🇺🇸VA Loan Calculator
Calculate your VA loan with 0% down and no PMI. Exclusive benefits for veterans, active military, and eligible spouses.
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Frequently Asked Questions
Who qualifies for a VA loan?
VA loans are available to active-duty service members, veterans, and eligible surviving spouses. You need a Certificate of Eligibility (COE) from the VA. Service requirements vary: 90 consecutive days of active service during wartime, 181 days during peacetime, or 6 years in the National Guard/Reserves. You must also meet credit and income requirements (typically 620+ credit score), and the home must be your primary residence.
What is the VA funding fee and can I avoid it?
The VA funding fee is a one-time fee (2.15-3.30% of the loan) that funds the VA loan program and can be financed into your loan. First-time users pay 2.15% with 0% down, subsequent use is 3.30%. The fee is reduced to 1.25-1.50% with 10%+ down. Veterans with a service-connected disability rating of 10% or higher are completely exempt from the funding fee, saving thousands of dollars. Surviving spouses receiving DIC are also exempt.
What are the main advantages of VA loans?
VA loans offer incredible benefits: (1) 0% down payment - buy with no money down; (2) No PMI ever - save $100-300/month; (3) Competitive interest rates - typically 0.25-0.5% lower than conventional; (4) More lenient credit requirements; (5) No prepayment penalties; (6) Funding fee can be financed; (7) Disability exemption from funding fee; (8) Up to 100% financing; (9) Seller can pay closing costs. These benefits can save veterans hundreds of thousands over the loan term.
Are there any downsides to VA loans?
VA loans have few disadvantages: (1) Only for primary residence, not investment properties; (2) VA funding fee (though often lower than PMI over time); (3) Property must meet VA standards (can limit choices in competitive markets); (4) Appraisal can be strict; (5) Some sellers prefer conventional buyers (misconception); (6) VA loan entitlement limits (though usually adequate). Despite these minor drawbacks, VA loans are typically the best option for eligible veterans, especially with 0% down and no PMI.
Can I use a VA loan more than once?
Yes! You can use VA loans multiple times. Your entitlement is restored after paying off the previous VA loan and selling the home. You can even have multiple VA loans simultaneously if you have remaining entitlement. First-time use has a 2.15% funding fee (0% down), subsequent use is 3.30% (0% down). You can also restore partial entitlement while keeping one VA loan active. As of 2020, there's no loan limit if you have full entitlement, though lenders may impose their own limits.
Financial Disclaimer
This calculator is provided for educational and informational purposes only. The results are estimates based on the information you provide and should not be considered as financial, legal, or tax advice.
Actual results may vary based on your specific circumstances, market conditions, and other factors. Always consult with qualified financial, legal, and tax professionals before making any financial decisions.
We make no guarantees about the accuracy, completeness, or reliability of the calculations. Use this tool at your own risk.