Calculator Documentation
VA Loan Calculator
Calculate VA loan payments with the funding fee, zero down, and no PMI
Schema version 1.0.0 · Category: mortgage
Inputs
Purchase Details
Home price and down payment
| Field | Type | Default | Notes |
|---|---|---|---|
| Home Price | currency | $450,000 | Purchase price of the home |
| Down Payment | percentage | 0.00% | VA loans allow $0 down. Putting 5%+ down lowers the funding fee. |
| Interest Rate | percentage | 6.25% | VA rates typically run slightly below conventional |
| Loan Term | select | 30 | Length of the mortgage |
VA Funding Fee
Usage and financing of the funding fee
| Field | Type | Default | Notes |
|---|---|---|---|
| VA Loan Usage | select | 1 | Subsequent use carries a higher funding fee; disability-rated veterans are exempt |
| Finance the Funding Fee? | select | 1 | Most borrowers finance the fee into the loan |
Taxes & Insurance
Escrowed monthly costs
| Field | Type | Default | Notes |
|---|---|---|---|
| Annual Property Tax | currency | $4,800 | Annual property tax amount |
| Annual Home Insurance | currency | $1,800 | Annual homeowners insurance premium |
| Monthly HOA | currency | $0 | Monthly HOA dues |
Calculations
Every figure this calculator produces, in evaluation order. Formulas reference input ids, parameters, and earlier calculations.
downPaymentDown payment amount
homePrice * downPaymentPercent
baseLoanAmountLoan before the funding fee
homePrice - downPayment
isFirstUseFirst VA use
if(usageType == 1, 1, 0)
isSubsequentUseSubsequent VA use
if(usageType == 2, 1, 0)
firstUseFeeRateFirst-use funding fee tier
if(downPaymentPercent < 0.05, 0.0215, if(downPaymentPercent < 0.10, 0.015, 0.0125))
subsequentFeeRateSubsequent-use funding fee tier
if(downPaymentPercent < 0.05, 0.033, if(downPaymentPercent < 0.10, 0.015, 0.0125))
fundingFeeRateApplicable funding fee rate (0 when exempt)
isFirstUse * firstUseFeeRate + isSubsequentUse * subsequentFeeRate
fundingFeeVA funding fee amount
baseLoanAmount * fundingFeeRate
financedFeeFunding fee rolled into the loan
if(financeFundingFee == 1, fundingFee, 0)
feeAtClosingFunding fee paid in cash at closing
fundingFee - financedFee
totalLoanAmountTotal loan including any financed funding fee
baseLoanAmount + financedFee
monthlyRateMonthly rate
interestRate / 12
termMonthsTerm in months
loanTerm * 12
principalInterestMonthly principal & interest
(totalLoanAmount * monthlyRate * pow(1 + monthlyRate, termMonths)) / (pow(1 + monthlyRate, termMonths) - 1)
monthlyTaxMonthly property tax
annualPropertyTax / 12
monthlyInsuranceMonthly insurance
annualHomeInsurance / 12
totalMonthlyPaymentTotal monthly payment (no PMI on VA loans)
principalInterest + monthlyTax + monthlyInsurance + monthlyHOA
avoidedMonthlyPMIMonthly PMI a comparable conventional loan would carry (VA has none)
if(downPaymentPercent < 0.20, baseLoanAmount * 0.0055 / 12, 0)
cashToCloseCash needed at closing (excluding standard closing costs)
downPayment + feeAtClosing
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