VA Loan Calculator — Payment and Funding Fee Estimate
Estimate principal and interest, the current official VA purchase-loan funding fee, and an illustrative same-rate FHA comparison.
Source: U.S. Department of Veterans Affairs funding-fee schedule.
Loan Details
VA Loan Breakdown
Base Loan Amount
$386,000
VA Funding Fee (2.15%)
financed into loan
$8,299
Total Financed Amount
$394,299
Monthly Payment
P&I only — no monthly MIP
$2,689.81
Total Interest Paid
$574,034
FHA Monthly (for comparison)
P&I + MIP at same rate
$2,859.29
LTV
96.50%
Same-rate comparison: This modeled FHA payment is $169/mo higher. Actual FHA and VA rates, eligibility, closing costs, and insurance terms can differ.
Estimate only. FHA MIP follows HUD Mortgagee Letter 2023-05; the initial monthly MIP declines as principal is repaid and excludes taxes, insurance, HOA dues, and closing costs. VA funding fees depend on eligibility and exemptions. Contact an approved lender for a formal loan estimate.
VA Loan FAQs
What is the VA funding fee for a purchase loan?
The official VA schedule effective April 7, 2023 lists 2.15% for first use with less than 5% down, 3.3% for subsequent use with less than 5% down, 1.5% with at least 5% down, and 1.25% with at least 10% down. Several disability, survivor, pre-discharge, and Purple Heart exemptions may apply; confirm status with VA or the lender.
Do VA loans have mortgage insurance?
VA-backed purchase loans do not require monthly mortgage insurance. A one-time funding fee may apply unless the borrower qualifies for an exemption. Other loan costs still apply.
Who qualifies for a VA loan?
Active duty service members, veterans, National Guard and Reserve members with qualifying service, and surviving spouses of veterans who died in service or from a service-connected disability. A Certificate of Eligibility (COE) is required — available through the VA or your lender.
Is a VA loan better than FHA?
Neither option is universally better. Compare actual Loan Estimates, interest rates, funding-fee status, FHA mortgage insurance, cash needed at closing, and eligibility for the same property and time horizon.