VA Mortgage Calculator

Your loan details and usage history — see the funding fee and full monthly payment.

$
%
%
years
Monthly payment
$1,886.87
Funding fee
2.15% ($6,450.00)
Total interest
$372,821.53

VA loans never require monthly mortgage insurance, unlike FHA or low-down-payment conventional loans — the one-time funding fee replaces that ongoing cost entirely.

A worked example

A first-time VA borrower financing $300,000 with no down payment pays a 2.15% funding fee — $6,450 — typically rolled into the loan. At 6.25% over 30 years, that comes to about $1,887 a month, with no separate mortgage insurance added on top.

Frequently asked questions

What's the funding fee actually for?

It helps fund the VA loan program for future veterans, replacing the ongoing mortgage insurance that FHA and low-down-payment conventional loans require. It's typically a one-time cost rather than a recurring monthly one.

Why is the fee higher for a second VA loan?

Subsequent use carries a higher rate (3.30% vs 2.15% with no down payment) since the VA's risk model treats repeat use differently — though a down payment of 5% or more brings both first-time and subsequent rates down to the same level.

Who's exempt from the funding fee?

Veterans receiving VA disability compensation, those eligible for compensation but receiving retirement pay instead, Purple Heart recipients on active duty, and certain surviving spouses.

This calculator provides estimates for general informational purposes only and is not financial advice. Funding fee rates reflect 2026 figures (unchanged since April 2023) and confirm eligibility and exemption status with the VA.