VA Loan Calculator 2026 — Monthly Payment, Funding Fee, No PMI
Calculate your VA mortgage payment, one-time funding fee, and how much you save monthly versus FHA mortgage insurance.
Loan Details
FHA Loan Breakdown
Base Loan Amount
$386,000
Upfront MIP (1.75%)
financed into loan
$6,755
Total Financed Amount
$392,755
Principal & Interest
$2,679.28
Annual MIP (0.85%)
for 30 years
$278.20
Total Monthly Payment
$2,957.48
Total Interest Paid
$571,786
Total MIP Paid
over MIP duration
$100,153
LTV
96.50%
FHA insight: FHA MIP stays for 30 years on this loan. Total MIP paid: $100,153. Once you reach 20% equity, consider refinancing into a conventional loan to eliminate MIP entirely.
Estimate only. MIP and funding fee rates: effectiveYear 2026. Not financial or legal advice. Contact a HUD-approved lender or VA-approved lender for a formal loan estimate.
VA Loan FAQs
What is the VA funding fee in 2026?
For first-time use with no down payment: 2.15%. With 5% down: 1.5%. With 10% or more down: 1.25%. For subsequent use with no down payment: 3.3%. These rates are set by 38 U.S.C. § 3729 and are effective through 2026. Veterans receiving VA disability compensation are exempt.
Do VA loans have mortgage insurance?
No. VA loans have no monthly mortgage insurance (PMI or MIP) regardless of down payment or LTV. This is the single largest monthly cost advantage over FHA and conventional loans with less than 20% down. The one-time funding fee replaces ongoing insurance premiums.
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?
For eligible borrowers, VA is almost always better than FHA. VA has no monthly mortgage insurance (saving $100-$300/mo), no down payment requirement, typically lower rates, and the funding fee is offset within 2-3 years of MIP savings. The only advantage of FHA is availability to non-veterans.