VA Home Loan Calculator — Monthly Payment with No Down Payment, No PMI

VA loans let eligible veterans buy a home with $0 down and no PMI. On a $350,000 home at 6.5% interest, a VA loan saves approximately $200-350/month compared to a conventional loan with 5% down (which requires PMI). Use the mortgage calculator to run your numbers.

VA Loan vs Conventional — The Real Savings

For a $350,000 home at 6.5% interest, 30-year fixed:

	VA Loan (0% down)	Conventional (5% down)	Conventional (20% down)
Down Payment	✓ $0	$17,500	$70,000
Loan Amount	$357,525 (incl. 2.15% fee)	$332,500	$280,000
Monthly P&I	$2,261	$2,102	$1,770
PMI	✓ $0/month	$150-250/month	✓ $0/month
VA Funding Fee	$7,525 (one-time)	✓ None	✓ None
Est. Total Monthly	~$2,261 + tax/ins	~$2,300-2,350 + tax/ins	~$1,770 + tax/ins
Cash Needed at Closing	~$3,000-5,000	~$22,000-25,000	~$75,000-80,000

Key insight: The VA loan requires almost no cash at closing. Even though the funding fee increases the loan amount slightly, you avoid the massive upfront cost of a down payment AND the monthly PMI drain.

VA Funding Fee Breakdown

Scenario	Down Payment	Funding Fee (First Use)	Funding Fee (Subsequent)
Regular military, 0% down	$0	2.15%	3.3%
Regular military, 5%+ down	5-9.99%	1.5%	1.5%
Regular military, 10%+ down	10%+	1.25%	1.25%
Reserves/National Guard, 0% down	$0	2.15%	3.3%
VA disability exemption	Any	✓ $0 (exempt)	✓ $0 (exempt)
Surviving spouse	Any	✓ $0 (exempt)	✓ $0 (exempt)

The funding fee can be paid upfront or rolled into the loan. Rolling it in increases your monthly payment slightly but preserves your cash reserves. Disabled veterans pay zero funding fee — making VA loans an even stronger choice.

How to Calculate VA Loan Payments

1. Start with the home price — e.g., $400,000
2. Add the funding fee — $400,000 x 2.15% = $8,600. New loan amount: $408,600
3. Enter into the mortgage calculator with your interest rate and 30-year term
4. Set down payment to $0
5. Add property tax and insurance estimates — typically $300-800/month combined depending on location

Who Qualifies for VA Loans

• Veterans with 90+ days of wartime service or 181+ days of peacetime service
• Active duty service members with 90+ days of continuous service
• National Guard / Reserves with 6+ years of service (or 90 days of active duty)
• Surviving spouses of veterans who died in service or from service-connected disability
• You need a Certificate of Eligibility (COE) from the VA — most lenders can pull this instantly

When a VA Loan Is NOT the Best Choice

• If you have 20%+ down saved — a conventional loan avoids the funding fee and has similar rates, with no PMI at 20% down
• Investment properties — VA loans are for primary residences only
• Competitive markets — some sellers prefer conventional offers (though VA offer discrimination is illegal)
• If you plan to sell quickly — the funding fee is a sunk cost that takes years to recoup through PMI savings

Related Financial Calculators

• Mortgage Calculator — monthly payment for any loan amount
• Loan Calculator — general loan payments
• Compound Interest Calculator — grow savings for down payment
• Salary Calculator — convert military pay to affordability
• Percentage Calculator — calculate funding fee percentages
• Discount Calculator — closing cost percentages