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Making a down payment on your VA home loan can also lower your funding fee. The VA loan funding fee is lower for first-time borrowers than subsequent borrowers. VA funding fees rates apply to active duty, National Guard, and reserve applicants.

A Veteran was awarded the Purple Heart on or before the loan closing date and can provide evidence to the lender.

A service member received a proposed or memorandum VA rating before the loan closing date, stating their eligibility for VA compensation because of a pre-discharge claim.

Eligible spouses must be receiving dependency and indemnity compensation (DIC) or qualify for it.

The surviving spouse of a veteran who died in service or from a service-connected disability, or who was totally disabled.

A veteran is eligible to receive VA compensation for a service-connected disability.

A veteran is receiving VA compensation for a service-connected disability.

Who Pays the VA Loan Funding Fee?Īny borrower who uses a VA mortgage to buy, build, refinance, improve or repair a home must pay a VA funding fee unless they meet certain criteria.

The VA describes the VA funding fee as “a one-time payment that the veteran, service member, or survivor pays on a VA-backed or VA direct home loan.” The VA funding fee helps offset the the VA loan program’s cost to taxpayers. Ask what the current interest rate on a 15- or 30-year VA mortgage loan would be within your specific FICO score range. If you aren’t sure, call a VA lender to ask for more personalized interest rate information. If you estimate your interest rate too low, you might be disappointed when you lock in your rate. To get the most accurate estimate, calculate your interest rate conservatively. You will not know your exact VA loan interest rate until you lock in with your lender, which is one reason this calculator can only provide an estimate. » MORE: Check official requirements for a VA loan You can also use the mortgage calculator to estimate your monthly mortgage payment for a VA loan refinance option, just remember to factor in any cash you take out during your refinance loan.

Any applicable homeowners association (HOA) or condo owners association (COA) feesĬalculate Monthly Payments for VA Refinance Loans.Any add-ons to the loan such as the VA loan funding fee, energy-efficient mortgage funds, etc.Don’t forget to include these variables in your VA mortgage payment calculation: However, you’ll need more than just your principal balance, interest and loan term to get an accurate calculation. Then, divide that amount by the number of payments required.

To calculate your VA mortgage payment, add all the monthly expenses associated with your mortgage loan together, including interest. » MORE: See how your military service can get you into a home for $0 down