How do I prove VA eligibility?

Request a Certificate of Eligibility (COE) from the VA. Most lenders can submit the request on your behalf.

Is there a loan limit for VA loans?

Veterans with full entitlement have no VA loan limit, though lenders may cap at their own comfort. Partial-entitlement buyers have limits based on county.

What is the VA funding fee?

One-time fee paid to the VA at closing. First-time use with 0% down: 2.15% of loan amount. First-time use with 5%+ down: 1.5%. First-time use with 10%+ down: 1.25%. Subsequent VA loan use with 0% down: 3.3%. The fee can be financed into the loan (added to principal). Veterans with service-connected disabilities and surviving spouses are exempt. On a $350K loan, first-time use 0% down: $7,525 fee. The fee replaces PMI (which conventional/FHA loans require with low down payment).

Can I use VA loans more than once?

Yes, VA loan benefits are reusable. Pay off your first VA loan (selling the home and using proceeds to clear the loan, or paying it down to zero) to fully restore entitlement. You can also have two VA loans simultaneously if you have remaining entitlement after the first; example: buy a starter home in San Diego with $400K VA loan, get military orders to relocate, rent out San Diego home, use remaining entitlement for a $300K VA loan in the new location. Subsequent-use funding fee is higher (3.3% with 0% down vs. 2.15% first-time).

Are VA loan rates better than conventional?

Generally yes, by 0.25-0.5% on average. Plus no PMI saves $100-300/month vs. low-down-payment conventional. On a $350K, 30-year loan, this saves about $40K-60K over the loan life. VA loans also have more flexible credit requirements (some lenders approve 580-620 FICO), allow seller-paid concessions up to 4% (more than conventional), and have no prepayment penalty. The combination makes VA financing nearly always the best option for eligible service members.

Can I use a VA loan for a vacation home or rental property?

No. VA loans are owner-occupied primary residences only. You must intend to live in the home for at least 12 months after closing. Exceptions: military relocation orders. After the 12-month occupancy requirement and a permanent change of station, you can rent the home and use remaining VA entitlement for a new primary residence. Investment property purchases require conventional financing (typically 20-25% down for investment properties). VA enforces occupancy via a signed certification at closing.

Money & Finance · Free tool

VA Loan Calculator

Estimate monthly VA loan payments instantly online. See costs with no PMI, competitive rates, and no down payment for eligible veterans, free with no sign-up needed.

Updated June 2026

Home price ($)Down payment (%)Rate (%)Term (years)Property tax (% / yr)Insurance ($ / yr)HOA ($ / mo)PMI (% / yr)

Monthly payment (all in)

$2,822

P&I

$2,212

Property tax

$350

Insurance

$100

PMI (avg)

$160

drops off in ~12 yr

Total cost over 30 years

Down payment: $0
Loan amount: $350,000
Total interest: $446,406
Total PMI: $23,166
Total cost of home: $981,572

P&I uses the standard fixed-rate amortization formula. PMI assumes conventional rules (drops off when balance ≤ 80% of original price). Taxes, insurance, and HOA are held flat — in reality they drift up over time.

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What it does

A VA loan calculator for eligible veterans, active-duty service members, and surviving spouses. VA loans allow zero down payment, no private mortgage insurance (PMI), and competitive interest rates. There is a one-time VA funding fee (typically 1.25-3.3% of the loan) unless exempted for disability.

No PMI is the big math advantage. On a $350,000 home with zero down, a conventional loan would require PMI until 20% equity is built up — often $200-$300/month. VA loans skip that entirely, which is why the effective monthly payment can be much lower than an equivalent conventional path.

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Example input & output

Input

Home price: $350,000
Down: $0
Rate: 6.5%
Term: 30 years

Output

P&I: $2,213/mo
Taxes: $350/mo
Insurance: $100/mo
Total PITI: $2,663/mo

Zero down + no PMI saves roughly $200-$300/month vs an equivalent conventional 0-3% down loan.

How to use it

Enter the home price.
Set down payment to 0 unless you want to reduce your funding fee.
Enter the VA rate (often slightly below conventional).
Include property tax and insurance.
Factor the funding fee into closing costs, not monthly.

When to use this tool

When eligible and intending to use the home as a primary residence.
Refinancing from a conventional loan into a VA loan.

When not to use it

Investment properties (VA loans are primary-residence only).
Non-eligible buyers — conventional or FHA instead.

Common use cases

Eligible veterans comparing VA vs conventional options.
Active-duty service members planning a purchase with minimal cash.
Surviving spouses of eligible veterans.

Frequently asked questions

How do I prove VA eligibility?: Request a Certificate of Eligibility (COE) from the VA. Most lenders can submit the request on your behalf.
Is there a loan limit for VA loans?: Veterans with full entitlement have no VA loan limit, though lenders may cap at their own comfort. Partial-entitlement buyers have limits based on county.
What is the VA funding fee?: One-time fee paid to the VA at closing. First-time use with 0% down: 2.15% of loan amount. First-time use with 5%+ down: 1.5%. First-time use with 10%+ down: 1.25%. Subsequent VA loan use with 0% down: 3.3%. The fee can be financed into the loan (added to principal). Veterans with service-connected disabilities and surviving spouses are exempt. On a $350K loan, first-time use 0% down: $7,525 fee. The fee replaces PMI (which conventional/FHA loans require with low down payment).
Can I use VA loans more than once?: Yes, VA loan benefits are reusable. Pay off your first VA loan (selling the home and using proceeds to clear the loan, or paying it down to zero) to fully restore entitlement. You can also have two VA loans simultaneously if you have remaining entitlement after the first; example: buy a starter home in San Diego with $400K VA loan, get military orders to relocate, rent out San Diego home, use remaining entitlement for a $300K VA loan in the new location. Subsequent-use funding fee is higher (3.3% with 0% down vs. 2.15% first-time).
Are VA loan rates better than conventional?: Generally yes, by 0.25-0.5% on average. Plus no PMI saves $100-300/month vs. low-down-payment conventional. On a $350K, 30-year loan, this saves about $40K-60K over the loan life. VA loans also have more flexible credit requirements (some lenders approve 580-620 FICO), allow seller-paid concessions up to 4% (more than conventional), and have no prepayment penalty. The combination makes VA financing nearly always the best option for eligible service members.
Can I use a VA loan for a vacation home or rental property?: No. VA loans are owner-occupied primary residences only. You must intend to live in the home for at least 12 months after closing. Exceptions: military relocation orders. After the 12-month occupancy requirement and a permanent change of station, you can rent the home and use remaining VA entitlement for a new primary residence. Investment property purchases require conventional financing (typically 20-25% down for investment properties). VA enforces occupancy via a signed certification at closing.

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