
4	$2,725	$477	$508,859
5	$2,722	$479	$508,380
6	$2,720	$482	$507,898
7	$2,717	$484	$507,414
8	$2,715	$487	$506,927
9	$2,712	$489	$506,438
10	$2,709	$492	$505,946
11	$2,707	$495	$505,451
12	$2,704	$497	$504,954
End of year 1
13	$2,702	$500	$504,454
14	$2,699	$503	$503,951
15	$2,696	$505	$503,446
16	$2,693	$508	$502,938
17	$2,691	$511	$502,427
18	$2,688	$513	$501,914
19	$2,685	$516	$501,398
20	$2,682	$519	$500,879
21	$2,680	$522	$500,357
22	$2,677	$525	$499,832
23	$2,674	$527	$499,305
24	$2,671	$530	$498,775
End of year 2
25	$2,668	$533	$498,242
26	$2,666	$536	$497,706
27	$2,663	$539	$497,167
28	$2,660	$542	$496,626
29	$2,657	$545	$496,081
30	$2,654	$547	$495,534
31	$2,651	$550	$494,983
32	$2,648	$553	$494,430
33	$2,645	$556	$493,874
34	$2,642	$559	$493,314
35	$2,639	$562	$492,752
36	$2,636	$565	$492,187
End of year 3
37	$2,633	$568	$491,619
38	$2,630	$571	$491,047
39	$2,627	$574	$490,473
40	$2,624	$577	$489,896
41	$2,621	$581	$489,315
42	$2,618	$584	$488,731
43	$2,615	$587	$488,145
44	$2,612	$590	$487,555
45	$2,608	$593	$486,962
46	$2,605	$596	$486,366
47	$2,602	$599	$485,766
48	$2,599	$603	$485,164
End of year 4
49	$2,596	$606	$484,558
50	$2,592	$609	$483,949
51	$2,589	$612	$483,336
52	$2,586	$616	$482,721
53	$2,583	$619	$482,102
54	$2,579	$622	$481,480
55	$2,576	$626	$480,854
56	$2,573	$629	$480,225
57	$2,569	$632	$479,593
58	$2,566	$636	$478,957
59	$2,562	$639	$478,318
60	$2,559	$642	$477,676
End of year 5
61	$2,556	$646	$477,030
62	$2,552	$649	$476,380
63	$2,549	$653	$475,728
64	$2,545	$656	$475,071
65	$2,542	$660	$474,411
66	$2,538	$663	$473,748
67	$2,535	$667	$473,081
68	$2,531	$670	$472,411
69	$2,527	$674	$471,737
70	$2,524	$678	$471,059
71	$2,520	$681	$470,378
72	$2,517	$685	$469,693
End of year 6
73	$2,513	$689	$469,004
74	$2,509	$692	$468,312
75	$2,505	$696	$467,616
76	$2,502	$700	$466,916
77	$2,498	$703	$466,213
78	$2,494	$707	$465,505
79	$2,490	$711	$464,794
80	$2,487	$715	$464,080
81	$2,483	$719	$463,361
82	$2,479	$722	$462,639
83	$2,475	$726	$461,912
84	$2,471	$730	$461,182
End of year 7
85	$2,467	$734	$460,448
86	$2,463	$738	$459,710
87	$2,459	$742	$458,968
88	$2,455	$746	$458,222
89	$2,451	$750	$457,472
90	$2,447	$754	$456,718
91	$2,443	$758	$455,960
92	$2,439	$762	$455,198
93	$2,435	$766	$454,432
94	$2,431	$770	$453,661
95	$2,427	$774	$452,887
96	$2,423	$779	$452,108
End of year 8
97	$2,419	$783	$451,326
98	$2,415	$787	$450,539
99	$2,410	$791	$449,748
100	$2,406	$795	$448,952
101	$2,402	$800	$448,153
102	$2,398	$804	$447,349
103	$2,393	$808	$446,541
104	$2,389	$812	$445,728
105	$2,385	$817	$444,912
106	$2,380	$821	$444,090
107	$2,376	$826	$443,265
108	$2,371	$830	$442,435
End of year 9
109	$2,367	$834	$441,600
110	$2,363	$839	$440,761
111	$2,358	$843	$439,918
112	$2,354	$848	$439,070
113	$2,349	$852	$438,218
114	$2,344	$857	$437,361
115	$2,340	$862	$436,499
116	$2,335	$866	$435,633
117	$2,331	$871	$434,762
118	$2,326	$875	$433,887
119	$2,321	$880	$433,006
120	$2,317	$885	$432,122
End of year 10
121	$2,312	$890	$431,232
122	$2,307	$894	$430,338
123	$2,302	$899	$429,438
124	$2,297	$904	$428,535
125	$2,293	$909	$427,626
126	$2,288	$914	$426,712
127	$2,283	$919	$425,793
128	$2,278	$923	$424,870
129	$2,273	$928	$423,942
130	$2,268	$933	$423,008
131	$2,263	$938	$422,070
132	$2,258	$943	$421,126
End of year 11
133	$2,253	$948	$420,178
134	$2,248	$954	$419,225
135	$2,243	$959	$418,266
136	$2,238	$964	$417,302
137	$2,233	$969	$416,333
138	$2,227	$974	$415,359
139	$2,222	$979	$414,380
140	$2,217	$985	$413,395
141	$2,212	$990	$412,406
142	$2,206	$995	$411,410
143	$2,201	$1,000	$410,410
144	$2,196	$1,006	$409,404
End of year 12
145	$2,190	$1,011	$408,393
146	$2,185	$1,017	$407,377
147	$2,179	$1,022	$406,355
148	$2,174	$1,027	$405,327
149	$2,169	$1,033	$404,294
150	$2,163	$1,038	$403,256
151	$2,157	$1,044	$402,212
152	$2,152	$1,050	$401,162
153	$2,146	$1,055	$400,107
154	$2,141	$1,061	$399,046
155	$2,135	$1,067	$397,979
156	$2,129	$1,072	$396,907
End of year 13
157	$2,123	$1,078	$395,829
158	$2,118	$1,084	$394,745
159	$2,112	$1,090	$393,656
160	$2,106	$1,095	$392,560
161	$2,100	$1,101	$391,459
162	$2,094	$1,107	$390,352
163	$2,088	$1,113	$389,239
164	$2,082	$1,119	$388,120
165	$2,076	$1,125	$386,995
166	$2,070	$1,131	$385,864
167	$2,064	$1,137	$384,727
168	$2,058	$1,143	$383,583
End of year 14
169	$2,052	$1,149	$382,434
170	$2,046	$1,155	$381,279
171	$2,040	$1,162	$380,117
172	$2,034	$1,168	$378,949
173	$2,027	$1,174	$377,775
174	$2,021	$1,180	$376,595
175	$2,015	$1,187	$375,408
176	$2,008	$1,193	$374,215
177	$2,002	$1,199	$373,016
178	$1,996	$1,206	$371,810
179	$1,989	$1,212	$370,598
180	$1,983	$1,219	$369,379
End of year 15
181	$1,976	$1,225	$368,153
182	$1,970	$1,232	$366,922
183	$1,963	$1,238	$365,683
184	$1,956	$1,245	$364,438
185	$1,950	$1,252	$363,186
186	$1,943	$1,258	$361,928
187	$1,936	$1,265	$360,663
188	$1,930	$1,272	$359,391
189	$1,923	$1,279	$358,112
190	$1,916	$1,286	$356,827
191	$1,909	$1,292	$355,534
192	$1,902	$1,299	$354,235
End of year 16
193	$1,895	$1,306	$352,929
194	$1,888	$1,313	$351,615
195	$1,881	$1,320	$350,295
196	$1,874	$1,327	$348,968
197	$1,867	$1,334	$347,633
198	$1,860	$1,342	$346,291
199	$1,853	$1,349	$344,943
200	$1,845	$1,356	$343,587
201	$1,838	$1,363	$342,223
202	$1,831	$1,371	$340,853
203	$1,824	$1,378	$339,475
204	$1,816	$1,385	$338,090
End of year 17
205	$1,809	$1,393	$336,697
206	$1,801	$1,400	$335,297
207	$1,794	$1,408	$333,889
208	$1,786	$1,415	$332,474
209	$1,779	$1,423	$331,051
210	$1,771	$1,430	$329,621
211	$1,763	$1,438	$328,183
212	$1,756	$1,446	$326,737
213	$1,748	$1,453	$325,284
214	$1,740	$1,461	$323,823
215	$1,732	$1,469	$322,354
216	$1,725	$1,477	$320,877
End of year 18
217	$1,717	$1,485	$319,392
218	$1,709	$1,493	$317,899
219	$1,701	$1,501	$316,399
220	$1,693	$1,509	$314,890
221	$1,685	$1,517	$313,373
222	$1,677	$1,525	$311,848
223	$1,668	$1,533	$310,315
224	$1,660	$1,541	$308,774
225	$1,652	$1,550	$307,224
226	$1,644	$1,558	$305,666
227	$1,635	$1,566	$304,100
228	$1,627	$1,575	$302,526
End of year 19
229	$1,619	$1,583	$300,943
230	$1,610	$1,591	$299,351
231	$1,602	$1,600	$297,751
232	$1,593	$1,608	$296,143
233	$1,584	$1,617	$294,526
234	$1,576	$1,626	$292,900
235	$1,567	$1,634	$291,266
236	$1,558	$1,643	$289,622
237	$1,549	$1,652	$287,970
238	$1,541	$1,661	$286,310
239	$1,532	$1,670	$284,640
240	$1,523	$1,679	$282,961
End of year 20
241	$1,514	$1,688	$281,274
242	$1,505	$1,697	$279,577
243	$1,496	$1,706	$277,871
244	$1,487	$1,715	$276,156
245	$1,477	$1,724	$274,432
246	$1,468	$1,733	$272,699
247	$1,459	$1,743	$270,957
248	$1,450	$1,752	$269,205
249	$1,440	$1,761	$267,444
250	$1,431	$1,771	$265,673
251	$1,421	$1,780	$263,893
252	$1,412	$1,790	$262,103
End of year 21
253	$1,402	$1,799	$260,304
254	$1,393	$1,809	$258,495
255	$1,383	$1,819	$256,677
256	$1,373	$1,828	$254,848
257	$1,363	$1,838	$253,010
258	$1,354	$1,848	$251,163
259	$1,344	$1,858	$249,305
260	$1,334	$1,868	$247,437
261	$1,324	$1,878	$245,559
262	$1,314	$1,888	$243,672
263	$1,304	$1,898	$241,774
264	$1,293	$1,908	$239,866
End of year 22
265	$1,283	$1,918	$237,948
266	$1,273	$1,928	$236,019
267	$1,263	$1,939	$234,081
268	$1,252	$1,949	$232,131
269	$1,242	$1,960	$230,172
270	$1,231	$1,970	$228,202
271	$1,221	$1,981	$226,221
272	$1,210	$1,991	$224,230
273	$1,200	$2,002	$222,228
274	$1,189	$2,013	$220,216
275	$1,178	$2,023	$218,192
276	$1,167	$2,034	$216,158
End of year 23
277	$1,156	$2,045	$214,113
278	$1,146	$2,056	$212,057
279	$1,135	$2,067	$209,990
280	$1,123	$2,078	$207,912
281	$1,112	$2,089	$205,823
282	$1,101	$2,100	$203,723
283	$1,090	$2,112	$201,611
284	$1,079	$2,123	$199,488
285	$1,067	$2,134	$197,354
286	$1,056	$2,146	$195,209
287	$1,044	$2,157	$193,052
288	$1,033	$2,169	$190,883
End of year 24
289	$1,021	$2,180	$188,703
290	$1,010	$2,192	$186,511
291	$998	$2,204	$184,307
292	$986	$2,215	$182,092
293	$974	$2,227	$179,864
294	$962	$2,239	$177,625
295	$950	$2,251	$175,374
296	$938	$2,263	$173,111
297	$926	$2,275	$170,836
298	$914	$2,287	$168,548
299	$902	$2,300	$166,248
300	$889	$2,312	$163,936
End of year 25
301	$877	$2,324	$161,612
302	$865	$2,337	$159,275
303	$852	$2,349	$156,926
304	$840	$2,362	$154,564
305	$827	$2,375	$152,189
306	$814	$2,387	$149,802
307	$801	$2,400	$147,402
308	$789	$2,413	$144,989
309	$776	$2,426	$142,563
310	$763	$2,439	$140,125
311	$750	$2,452	$137,673
312	$737	$2,465	$135,208
End of year 26
313	$723	$2,478	$132,730
314	$710	$2,491	$130,238
315	$697	$2,505	$127,734
316	$683	$2,518	$125,216
317	$670	$2,532	$122,684
318	$656	$2,545	$120,139
319	$643	$2,559	$117,580
320	$629	$2,572	$115,008
321	$615	$2,586	$112,422
322	$601	$2,600	$109,822
323	$588	$2,614	$107,208
324	$574	$2,628	$104,580
End of year 27
325	$560	$2,642	$101,938
326	$545	$2,656	$99,282
327	$531	$2,670	$96,612
328	$517	$2,685	$93,927
329	$503	$2,699	$91,228
330	$488	$2,713	$88,515
331	$474	$2,728	$85,787
332	$459	$2,743	$83,044
333	$444	$2,757	$80,287
334	$430	$2,772	$77,515
335	$415	$2,787	$74,728
336	$400	$2,802	$71,927
End of year 28
337	$385	$2,817	$69,110
338	$370	$2,832	$66,278
339	$355	$2,847	$63,431
340	$339	$2,862	$60,569
341	$324	$2,877	$57,692
342	$309	$2,893	$54,799
343	$293	$2,908	$51,891
344	$278	$2,924	$48,967
345	$262	$2,939	$46,027
346	$246	$2,955	$43,072
347	$230	$2,971	$40,101
348	$215	$2,987	$37,114
End of year 29
349	$199	$3,003	$34,111
350	$182	$3,019	$31,092
351	$166	$3,035	$28,057
352	$150	$3,051	$25,006
353	$134	$3,068	$21,938
354	$117	$3,084	$18,854
355	$101	$3,101	$15,754
356	$84	$3,117	$12,636
357	$68	$3,134	$9,503
358	$51	$3,151	$6,352
359	$34	$3,167	$3,184
360	$17	$3,184	$-0
End of year 30

Year	Interest	Principal	Ending Balance
1	$32,622	$5,796	$504,954
2	$32,238	$6,179	$498,775
3	$31,830	$6,588	$492,187
4	$31,394	$7,023	$485,164
5	$30,930	$7,488	$477,676
6	$30,435	$7,983	$469,693
7	$29,907	$8,511	$461,182
8	$29,344	$9,074	$452,108
9	$28,744	$9,674	$442,435
10	$28,104	$10,313	$432,122
11	$27,422	$10,995	$421,126
12	$26,695	$11,722	$409,404
13	$25,920	$12,497	$396,907
14	$25,094	$13,324	$383,583
15	$24,213	$14,205	$369,379
16	$23,274	$15,144	$354,235
17	$22,272	$16,145	$338,090
18	$21,205	$17,213	$320,877
19	$20,067	$18,351	$302,526
20	$18,853	$19,564	$282,961
21	$17,559	$20,858	$262,103
22	$16,180	$22,237	$239,866
23	$14,710	$23,708	$216,158
24	$13,142	$25,275	$190,883
25	$11,471	$26,947	$163,936
26	$9,689	$28,728	$135,208
27	$7,790	$30,628	$104,580
28	$5,764	$32,653	$71,927
29	$3,605	$34,812	$37,114
30	$1,303	$37,114	$-0

VA loans are mortgages granted to veterans, service members on active duty, members of national guards, reservists, or surviving spouses, guaranteed by the U.S. Department of Veterans Affairs (VA). As long as the person was given a DD 214 document, which proves honorable discharge on good terms, they may qualify. VA loans are intended to help growing populations of homeless veterans in the U.S. find affordable houses. VA loans make up a small portion of all mortgages in the U.S. due to the specific demographic who qualify, but studies have shown that they have the lowest foreclosure rates of all loans.

VA Funding Fee

A VA funding fee is a one-time payment that borrowers typically pay as part of acquiring a VA loan. The fee is a percentage of the loan amount that varies from 0% to 3.3% depending on factors such as the down payment amount, veteran's military experience, type of home, and loan purpose. It is the fee that goes towards the upkeep of the program and is used in the case that a borrower defaults.

For applicants with 10% or more service-related disability (or their surviving spouse), the fee is waived.

The VA funding fee can be financed into the loan amount. All other fees must be paid in cash at closing after negotiations to determine whether the buyers or sellers are responsible for them.

Below is a chart that shows the standard VA funding fee structure:

Down Payment	First Time Use	Second and Subsequent Use
<5%	2.15%	3.3%
5-10%	1.5%	1.5%
≥10%	1.25%	1.25%

There are also other VA Funding Fee rates for different scenarios:

Interest Rate Reduction Refinancing Loans: 0.50%
Also called IRRRL, they can be used to lower interest rates by refinancing existing VA loans. It is also possible to refinance adjustable-rate mortgages (ARM) into fixed-rate mortgages.
Assumptions: 0.50%
A loan assumption allows a third party to step in and take over the remainder of the loan without a new mortgage. Note that the assumer does not have to be a veteran, just as long as they are approved by the lender.
Manufactured Home Loans (Not Permanently Affixed): 1.00%
Manufactured homes, or mobile homes that are not permanently affixed, have a fixed rate of 1.00%.

Other Common Fees Paid at Closing

Aside from the VA funding fee, borrowers will most likely need to pay some closing fees:

Loan Origination Fee—Used to cover administrative costs for processing of VA loans.
Loan Discount Points—Charged in order to receive interest rates lower than current market rates. Two discount points (2%), or less, is considered to be reasonable. Discount points may be paid by either the buyer or seller.
Credit Report—This fee is paid to credit agencies to evaluate the credit history of a potential borrower. It may not be refunded, even if the loan never closes.
Appraisal Fee—Appraisals are formal statements of property value to determine maximum loan amounts obtained without a down payment. Non-refundable even if loan never closes.
Hazard Insurance and Real Estate Taxes—Necessary to insure payment of taxes and insurance during the first year.
Title Insurance—Used to verify there are no outstanding liens against the property.
Recording Fee—Used to record deed on county records.

Certain fees are normally not paid by buyers. These include brokerage fees, real estate commissions, and title insurance.

Pros and Cons of VA Loans

Like any financial product, VA loans have pros and cons.

Pros

The defining feature of any VA loan is that there is no down payment required. There are only a handful of mortgages today that don't require a down payment; the other two are Navy Federal and USDA. In comparison, conventional loans normally require at least 5%, while FHA loans require a bare minimum of 3.5%.
There is no mortgage insurance involved, relieving VA loan borrowers of a big expense.
Sellers and buyers are allowed to negotiate the payment of fees. Sellers can pay portions of or even all of the closing fees, up to 4% of the loan amount. However, they are under no obligation to do so.
VA loans can be used for purchases or refinance on existing loans, and qualified applicants need not be first-time buyers and can reuse their benefits.
Typically, both the interest rates and closing costs are slightly lower than other mortgages.
Because property appraisals are done by the VA, homebuyers are given some peace of mind that they probably will not overpay for a certain home.

Cons

Only applicants given DD 214 documents can qualify for VA loans.
The VA funding fee can be expensive for those not exempted.
VA loans cannot cover projected home improvements, so no fixer-upper homes.
Not all sellers or lenders do business with VA purchasers, and the ones who try to are usually not well-versed in dealing with them because they are not as prevalent as other home loans. There have been reports of erroneous information being passed on and lending representatives lacking in knowledge. It is best to find expert real estate agents or lenders who specialize in VA loans, but options for loans are limited to what they can offer.
VA loans can only be used on primary residences (owner-occupied homes only), not investment properties or empty land.
Relative to other loans, a lot of paperwork must be done at closing for VA loans.

Considering the pros and cons, for anyone who can qualify, VA loans are often the best option. This is especially true for those exempted from VA funding fee and those who plan to put little or no down payment. When comparing the VA loans with another loan, the VA funding fee is the key. Make sure the VA funding fee to be paid is outweighed by the benefits from the VA loan.

Prepayment

Making prepayments can potentially shorten the loan term and reduce the interest payments. In the More Options input section of the calculator is an Extra Payments section to input monthly, yearly, or single payments. Use the results to see how much can be saved by making extra payments in terms of interest paid as well as the reduction in loan term. Note that, making prepayments is not for everybody. Be sure to evaluate your financial situation before making any prepayments.

There are no prepayment penalties or early payoff penalties associated with VA guaranteed loans. According to Title 38 of the Electronic Code of Federal Regulations, "The debtor shall have the right to prepay at any time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or $100, whichever is less."

House Affordability

To determine the house affordability of a VA loan, please use our House Affordability Calculator. In the Debt-to-Income (DTI) Ratio drop-down selection, there is an option called VA Loan.

Although DTI ratio requirements are used by VA lenders as a tool to gauge the risk concerning potential borrowers, if they cannot be met, other possible considerations are reviewed before an application is finally rejected. VA lenders may look at things such as a borrower's history of income or dutiful payments of credit as compensating factors.

	Search