VA home loan payment calculator

VA home loans are loans backed by the U.S. Department of Veterans Affairs (VA) that help eligible servicemembers, veterans and surviving spouses become homeowners. The VA guarantees a portion of the loan, which allows private lenders (banks and mortgage companies) to offer competitive rates and flexible financing terms. These terms may include low-to-no down payments, limited closing costs, potential to finance up to 100% of your home’s purchase price and no private mortgage insurance (PMI). The VA home loan is a lifetime benefit for eligible individuals and can be used multiple times. 

Obtaining a VA loan is much like securing a conventional mortgage but with a few additional steps:

1. Find a VA-approved lender to review mortgage options.
2. Obtain a Certificate of Eligibility (COE) to verify your eligibility to qualify for a VA home loan benefit. COE can be obtained directly through the VA or by your lender during the application process.
3. Review your finances and understand how much house you can afford with the VA mortgage calculator tool on this page and obtain a preapproval from your lender to shop for a home.
4. Shop for and find a home that meets your needs and fits your budget. Make an offer to purchase.
5. Submit any remaining documentation to your lender to complete your VA loan application and final closing requirements. During this time, an appraisal will be completed by a VA-approved appraiser, who will assess the value of the home and determine if the property meets or exceeds VA minimum property requirements.
6. Close on your new home.

There are typically no limitations on how many times you can use your VA loan benefit for buying a home. The amount the VA is willing to guarantee depends on your available remaining entitlement, which is confirmed by the COE. Your VA entitlement can be fully restored through the VA when the previous home you purchased with your VA loan benefit has been sold and the loan has been repaid in full. If you do not intend to sell your home obtained with the previous VA loan, partial entitlement may still be available from the VA to assist in purchasing a new home. The COE will confirm and verify the amount available and eligible for use.

VA loans don’t require private mortgage insurance (PMI) but do require a VA funding fee to help support the overall program. Some veterans may be exempt from paying a funding fee, and exemption is verified on the COE. 

Although VA loan rates are considered competitive compared to some other mortgage types, there are no set interest rates for VA loans. Your interest rate will be determined by your lender, based on current rates and your personal financial profile. You can get an idea of what your interest rate might be by using the above VA loan calculator and getting preapproved.