Mortgage & Veterans•$0 Down & $0 Monthly PMI
VA Loan Calculator & VA Loan Rates Guide
Calculate your VA funding fee, total financed loan amount, and monthly payment with zero down payment and zero monthly mortgage insurance using our privacy-first VA loan calculator. Evaluate current VA loan rates and savings compared to conventional financing.
VA Loan Benefit Advantage
$0 Down Payment & $0 Monthly PMI!
Your VA funding fee is 2.15% ($8,600). Financed total loan is $408,600. Your monthly payment is $2,518/mo, saving $220/mo compared to conventional loans requiring monthly PMI.
Monthly VA Payment$2,518 / mo
Monthly PMI: $0 / mo (Zero PMI)
VA Funding Fee$8,600
Fee Rate: 2.15% of Loan
Total Financed Amount$408,600
Base Loan: $400,000
VA Loan vs. Conventional Loan with PMI
Compare upfront cash needed, monthly principal & interest, monthly mortgage insurance (PMI), and total monthly payment.
| Comparison Metric | VA Loan ($0 Down) | Conventional (5% Down + PMI) | Difference |
|---|---|---|---|
| Upfront Down Payment Needed | $0 (0% Down) | $20,000 (5% Down) | Save $20,000 Cash |
| Upfront Funding Fee / PMI | $8,600 (Rolled into Loan) | $0 Upfront | Financed Fee |
| Monthly Principal & Interest | $2,518 / mo | $2,340 / mo | +$178/mo |
| Monthly Mortgage Insurance (PMI) | $0 / mo (Zero PMI) | $190 / mo | Save $190/mo |
| Total Monthly Payment | $2,518 / mo | $2,530 / mo | VA Saves $12/mo |
Deep-Dive Guide
Read GuideVA Loan Funding Fee Explained: Rates, Exemptions, and How It's Calculated
Learn how the VA funding fee works, view the complete fee tier table (2.15% vs 3.30%), and see who qualifies for a full exemption.
Frequently Asked Questions
Fact-checked guidance grounded in statutory VA Pamphlet 26-7 rules.
What is the VA funding fee and who has to pay it?▾
The VA funding fee is a statutory one-time fee mandated by the U.S. Department of Veterans Affairs (VA Pamphlet 26-7) to offset loan default costs to taxpayers. It is paid by eligible Veterans, Active Duty Service Members, and National Guard/Reserve personnel obtaining a VA purchase or cash-out refinance loan, unless they qualify for a statutory exemption. The fee can be paid in cash at closing or rolled directly into the total loan balance.
Are VA loans really $0 down payment?▾
Yes. Qualified Veterans and active duty service members can purchase a primary residence with 0% down payment up to the home's appraised value without triggering mandatory Private Mortgage Insurance (PMI). However, buyers still need cash for standard closing costs (such as title fees, escrow, and prepaid property taxes) unless seller concessions or lender credits cover them.
Do VA loans require monthly mortgage insurance (PMI)?▾
No. VA loans do not require ongoing monthly Private Mortgage Insurance (PMI) or monthly Mortgage Insurance Premiums (MIP), regardless of whether you put 0% down. This eliminates the $100–$300+ monthly insurance fee charged on conventional and FHA mortgages, lowering your overall monthly housing payment.
Is the VA funding fee higher for a second VA loan?▾
Yes. For first-time VA loan usage with 0% down, the funding fee rate is 2.15% of the base loan amount. For subsequent (second or later) VA loan usage with 0% down, the funding fee increases to 3.30%. However, if you make a down payment of 5% to 9.99%, the fee drops to 1.50% (for both first and subsequent use), and with 10% or more down, the fee drops to 1.25%.
Who is exempt from paying the VA funding fee?▾
Under federal law, Veterans receiving VA compensation for a service-connected disability, Veterans eligible to receive disability pay upon retirement, Purple Heart recipients serving on active duty, and surviving spouses of Veterans who died in service or from a service-connected disability are 100% exempt from paying the VA funding fee.
VA Pamphlet 26-7 Rules & Funding Fee Table:
- Funding Fee Schedule: First-time use with 0% down is 2.15%; 5% to 9.99% down is 1.50%; 10%+ down is 1.25%. Subsequent use with 0% down is 3.30%.
- Disability Exemption: Veterans receiving VA disability compensation, Purple Heart recipients, and surviving spouses are 100% exempt from the funding fee.
- No Monthly PMI: VA loans do not charge monthly mortgage insurance, eliminating ongoing PMI payments for the life of the loan.