VA Loan Mortgage Calculator
Department of Veterans Affairs Loan
VA loans are available to eligible veterans, active-duty service members, and surviving spouses. They offer some of the best terms available with no down payment and no PMI.
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Payment Breakdown
VA Loan Requirements
- •Must be veteran, active duty, or eligible surviving spouse
- •Certificate of Eligibility (COE) required
- •Property must be primary residence
- •Must meet VA appraisal standards
- •VA funding fee applies (can be financed)
Pros
- +No down payment required
- +No private mortgage insurance (PMI)
- +Competitive interest rates (typically lower)
- +No prepayment penalty
- +Assumable by qualified buyers
Cons
- −VA funding fee of 1.25-3.3%
- −Primary residence only
- −Must be eligible veteran or service member
- −Property must meet VA minimum property requirements
- −Can take longer to close than conventional
VA Loan Payments by Home Price
| Home Price | Down (0%) | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $150,000 | $0 | $150,000 | $924 | $182,487 |
| $200,000 | $0 | $200,000 | $1,231 | $243,316 |
| $250,000 | $0 | $250,000 | $1,539 | $304,145 |
| $300,000 | $0 | $300,000 | $1,847 | $364,975 |
| $350,000 | $0 | $350,000 | $2,155 | $425,804 |
| $400,000 | $0 | $400,000 | $2,463 | $486,633 |
| $450,000 | $0 | $450,000 | $2,771 | $547,462 |
| $500,000 | $0 | $500,000 | $3,079 | $608,291 |
| $600,000 | $0 | $600,000 | $3,694 | $729,949 |
| $700,000 | $0 | $700,000 | $4,310 | $851,607 |
| $750,000 | $0 | $750,000 | $4,618 | $912,436 |
| $800,000 | $0 | $800,000 | $4,926 | $973,266 |
| $900,000 | $0 | $900,000 | $5,541 | $1,094,924 |
| $1,000,000 | $0 | $1,000,000 | $6,157 | $1,216,582 |
$400,000 VA Loan by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $3,268 | $2,271 | $417,616 |
| 6% | $3,375 | $2,398 | $463,353 |
| 6.5% | $3,484 | $2,528 | $510,178 |
| 6.75% | $3,540 | $2,594 | $533,981 |
| 7% | $3,595 | $2,661 | $558,036 |
| 7.25% | $3,651 | $2,729 | $582,334 |
| 7.5% | $3,708 | $2,797 | $606,869 |
| 8% | $3,823 | $2,935 | $656,621 |
True Cost: VA Loan on a $400,000 Home
Guide to VA Loan Mortgages
Department of Veterans Affairs Loan (VA Loan) loans are designed for specific borrower profiles. Understanding the nuances helps you decide if this loan type fits your situation.
- Down payment flexibility. VA Loan loans require as little as 0% down ($0 on a $400,000 home). However, lower down payments mean a larger loan and potentially mortgage insurance.
- Rate considerations. Typical VA Loan rates around 6.25% are below conventional rates. This lower rate can save thousands over the life of the loan.
- Loan limits matter. VA Loan loans have no strict limit — loan amounts depend on lender underwriting and your financial profile.
- Compare before committing. Even if you qualify for a VA Loan, compare it against conventional and other loan types. The best loan depends on your down payment, credit score, and long-term plans.
Frequently Asked Questions — VA Loan Loans
What is a VA Loan loan?
Department of Veterans Affairs Loan (VA Loan) is a mortgage program guaranteed by the Department of Veterans Affairs, available to eligible veterans, active-duty service members, and surviving spouses.
What is the minimum down payment for a VA Loan?
The minimum down payment is 0% ($0 on a $400,000 home). This is one of the few loan types that requires no down payment at all.
What credit score do I need for a VA Loan?
VA loans have no official minimum, but most lenders require 620+. Higher scores generally unlock lower rates.
What is the monthly payment on a VA Loan?
On a $400,000 home with 0% down at 6.25%, the monthly payment is $2,463. This is principal and interest only — taxes, insurance, and any mortgage insurance are additional.
Does a VA Loan require mortgage insurance?
No — VA loans don't require monthly mortgage insurance, though there is a one-time funding fee (1.25-3.3% of the loan).
What is the VA Loan loan limit?
VA Loan loans don't have a strict limit — the maximum depends on your lender's underwriting criteria and your financial profile.
How do I apply for a VA Loan?
Start by getting pre-approved with a VA-approved lender. You'll need proof of income, tax returns, bank statements, and a credit check. You'll also need a Certificate of Eligibility (COE) from the VA.
Is a VA Loan better than a conventional mortgage?
VA Loan loans are better if you are eligible for VA benefits — 0% down and no PMI are major advantages. Otherwise, conventional loans may offer lower overall costs.