Last revised: November 6, 2026 · By the FintechZoom Markets Desk, reviewed under our editorial policy
VA mortgage calculator
This VA mortgage calculator estimates the monthly payment on a VA-backed purchase loan or IRRRL, with the VA funding fee from the schedule va.gov lists on November 6, 2026: 2.15 percent for first use with under 5 percent down (3.3 percent after first use), 1.5 percent with 5 percent down and 1.25 percent with 10 percent down. It adds taxes, insurance and HOA dues, checks funding fee exemptions, and builds a monthly amortization schedule with a balance chart.
Loan balance and amortization schedule
VA funding fee table for 2026
VA charges a one-time funding fee on most VA-backed loans. The rates below are the schedule "effective April 7, 2023" on the va.gov funding fee and closing costs page, which we read on November 6, 2026 (va.gov shows it as last updated October 5, 2026). The same rates apply to Veterans, active-duty service members, and National Guard and Reserve members.
| Loan type and down payment | First use | After first use |
|---|---|---|
| Purchase or construction, under 5 percent down | 2.15 percent | 3.3 percent |
| Purchase or construction, 5 percent to under 10 percent down | 1.5 percent | 1.5 percent |
| Purchase or construction, 10 percent or more down | 1.25 percent | 1.25 percent |
| Interest rate reduction refinancing loan (IRRRL) | 0.5 percent | 0.5 percent |
| Cash-out refinance (not modeled here) | 2.15 percent | 3.3 percent |
Basis note: the fee is charged on the loan amount, not the price. va.gov says the fee "applies only to the loan amount, not the purchase price of the home." The down payment share that picks the tier is measured against the purchase price: VA Circular 26-21-26 (December 17, 2021, valid until rescinded) says the percentage down is calculated as a percentage of the total purchase price or construction cost. Its example is $18,000 down on a $300,000 price, which is 6 percent even though the appraised value was $290,000.
How this calculator works
The calculator covers a fixed-rate VA-backed purchase loan or IRRRL with equal monthly payments. Interest each month is the balance times the annual rate divided by 12.
Down payment share = down payment ÷ purchase price (compared in whole cents, so exactly 5.00 percent gets the 1.5 percent rate and exactly 10.00 percent gets 1.25 percent)
Base loan = purchase price − down payment (IRRRL: the payoff balance you enter)
Funding fee = base loan × fee rate, rounded to the cent; 0 if you qualify for an exemption
Total loan (L) = base loan + funding fee if financed; otherwise the fee is added to cash at closing
Monthly principal and interest (M) = L × r ÷ (1 − (1 + r)−n), r = annual rate ÷ 12, n = years × 12; at a 0 percent rate, M = L ÷ n. M is rounded to the cent.
Each month: interest = balance × r; principal = M − interest + extra principal; the last payment is trimmed so the balance ends at $0.00
Monthly housing cost = M + property taxes ÷ 12 + insurance ÷ 12 + HOA dues + other costs
The payment formula is the standard level-payment amortization formula (amortization calculator reference). Because M is rounded to the cent, the final payment differs by a few cents or dollars from the others; the schedule shows the exact amount. The payoff month counts from the first payment month you choose.
Worked example
The calculator opens with this loan. A first-time VA borrower buys a $400,000 home with $20,000 down, at 6 percent for 30 years, finances the funding fee and pays $4,800 a year in property taxes and $1,800 for insurance.
- Down payment share: $20,000 ÷ $400,000 = 5.00 percent, so the 1.5 percent tier applies.
- Base loan: $400,000 − $20,000 = $380,000. Funding fee: $380,000 × 1.5 percent = $5,700.
- Total loan: $385,700. With r = 0.06 ÷ 12 = 0.005 and n = 360, principal and interest is $385,700 × 0.005 ÷ (1 − 1.005−360) = $2,312.47.
- Taxes $400.00 and insurance $150.00 a month bring the total to $2,862.47.
- The first payment is $1,928.50 of interest and $383.97 of principal. The balance is $358,910.40 after 5 years and $322,775.25 after 10 years. Total interest over 360 payments is $446,785.56, and the last payment is $2,308.83.
The 5 percent line matters. Putting $40 less down moves the same buyer into the 2.15 percent tier:
| Down payment on a $400,000 home | Share of price | Fee rate, first use | Funding fee | Loan with fee | Principal and interest |
|---|---|---|---|---|---|
| $19,960 | 4.99 percent | 2.15 percent | $8,170.86 | $388,210.86 | $2,327.52 |
| $20,000 | 5.00 percent | 1.5 percent | $5,700.00 | $385,700.00 | $2,312.47 |
| $40,000 | 10.00 percent | 1.25 percent | $4,500.00 | $364,500.00 | $2,185.36 |
Who is exempt from the VA funding fee
The va.gov funding fee page lists these borrowers as exempt. The calculator sets the fee to $0 when you select one of them.
- Veterans receiving VA compensation for a service-connected disability. VA compensation rate tables (effective December 1, 2025) start at a 10 percent rating, so the calculator asks for 10 percent or more.
- Veterans eligible for that compensation who receive retirement or active-duty pay instead.
- Surviving spouses of Veterans who receive Dependency and Indemnity Compensation (DIC).
- Service members with a proposed or memorandum rating before the loan closing date.
- Active-duty service members who provide evidence of a Purple Heart on or before the closing date.
Your Certificate of Eligibility shows your funding fee status, and the lender relies on it, so check it before you count on a $0 fee.
What each input means
- Loan type: a home purchase, or an IRRRL that refinances an existing VA-backed loan (va.gov IRRRL page).
- Home price and down payment: the contract price and the cash you put toward it. VA allows no down payment when the price is not above the appraised value (va.gov purchase loan page), but a down payment of 5 or 10 percent lowers the fee.
- Payoff balance (IRRRL): what you owe on the current VA loan. Add any closing costs you will roll in.
- Interest rate and term: the note rate from your lender and the number of years.
- Borrower, loan use and disability rating: these pick the fee rate and any exemption. After first use only changes the rate with under 5 percent down.
- Fee paid at closing or financed: financing adds the fee to the loan balance.
- Property taxes, insurance, HOA and other costs: annual taxes and insurance are divided by 12.
- First payment month and extra principal: set the schedule dates and an optional extra amount paid toward principal each month.
Limitations
- Cash-out refinances, Native American Direct Loans, manufactured home loans, loan assumptions and vendee loans have their own fees and are not modeled.
- Entitlement, VA loan limits for borrowers with reduced entitlement, residual income and lender approval are not checked.
- Closing costs other than the funding fee, discount points, prepaid items and escrow cushions are left out. On a purchase loan, VA lets you finance only the funding fee.
- Taxes, insurance and HOA dues stay flat for the whole term; in practice they change from year to year.
- Fixed-rate loans only. Adjustable-rate VA loans are not modeled.
VA mortgage calculator FAQs
How is the VA funding fee calculated in 2026?
VA sets the fee as a percentage of the loan amount, not the price. For purchase loans under the schedule effective April 7, 2023, which va.gov still lists on November 6, 2026, the rate is 2.15 percent for first use or 3.3 percent after first use with less than 5 percent down, 1.5 percent with 5 percent to under 10 percent down, and 1.25 percent with 10 percent or more down. A $400,000 home with $20,000 down has a $380,000 loan, so a 1.5 percent fee is $5,700.
Is the down payment percentage measured against the price or the loan amount?
Against the purchase price. VA Circular 26-21-26, dated December 17, 2021, says the percentage down is calculated as a percentage of the total purchase price or construction cost of the dwelling, and that holds when the price is above the appraised value. The fee rate is then applied to the loan amount. The calculator compares the down payment with the price in whole cents, so a down payment of exactly 5.00 percent gets the 1.5 percent rate and exactly 10.00 percent gets the 1.25 percent rate.
Who does not have to pay the VA funding fee?
VA lists these exemptions: Veterans receiving VA compensation for a service-connected disability, Veterans eligible for that compensation who receive retirement or active-duty pay instead, surviving spouses receiving Dependency and Indemnity Compensation, service members with a proposed or memorandum rating before closing, and active-duty service members who show evidence of a Purple Heart on or before the closing date. The lender confirms the exemption from your Certificate of Eligibility.
Does a 10 percent disability rating remove the funding fee?
The exemption depends on receiving, or being eligible to receive, VA disability compensation. The VA compensation rate tables effective December 1, 2025 start at a 10 percent rating, and a 0 percent rating carries no monthly payment, so a 0 percent rating by itself does not meet that test. Choose 10 percent or more in the calculator only if that is your rating, and check the funding fee status on your Certificate of Eligibility.
Should I finance the funding fee or pay it at closing?
Financing adds the fee to the loan, so you pay interest on it. On a $300,000 home with no down payment at 6.5 percent for 30 years after first use, the 3.3 percent fee is $9,900. Financing it raises the payment from $1,896.20 to $1,958.78 a month and adds $12,622.98 of interest over the full term. Paying it at closing keeps the loan at $300,000 but needs $9,900 in cash.
What funding fee applies to a VA streamline refinance?
An interest rate reduction refinancing loan, or IRRRL, carries a 0.5 percent funding fee for every borrower who is not exempt, according to va.gov. On a $300,000 payoff balance the fee is $1,500, and financing it makes the new loan $301,500. Choose the IRRRL option in the calculator to see this. Other closing costs can also be rolled into an IRRRL, but the calculator leaves them out, so add them to the balance yourself if your lender quotes them.
How much do extra payments save on a VA loan?
Extra principal lowers the balance that interest is charged on. A $300,000 loan at 6.5 percent for 30 years has a $1,896.20 payment and $382,636.50 of interest. Adding $200 a month ends the loan after 277 payments, 83 months early, and cuts interest to $279,186.15, a saving of $103,450.35. Check that your servicer applies extra money to principal.
Do VA loans charge private mortgage insurance?
No. The va.gov purchase loan page says VA-backed loans do not require private mortgage insurance, so the calculator adds none. The funding fee is the one-time cost that takes its place, and some borrowers are exempt from it.
Is the result a loan offer?
No. It is an estimate from the numbers you enter. VA does not set your interest rate. Your lender sets the rate, checks eligibility and entitlement, and shows the funding fee, payment and closing costs on your Loan Estimate.
How we check this calculator
On November 6, 2026 we read the calculator code against the va.gov fee schedule and VA Circular 26-21-26 and ran the five audit test loans (no down payment on first use, exactly 5 percent down after first use, exactly 10 percent down on a 15-year loan, an exempt borrower with taxes and HOA dues, and a fee paid at closing with $200 a month extra) against an independent Python model. Every fee, payment, total interest and payoff count matched to the cent. The fee tiers in the old version were already right at 5.00 and 10.00 percent and were measured against the price. Its schedule used an unrounded payment, so its lifetime interest differed from a cent-rounded payment schedule by up to $2.34, and it showed the payoff as a length of time without a month. The new version uses a cent-rounded payment with a trimmed last payment, shows the payoff month, a monthly schedule and a balance chart, picks exemptions from the va.gov list, and adds the IRRRL fee.
Revision history: November 6, 2026, funding fee sources linked and tier basis stated, exemption inputs, IRRRL mode, prefilled example, monthly schedule, balance chart, worked example and FAQ added; previous edition September 22, 2026.
Related: amortization calculator, mortgage affordability calculator, down payment calculator, home equity loan calculator, HELOC calculator, real estate calculators, Treasury yields, all calculators.
Sources: va.gov, VA funding fee and closing costs; VA Circular 26-21-26, funding fee percentage on purchase loans with down payments; va.gov, Veteran disability compensation rates; va.gov, VA purchase loan; va.gov, interest rate reduction refinance loan; Amortization calculator formula.
This VA mortgage calculator gives estimates for education and comparison, based on the figures you enter and the VA rules cited above as of November 6, 2026. It is not a loan offer, an eligibility decision, or legal, tax or financial advice. Your lender, your Certificate of Eligibility and your Loan Estimate set the actual fee, rate and payment. See our disclaimer.
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