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Refinance2025 VA Loan Basics
Plan your VA home purchase or refinance with confidence. Our VA loan calculator is designed to help veterans, active service members, and military families estimate their monthly mortgage payment accurately. It includes all key VA loan variables, like funding fees, VA disability status, and subsequent use, to give you a complete financial picture.
NOTE: Perhaps you have found this page while looking for a no down payment mortgage option but you do not have VA benefits. If so, there may be another option available in certain areas. Learn more about USDA loans here. Additionally, FHA loans are a great low-down-payment alternative. Other loan types may be available.
What Our VA Loan Calculator Includes:
Use this tool to calculate a monthly VA mortgage payment based on your:
- Home price
- Down payment (if any)
- Loan term
- Interest rate
- VA disability status
- First-time or subsequent use
- Property taxes and insurance
Note: Your results include the VA funding fee, when applicable.
How to Use a VA Loan Calculator to Purchase a New Home
Using VA benefits to buy a house is easier than you might think. VA approved mortgage lenders will jump over each other for the chance to be your lender. Our VA calculator prepares you for conversations you'll have with your loan officer.
Our VA mortgage calculator accounts for the two VA specific variables that affect your mortgage payment outside of the usual rate, term, and down payment. Both variables impact your VA funding fee.
Breakdown of Key VA Loan Variables
VA Funding Fee
The VA funding fee helps offset the cost of the VA home loan program. It’s typically added to your total loan amount and varies based on:
- Whether this is your first or subsequent VA loan
- The size of your down payment
- Whether you are using a purchase or refinance loan
Note: VA disability benefit recipients (10% or more) are exempt from paying this fee.
VA Disability and Fee Waiver
If you receive VA disability compensation of 10% or more, your lender should waive the VA funding fee. This can save thousands of dollars over the life of the loan.
Subsequent Use
You can use your VA loan benefit more than once. However, the funding fee for subsequent use is often higher unless you:
- Make a down payment of 5% or more (which reduces the fee)
- Make a down payment of 10% or more (which reduces it further)
Note: If you’re not sure your VA entitlement is sufficient, try our conventional loan calculator instead.
VA Loan Calculator Glossary
- Principal: The portion of your payment that reduces your loan balance.
- Interest: Charged daily and paid first when you make a monthly payment.
- VA Funding Fee: A one-time fee added to the loan, replacing traditional mortgage insurance.
- Subsequent Use Funding Fee: A higher funding fee is applied to borrowers using their VA benefits again.
- Closing Costs: Fees paid at closing, including title insurance, lender fees, and more.
- Escrow/Impound: Funds held by your lender to pay annual property taxes and insurance.
- Property Taxes & Homeowner's Insurance: Often paid monthly through escrow.
What Is a VA Loan?
A VA loan is a government-backed mortgage offered to eligible veterans, active duty service members, and some surviving spouses. VA loans typically feature:
- No down payment
- No private mortgage insurance (PMI)
- Competitive interest rates
- Flexible credit requirements
Types of VA Mortgages
- VA Purchase Loans: Used by eligible service members to purchase primary residences only.
- VA IRRRL (Interest Rate Reduction Refinance Loan): Used to improve an existing VA loan's terms when interest rates improve.
- VA Cash-Out Refinance: Used to access a home's equity or to refinance a non-VA loan to a VA loan.
Choosing a VA Lender
The VA loan process begins like any other mortgage loan. The Department of Veterans Affairs does not directly originate VA loans, so you must contact a VA-approved lender to obtain one.
Not all VA lenders are the same. Some have lower fees and higher rates, while others have lower rates with higher fees. Choosing a mortgage lender is an important decision. Shopping around to obtain multiple quotes is rarely a bad idea.
Refinancing with a VA Loan
If you already have a VA loan, refinancing may help lower your monthly payment or access cash.
- VA IRRRL: Refinance to a lower rate with minimal paperwork and no appraisal.
- VA Cash-Out Refinance: Replace your existing loan (VA or non-VA) with a new VA loan, and withdraw cash if you have sufficient equity.
Use our VA IRRRL Calculator or Cash-Out Refinance Calculator to estimate your new payment.
VA Loan Requirements
Meeting the eligibility requirements for VA home loans is not as simple as enlisting in the military.
To qualify for a VA loan, you must meet both military eligibility and financial requirements:
- Sufficient service history or current active duty
- Adequate income and residual income (varies by family size and region)
- Acceptable credit (VA does not set a minimum score, but lenders typically do)
VA Mortgage Rates
VA loan interest rates are often lower than those of conventional loans. They vary by lender, so it's important to shop around. Most lenders offer 15- and 30-year fixed terms.
2025 VA Loan Limits
VA eliminated loan limits for homebuyers with full available entitlement in January of 2020. Prior to then, it was necessary to know the maximum VA loan amount for the area in which you were buying. If you were purchasing a home above the VA county loan limit, a down payment was required. The down payment requirement now only applies if you are using secondary entitlement.
Secondary entitlement refers to the entitlement remaining after using a portion of the full entitlement to buy or refinance with a VA loan. You can have more than one VA loan, but your second VA loan amount must meet loan limit guidelines based on the amount of entitlement remaining on your certificate of eligibility and must be used to purchase a new primary residence.
>> Learn more about Tier 2 Entitlement
Calculate a VA Monthly Mortgage Payment
Enter your home's purchase price, down payment (if any), loan term, and interest rate to calculate a monthly VA loan payment. Select whether or not you receive VA disability, and if this is your first VA loan, for more accurate results. Include annual homeowners' insurance and property taxes to complete your VA mortgage payment calculations.
For special circumstances like tier 2 entitlement and refinancing, choose from the following calculators.
More VA Mortgage Calculators:
Thank You for Your Service
If you are a veteran or active service member, What's My Payment thanks you for defending our freedom and wishes you and your family the very best.
Don’t Qualify for VA Benefits?
If you do not qualify for a VA loan, other low or no-down-payment options may be available:
- USDA Loans: No down payment option for homes in eligible rural areas.
- FHA Loans: Require only 3.5% down and are a good alternative for those with lower credit scores.
Check out our recent article on VA Construction Loans.