VA loans are one of the best options to finance a home. But, when you’re house shopping, figuring out how much you can borrow is a crucial first step.

A VA loan mortgage calculator can help you answer your most pressing question, “How much house can I afford?”

va mortgage calculator

But it can do so much more than that, too.

Imagine finally understanding:

  • The long-term impact of your interest rate
  • How to afford “more” house How a
  •  larger down payment can impact your loan
  • The true cost of property taxes and homeowners insuranc

That’s right… 

A mortgage calculator for a VA loan can do all of those things, guiding you to the right house for you and your family to enjoy for years to come.

$

5%

0%

2.75%

$
$

$1421

Monthly VA Payment

Principal & Interest $1421

Taxes $1421

HOA $1421

Homeowners $1421

Purchase Price $1421

VA Funding Fee $1421

$1421

This VA Mortgage Calculator is for information only. This is not a guarantee of interest rates or mortgage payments. Contact The Wendy Thompson Team to lock in your rate today!

But the best part?

They’re free to use and won’t hurt your credit score.

Keep reading for a complete VA mortgage calculator guide to help you on your journey to becoming a homeowner.

Fico score

APR

Mo. Payment

760 - 850

2.75 %

$817.00

700 - 759

2.75 %

$817.00

680 - 699

2.75 %

$817.00

660 - 679

2.875 %

$830.00

640 - 659

3.0 %

$844.00

620 - 639

3.25 %

$871.00

*Updated 6/1/21 - Rates are based on a $250,000 loan with a 20% down payment and a 30 year VA mortgage.  Rates change often and differ based on your state, down payment, length of loan, and loan amount.  

Keep in mind that rates constantly change so it is best to contact us directly for the correct rate.

What is a VA Mortgage Calculator?

A VA home loan mortgage calculator is a tool that helps you quickly and accurately predict your monthly mortgage payment. 

Using a few pieces of information, it paints a picture of what your loan might look like so you know how much you can afford to borrow.

The calculator allows you to build your monthly payment and see the impact of your down payment, closing costs, taxes, and insurance premiums—all while remaining eligible for a VA loan.

VA Home Loan Quote

VA Mortgage Calculator Fees and Definitions

It’s not a stretch to say that a VA mortgage calculator is an invaluable tool for any veteran or service member in the home buying market. 

Here’s why:

It helps you determine the right amount to spend on a home and what type of property will provide the best value for your money.

However, many buyers don’t know what each cost means or why it exists. 

Understanding a few key terms and definitions can go a long way to improve your home buying experience.

Here’s what you need to know:

Principal: The amount of money you borrow from the bank. The principal is equal to the home price plus closing costs (if you roll them into the loan) minus the down payment, if any.

Interest: The amount you pay the lender in exchange for them letting you borrow the principal amount to buy the house.

Property tax: A type of tax on your home and land. It’s assessed each year and often paid from an escrow account.

Home insurance: Protection against fire, bad storms, theft, and vandalism. Like property tax, the amount can be collected with your mortgage payment and paid from an escrow account.

HOA: Homeowners association (HOA) fees can apply if you buy a condo or home in a Planned Unit Development (PUD). 

va mortgage calculator

VA funding fee: The fee you’ll pay to secure a VA mortgage. It’s reflected as a percentage of the loan amount, and you can pay it upfront at closing or roll it into your loan principal.

VA loan use: If you’ve used a VA loan before, whether to purchase or refinance a property, you’ll pay a higher funding fee.

Loan term: The number of years it’ll take for you to repay the loan. VA home loans usually have a loan term of 15 or 30 years.

Down payment: VA loans are one of the few options that let you buy a home with no down payment. However, you can choose to make one if you want to lower your monthly payment amount.

Buying a house comes with many unfamiliar fees and phrases.

But don’t worry.

Your lender will help you understand what goes into applying for and closing on a VA home loan.

But using a VA loan mortgage calculator can help, too.

It can give you a sneak peak of what you can afford and what costs you might run into when financing your new home.

VA Home Loan Quote

What About VA Mortgage Closing Costs?

Closing costs are an additional expense on top of the cost you pay for the home. The amount can include fees and services you need to process the loan and get a closing date.

For instance, you may pay an origination fee. 

Lenders can charge an origination fee of up to 1% of your loan amount to set up your mortgage. 

Other closing costs you might see are:

  • VA funding fee
  • Loan discount points
  • Credit report fee
  • VA appraisal fee
  • Home insurance
  • Property taxes
  • Title insurance
  • Recording fee

Although a VA mortgage calculator can estimate your monthly mortgage payment, it doesn’t include closing costs.

So, when thinking about “how much can I afford,” make sure to consider the impact of closing costs.

But here’s the thing:

You may not have to pay all closing costs out of pocket.

To save yourself some cash upfront, you may want to add the VA funding fee into your loan amount.

However, unless you’re refinancing with an Interest Rate Reduction Refinancing Loan (IRRRL), you may not add other closing costs to the principal.

Fico score

APR

Mo. Payment

760 - 850

2.75 %

$1,021.00

700 - 759

2.75 %

$1,021.00

680 - 699

2.75 %

$1,021.00

660 - 679

2.875 %

$1,038.00

640 - 659

3.0 %

$1,055.00

620 - 639

3.25 %

$1,089.00

*Updated 6/1/21 - Rates are based on a $250,000 loan with a 0% down payment and a 30 year VA mortgage.  Rates change often and differ based on your state, down payment, length of loan, and loan amount.  

Keep in mind that rates constantly change so it is best to contact us directly for the correct rate.

How to Use a VA Loan Mortgage Calculator?

VA loan calculators are built to help veterans and service members better understand the loan process. 

Plus, it can help you answer the question of, “how much do I qualify for a VA mortgage?”

So, how can you use a VA mortgage calculator to help your home search?

Here are five easy steps to start:

  1. 1
    Fill in the home’s price and down payment, if any.
  2. 2
    Put in your VA mortgage interest rate.
  3. 3
    Enter other costs, such as property taxes and home insurance.
  4. 4
    Select a loan term of 15 or 30 years.
  5. 5
    Answer whether this is your first VA home loan.

Once you fill in all of the fields, you’ll see an estimate of your monthly payment. 

You’ll also see the total amount you’ll pay for your VA mortgage over the life of the loan—this amount includes your principal payments and the interest fees you’ll pay over the loan term.

Quick tip: If you’re planning to roll your funding fee into your loan, add that amount to the home price. Using the VA loan calculator with funding fee will give you a more accurate estimate of your monthly payment.

VA Home Loan Quote

Advanced Features You Don’t Want to Miss

When you understand how a VA loan calculator works, you can use it to your advantage.

For instance…

What happens if you change the interest rate or down payment amount? 

How will your payment change if you move to an area with higher (or lower) property tax?

How much impact does the cost of homeowners insurance have?

Those are all great questions. Luckily, the VA mortgage calculator will help you consider all scenarios.

Let’s look at an example:

  • You’re buying a house and borrowing $250,000. VA loans don’t require a down payment, so you’re not putting any money down. Your interest rate for a 30-year term is 3.50%. The property taxes are about $2,400 per year. Homeowners insurance will cost about $1,300 per year.

In this example, your monthly payment would be $1,457. Here’s how that breaks down:

  • Principal and interest: $1,148
  • Property taxes and insurance: $308

The impact of a down payment

Using the same example, let’s say you have 20% saved for a down payment. 

If you put $50,000 down, you’ll only borrow $200,000 and the monthly payment will be $1,227—over $200 less each month:

  • Principal and interest: $919 

  • Property taxes and insurance: $308

va mortgage calculator

How lower interest can help

But let’s say you worked really hard to improve your credit score and lowered your interest rate to 2.50%. Even with no down payment, your monthly obligation would be $1,319. 

In this example, you’d save nearly $140 per month just by dropping your interest rate. Here’s what that would look like:

  • Principal and interest: $1,011 

  • Property taxes and insurance: $308

The effect of property tax and home insurance

Now let’s look at how property tax and home insurance can impact your monthly mortgage costs.

We’ll use the same example, except let’s say you choose a house in an expensive neighborhood.

Your property taxes are about $3,800 per year, and your home insurance is about $1,700 per year.

For a $250,000 home loan with a 3.50% interest rate, your total payment will be $1,607 per month:

  • Principal and interest: $1,148

  • Property taxes and insurance: $458

As you can see, the amount you pay for property taxes and insurance can greatly impact your mortgage payment.

Can You Lower Your VA Monthly Payment?

When you use the calculator in the previous example, you’ll see how different factors impact your monthly payment. 

To lower your mortgage payment, you have a few options:

  • Buy a cheaper house
  • Increase your savings to put down a down payment
  • Improve your credit score to qualify for a lower interest rate
  • Look for a house in a neighborhood with lower property taxes
  • Get home insurance estimates before you buy a house

When you borrow less from the bank, you automatically lower your VA mortgage payment. Buying a less expensive house or putting more money down can reduce the amount you need to finance through the bank.

Besides the loan amount, your interest rate plays a big role in how much you pay each month.

Military Can Achieve The Dream of Home Ownership with VA Loan

Lower interest means lower fees. So, not only do you save monthly, but you also lower the overall cost that you pay over the life of your loan.

And don’t forget about the impact of property taxes and home insurance.

Many homebuyers choose to include those costs in their monthly mortgage payment. When you do that, your lender pays your taxes and insurance through the escrow account.

And when you buy a home that’s cheaper to insure in an area with lower property taxes, you can lower your VA monthly mortgage payment.

Can Your VA Loan Payment Ever Go Up?

Here’s something many lenders don’t talk about:

Your VA loan payment could go up!

If you get a fixed interest rate, your principal and interest payment will stay the same throughout the loan term. In that case, your loan payment could stay the same.

But you have the option of a VA adjustable rate mortgage.

With an adjustable rate mortgage, your interest rate can change every year. How much it changes depends on the economy and market conditions.

And it could go down… But it could also go up.

"Every American deserves the dream of home ownership.

HOW MUCH MORE SO do our VETS!!"

A higher interest rate will increase the amount you pay every month.

There’s another scenario that could increase your loan payment:

An increase in property taxes or home insurance.

Here’s what I mean…

Many homebuyers have property taxes and home insurance in their monthly payment amount. Then, when the bill comes due, the lender pays it out of the escrow account.

But what if your property taxes go up?

Or your homeowners insurance premiums increase?

You guessed it—your monthly payment goes up.

There isn’t much you can do to lower your property taxes. But you could find a lower rate for home insurance by shopping around with different insurance companies.

Ready to Apply for a VA Home Loan?

A VA home loan mortgage calculator can help you determine how much house you can afford.

It can show you if using your savings for a down payment is worth it in the long run and how much impact your interest rate, property taxes, and insurance has on how much you pay.

But there’s a catch:

There’s a difference between a VA mortgage calculator and a VA mortgage loan application.

An online VA mortgage calculator won’t tell you whether you’ll be approved for a loan!

That’s because a calculator doesn’t consider your credit score, income, or other information.

But an experienced VA loan lender can help you check all the boxes, so that you can get through the loan process and into your new home.

If you’re serious about using a VA loan to buy a home, contact the Wendy Thompson Lending Team today!

VA Home Loan Quote

5 Best VA Mortgage Calculators

If you’re shopping for a VA mortgage, you’re probably asking yourself the same question again and again.

How much can I borrow?

Well, you’re in luck. A VA mortgage calculator can help you figure out how much house you can afford.

There’s just one catch.

A VA loan calculator doesn’t tell the whole story.

5 Best VA Mortgage Calculators

Though VA mortgages are backed by the US Department of Veterans Affairs, private banks and lenders issue the loans.

And getting approved for a home loan depends on factors like your credit score, income, and current interest rates.

If you get the wrong information, you could miss out on your dream house!

Still, using a mortgage loan calculator is free, and it won’t hurt your credit score.

The Wendy Thompson teams VA Morgage Calculator at the top of this page is easy to use and will answer the same questions as the VA calculators we discussed below. 

Here are some of the best VA home loan calculators we’ve seen.

1. NAVY FEDERAL VA MORTGAGE CALCULATOR

Navy Federal is a top 5 VA lender. That’s why the VA loan calculator from Navy Federal is at the top of our list.

With this VA loan amount calculator, you can select between a term of 15 or 30 years.

How do you know which is best?

A 30-year VA mortgage will stretch your payments out further. If you’re worried about your monthly payment, this is a good option because your monthly payments will be lower.

But there’s a downside.

You’ll end up paying more over the life of the loan because interest fees will also stretch out over 30 years.

Try the calculator with a 15-year term and see the difference.

You might be surprised.

A 15-year VA loan doesn’t typically increase the payment a significant amount. It can be an affordable option for some homebuyers.

Just keep in mind the Navy Federal VA loan calculator doesn’t factor in extra costs like:

  • - Taxes
  • - Insurance
  • - Funding fees
VA Home Loan Quote

2. USAA VA MORTGAGE CALCULATOR

Our number 2 pick for best VA home loan calculator is from USAA.

To start, enter the purchase price of the home you want to buy.

It also asks for the down payment amount and interest rate.

I can hear you now:

How do I know what the interest rate is?

Luckily, I can help.

Check out this handy list of sample interest rates by credit score.

If you’re worried about a down payment, don’t be.

One of the great things about a VA mortgage is you can buy with zero down.

When you use the VA loan calculator by USAA, you’ll notice that your payment amount will be lower if you have a down payment.

If you have the savings available, it’s a good option. 

But you can get a VA home loan without one.

VA Home Loan Quote

3. PENFED VA MORTGAGE CALCULATOR

The PenFed VA mortgage calculator is straightforward. It asks for the price of the home, down payment, loan term, and interest rate.

There’s just one problem.

It doesn’t take into consideration property taxes or home insurance.

Why does that matter?

Because taxes and insurance are a big part of your housing costs.

And if you go with an escrow account?

Taxes and insurance will be a big part of your monthly mortgage payment. 

Plus, remember that a mortgage calculator only gives you half of the story.

It won’t tell you what your interest rate might be or check your credit score to see if you qualify for a VA mortgage.

For peace of mind, contact the Wendy Thompson Lending Team, and we’ll give you the confidence you need to buy a home.

4. US BANK VA MORTGAGE CALCULATOR

If you like details, you’ll love the US Bank mortgage calculator. It estimates your monthly payment based on several factors, including:

  • - Purchase price
  • - Down payment
  • - Interest rate
  • - Property tax
  • - Homeowner’s insurance
  • - Term length

The calculator breaks down your payment into an easy-to-read circle graph.

How does that help?

You can see the real cost of the home compared to how much you’ll pay for taxes and insurance each month.

But wait.

There is one thing to keep in mind.

It isn’t a VA loan calculator with funding fee, so you must factor that into the overall cost.

Want help to increase your credit score?

The Wendy Thompson Lending Team can do an in-depth assessment and tell you exactly how to improve it!

VA Home Loan Quote

5. LOAN DEPOT VA MORTGAGE CALCULATOR

The Loan Depot has two options to calculate your VA mortgage payment: Basic and advanced.

The Basic option is the easiest to use.

You enter the price of the home, down payment, term, and interest rate to see a sample monthly payment.

If you want to include property tax or homeowner’s insurance, click on the advanced option.

Just remember:

Using a calculator to see how much house you can afford can be misleading.

It can give you an idea of what a monthly payment might be based on a home price.

But an online VA mortgage calculator won’t tell you if you’ll be approved for a loan or not.

That’s because it doesn’t consider your credit score, income, or other information.

If you’re serious about wanting to buy a home, you need a real answer.

Contact the Wendy Thompson Lending Team today!

Unique only to the Wendy Thompson Lending Team is our:
The Tactical VA Loan Blueprint


Deciding on the right VA lender is the most important decision you will make. Choosing the wrong lender can result in you losing your dream home or costing you hundreds of thousands of dollars in more interest over the life of your mortgage.  

Don’t make that mistake, contact the Wendy Thompson Lending Team today!  

You can start the process by clicking the yellow 'See if I'm Eligible' button on the right side bar under the 'Start your quote for a Home Loan'  or call Wendy’s Team directly at (901) 250-2294, to get started on living the American Dream in the home of your Dreams!