Utilize our VA Loan Calculator to accurately estimate your monthly mortgage payments, interest, and overall loan costs. Understand your VA home loan benefits as a veteran or service member and plan your home ownership journey effectively with this essential financial tool, including the VA funding fee.
Formula:
The VA loan payment is calculated by first determining the total loan amount, including any applicable VA funding fee. Then, the standard amortization formula is used for principal and interest, with monthly taxes and insurance added.
- Loan Amount (L) = Home Purchase Price - Down Payment
- Total Loan Amount (TLA) = L + VA Funding Fee (L * Funding Fee %)
- Monthly Principal & Interest (P&I) = TLA × [ c(1 + c)n ] / [ (1 + c)n – 1 ]
- c = Monthly Interest Rate (Annual Rate / 1200)
- n = Total Number of Payments (Loan Term in Years × 12)
- Total Monthly Payment = P&I + (Annual Property Tax / 12) + (Annual Homeowner's Insurance / 12)
Note: The VA Funding Fee can be waived for certain disabled veterans.