Estimate your monthly mortgage payments with The Military Wallet’s VA loan calculator.
How to Estimate an Accurate Payment
Only a VA lender can give you exact figures – like the ones listed here – but a well-built VA loan calculator can also give close estimates for those waiting to take the leap on getting preapproved.
Remember, calculators are only as good as the information you put into them, so the more accurate the information you provide, the more accurate your results will be.
Unlike conventional loans, factors such as prior VA loan usage, receiving VA disability and being a surviving military spouse can impact your payment.
Property Taxes and Insurance
We estimate property taxes and insurance at 1.2% and 0.35% of the loan amount, which are common estimates. If you know your exact property taxes and insurance, click the Edit taxes & insurance toggle and enter your exact figures. If you’ve never purchased a home before, you can typically obtain this information from you local county assessor’s website.
VA Loan Rates
VA loan rates can vary by lender, credit score, loan type, loan duration and other factors. Rates in the VA loan calculator represent a market average. Your rate may differ.
The chart below provides additional market averages by loan type.
| Product | Rate | APR |
|---|---|---|
| 15-year Fixed VA Purchase | 5.90% | 6.15% |
| 30-year Fixed VA Purchase | 6.27% | 6.42% |
| 15-year Fixed VA Refinance | 5.83% | 6.06% |
| 30-year Fixed VA Refinance | 6.28% | 6.43% |
How we source rates and rate trends
Why Do Interest Rates Matter?
Even a small change in the interest rate can have a large impact over the course of a 15- or 30-year loan. See the difference in monthly payments by changing the interest rate by half a percentage point.
The following table assumes a $250,000 mortgage, no VA loan funding fee, $200 per month in property taxes and $100 a month in homeowners insurance. You can adjust the details as needed.
| Comparing 15-Year Mortgage Interest Rates ($250,000 Loan; No Downpayment) | 3.50% | 4.00% | 4.50% | 5.00% |
|---|---|---|---|---|
| Monthly mortgage payment | $1,787.21 | $1,849.22 | $2,215.48 | $1,976.98 |
| PMI (none required with VA loan) | $0.00 | $0.00 | $0.00 | $0.00 |
| Property taxes (per month) | $200.00 | $200.00 | $200.00 | $200.00 |
| Homeowners insurance (per month) | $100.00 | $100.00 | $100.00 | $100.00 |
| Total monthly payment | $2,087.21 | $2,149.22 | $2,212.48 | $2,276.98 |
| Total annual payment amount | $25,046.48 | $25,790.64 | $26,549.80 | $27,323.81 |
| Total interest paid (life of loan) | $71,697.14 | $82,859.57 | $94,246.98 | $105,857.13 |
| Total of 180 payments | $375,697.14 | $386,859.57 | $398,246.98 | $409,857.13 |
What Makes Up Your Monthly Mortgage Payment?
Your mortgage payment includes your mortgage principal and interest payments. Many lenders also require borrowers to include an escrow payment that includes monthly payments for property taxes and homeowners insurance.
Other buying costs may or may not be rolled into your mortgage. You may have the option to pay these costs at closing. If so, the numbers on the mortgage calculator will be accurate. However, if you choose to roll these into your mortgage, these costs would be included in your mortgage principal and interest payments.
Some of these costs include:
- Closing costs
- Origination fees
- VA loan funding fee (if required)
Closing Costs. Many closing costs are unavoidable and can include items such as the application fee, VA appraisal fee, prepaid interest, credit report, inspection fees, title search and/or title insurance, document fees, attorney’s fees, surveys, government fees, recording fees, buying points and related costs. Learn more about VA loan closing costs.
Origination Fees. Many lenders charge an origination fee to cover the administrative costs of processing and underwriting the VA loan. The VA limits the cost of the origination fee to no more than 1% of the loan.
VA Loan Funding Fee (if required). See below for more info.
What is the VA Loan Funding Fee?
The VA charges a funding fee from borrowers to help cover the cost of the VA loan program. The VA funding fee is waived for veterans with a VA service-connected disability rating, current service members with a Purple Heart and surviving spouses of a veteran who died in service or from a service-connected disability.
The funding fee is based on the type of transaction (purchase, refinance or loan assumption), the amount of your down payment (if any) and the number of times you have used a VA loan.
Homebuyers have the option of paying the VA funding fee at closing or rolling it into their home purchase. This article has more information about the VA loan funding fee.
Here are the current funding fees:
| Type of Loan | Down Payment | Funding Fee First Time Use | Funding Fee Subsequent Use |
|---|---|---|---|
| Purchase / Construction Loan | 0% | 2.15% | 3.3% |
| Purchase / Construction Loan | 5% | 1.5% | 1.5% |
| Purchase / Construction Loan | 10% | 1.25% | 1.25% |
| VA Cash-Out Refinance | N/A | 2.15% | 3.3% |
| IRRRL Streamline Refinance | N/A | 0.5% | 0.5% |
| VA Loan Assumption | N/A | 0.5% | 0.5% |
