VA Loan Calculator

The principal and interest math is identical — both use the same amortization formula. What changes is what's wrapped around it. A VA loan at 6.25% on $400,000 for 30 years costs $2,463 per month in P&I. A conventional loan at the same rate and term costs the same in P&I, but if you put down less than 20%, you'll add PMI of roughly $150 to $250 per month. That's $1,800 to $3,000 per year that VA borrowers don't pay. VA loans also allow 0% down, while conventional loans typically require at least 3%. The trade-off is the VA funding fee — 2.15% of the loan amount on a first use with no down payment, or $8,600 on a $400,000 loan. That fee is usually financed, adding about $54 per month over 30 years. Run both scenarios through the mortgage calculator to see your exact gap.

Use the exact note rate on your lender's Loan Estimate, not a rate you saw advertised. As of recent VA lending, 30-year fixed rates have ranged from roughly 6.0% to 6.75% depending on credit score, lender, and points paid. VA rates typically run 0.25% to 0.50% below conventional rates for the same borrower because the VA guarantee reduces lender risk. If you're still shopping, run the calculator three times — once at 6.0%, once at 6.25%, and once at 6.5% — to see the range. On a $400,000 30-year loan, that spread moves your payment from $2,398 to $2,528 per month, a difference of $130. Over the full term, the gap is about $47,000. Once you have a locked rate, use that number. If your lender quotes a rate with discount points, enter the rate after the buydown and factor the point cost separately.

The 15-year term saves enormous interest but raises your monthly payment by roughly 35% to 40%. On a $400,000 loan at 6.5%, a 30-year term costs $2,528 per month and $910,000 total. A 15-year term costs $3,485 per month but only $627,000 total — a savings of about $283,000. The question is whether that extra $957 per month fits your budget without straining your emergency fund or retirement contributions. If it does, the 15-year wins decisively. If it doesn't, take the 30-year and make extra principal payments when you can. Even $200 extra per month on a 30-year loan cuts roughly 7 years off the term and saves over $100,000 in interest. Compare both terms in the loan calculator before deciding.

Yes, if you finance it — and most borrowers do. The funding fee is 2.15% for a first-use VA loan with 0% down, 1.5% with a 5% down payment, and 1.25% with 10% down. On a $400,000 loan with no down payment, that's $8,600 added to your balance, bringing the total to $408,600. At 6.5% for 30 years, your payment rises from $2,528 to $2,582 — about $54 more per month. Over the full term, that financed fee costs roughly $19,400 in principal and interest combined. Some borrowers pay the fee upfront in cash to avoid financing it, which keeps the loan balance at $400,000 and saves the interest on that $8,600. Veterans with a service-connected disability rating of 10% or higher are exempt from the funding fee entirely. Check your COE to confirm your status before running the numbers.

If you have full entitlement, there's no hard cap on the loan amount — but the VA only guarantees a portion, and lenders set their own limits. In practice, most lenders will approve VA loans up to $1 million or more with 0% down for borrowers with full entitlement and strong credit. The old $484,350 conforming limit no longer applies to full-entitlement borrowers. If you have partial entitlement — often because you have an existing VA loan — the calculation changes. You'll need a down payment of 25% of the difference between your new loan amount and your remaining entitlement. On a $500,000 purchase with $100,000 of remaining entitlement, you'd need roughly $100,000 down. Run the numbers through the VA loan calculator at different loan amounts to see how the payment scales, then verify your entitlement with your lender.

Lenders typically cap your total debt-to-income ratio at 41% for VA loans, though some allow up to 50% with compensating factors like reserves or strong credit. If your gross monthly income is $7,500 and you have a $600 car payment and $250 in student loans, your total debt ceiling at 41% is $3,075. Subtract the $850 in non-housing debt and you have $2,225 for housing. At 6.5% on a 30-year loan, that supports roughly $352,000 in principal and interest — but you also need room for taxes and insurance, which might run $500 per month, dropping your loan capacity to about $273,000. The VA loan calculator shows P&I only, so subtract estimated taxes and insurance before working backward to a purchase price. A $300,000 loan at 6.5% costs $1,896 per month in P&I, leaving $329 of your $2,225 budget for escrow. Use the mortgage calculator to test different purchase prices against your real budget.