VA mortgage payment calculator: How to calculate my monthly payment
VA home loans are supported by the U.S. Department of Veterans Affairs. They help active-duty service members, Veterans and surviving spouses buy homes, often available with a 0% down payment option. Eligibility for a VA mortgage is one of the most important benefits that Veterans are entitled to. Rate is proud to help military families achieve their dream of home ownership through VA home loans.
Enter your details into the calculator. This will help you see if VA mortgage payments fit your financial goals.
VA mortgage payment FAQ
- Enter the home purchase price.
- Enter a down payment amount either as a total or as a percentage of the price. Note that many VA loans are available with a 0% down payment option.
- Enter your expected mortgage interest rate. Check out current VA mortgage rates to get an idea of where they're currently at.
- Choose a term, such as 30, 20 or 15 years.
The calculator will instantly display a sample monthly payment based on the data you provided. Keep in mind that your actual monthly payment will vary based on several factors. These factors include current mortgage interest rates and your debt-to-income ratio.
To qualify for a VA loan, you need a military Certificate of Eligibility (COE). Rate’s mortgage specialist can help you get this. You’ll also need to prove employment with income statements and tax returns.
Rate does not require a minimum credit score to apply for a VA loan.
You can use VA loans to purchase a home that will serve as your primary residence. The home needs a safety inspection. A VA-certified appraiser must also check its current market value.
VA home loans are available with a 0% down payment option. You can choose a higher down payment option to reduce your funding fee, but you don't have to.
Most VA loan options require a VA funding fee of 2.15% of the loan amount. If you can make a down payment of at least 5%, you can reduce that funding fee to 1.5%.
However, it's possible to have a funding fee waived if you meet certain requirements. Eligibility for a waived funding fee includes receiving VA disability compensation, qualifying for disability compensation or being awarded a Purple Heart.
VA loans offer advantages for members of the military service community.
0% down payment option for home loans
Mortgage interest rates generally lower than conventional loans
No minimum credit score required
No private mortgage insurance (PMI) required
Cap on mortgage closing costs
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