VA Home Loan Mortgage Calculator
Our VA home loan calculator is designed to help veterans, service members, and eligible surviving spouses estimate their monthly payments and determine home affordability. By entering details like home price, interest rate, and down payment, you can get a quick estimate of your loan terms. This tool can give you a clearer picture of what to expect from your VA home loan, helping you make informed decisions about your home purchase.
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Results are based on the information you enter and are for educational purposes only. Estimates do not include lender fees or closing costs and are not a commitment to lend. Actual rates, APRs, and payments will vary.
Understanding VA Home Loans
The VA helps veterans, service members, and eligible surviving spouses become homeowners by offering government-backed VA home loans. Private lenders, such as banks and credit unions, issue these loans, but the VA guarantees a portion of the loan, allowing lenders to offer more favorable terms.
VA home loans help veterans, service members, and their survivors to buy, build, improve, or refinance a home. You still need the required credit and income for the loan amount you want to borrow, but a VA home loan may offer better terms than a conventional loan from a private bank, mortgage company, or credit union.
How to Use Our VA Loan Calculator
To use the Veterans Guide VA home loan calculator, simply enter as much information as you have on your ideal home price, interest rate, and down payment to estimate your monthly payments and affordability.
Key Factors That Affect Your VA Home Loan Estimate
A number of factors can affect your VA home loan estimate, including the home price, down payment, interest rate, loan term, property taxes, insurance, and whether you have to pay the VA funding fee. Additionally, your credit score and income may affect your monthly payment depending on your lender’s requirements. Prior VA loan usage and loan type may also affect the amount of your monthly payments.
No Down Payment Requirement
VA home loans typically allow qualified borrowers to purchase a home without a down payment. In fact, nearly 90% of VA-backed loans are issued without a down payment. A lender of your choice provides these loans once you obtain a Certificate of Eligibility.
Funding Fee and How It Impacts Your Loan
The VA funding fee is a governmental fee paid to the VA to help keep the VA loan program running with minimal burden to taxpayers. The fee ranges from 0.5% to 3.3%, and not every borrower is required to pay it. If you pay the funding fee for your loan at closing, it will not affect your mortgage payments, but if you choose to roll the costs of the VA funding fee into your mortgage, your monthly payment will increase.
Benefits of Using Your VA Loan with a Trusted Lender
It’s essential to note that our VA home loan mortgage calculator provides only an estimated mortgage payment. To obtain exact figures, consult a trusted VA lender. Working with a VA lender can help veterans maximize their benefits, avoid common pitfalls, and navigate the loan process more smoothly.
VA Home Loan FAQs
Who’s Eligible for a VA Loan?
Eligibility for a VA home loan depends on your length of service or service commitment, duty status, and character of service. Service requirements depend on when you served, and you typically must have received an honorable discharge to qualify. To show your lender that you qualify for a loan based on your service history and duty status, you must request a Certificate of Eligibility, or COE, as well as meet credit, income, and occupancy requirements.
What Are the Benefits of a VA Loan?
VA-backed home loans offer several advantages over conventional loans, including no required down payments, competitively low interest rates, limited closing costs, and no need for private mortgage insurance.
Can I Get a VA Loan With Bad Credit?
The VA does not impose minimum credit scores for VA-guaranteed loans, but you must have satisfactory credit, sufficient income to meet expected monthly obligations, and a valid Certificate of Eligibility to meet your lender’s requirements. Some lenders may require a lower credit score than others, giving veterans some ability to close on a loan even with a low credit score.
Is There a Maximum VA Loan Amount?
For borrowers with full entitlement, there is no VA-imposed maximum loan limit, and your lender will determine the amount you can borrow based on your income and credit. However, VA loans do have limits for borrowers with partial entitlement, like those who already have an active VA loan or have defaulted on one. Your Certificate of Eligibility for VA home loan benefits will show the amount of your entitlement for a VA home loan guaranty.
How Many Times Can I Use My VA Loan Benefit?
VA home loans are a lifetime benefit, and you can generally use the guaranty multiple times.
