VA Loan Eligibility & Payment Calculator

U.S. VA Loan Eligibility & Payment Estimator

VA Loan Eligibility Self-Checker (Unofficial Estimate)

This is a simplified checklist for general guidance ONLY. Official eligibility is determined by the U.S. Department of Veterans Affairs (VA) through a Certificate of Eligibility (COE).

1. What is your U.S. Military Service Status?

2. General Service Period (select one that best applies or consult VA.gov for specifics):

3. Have you previously used your VA Home Loan benefit? Yes No (This is my first time)

4. Do you have a VA service-connected disability rating (typically 10% or more for funding fee waiver)? Yes No

VA Loan Payment & Funding Fee Estimator

All monetary values should be in USD ($) for this U.S. VA Loan estimator.

Property & Loan Details

Property Purchase Price ($):

Down Payment ($) (Can be 0):

Estimated Annual Interest Rate (%):

Loan Term (Years):

Estimated Annual Property Costs

Annual Property Taxes ($):

Annual Homeowner's Insurance ($):

Monthly HOA Dues ($) (Optional):

VA Funding Fee Factors (Confirm from Tab 1 or select):

Service Type for Funding Fee:

First time using VA Loan? Yes No

Exempt from Funding Fee? (e.g., due to VA disability, Purple Heart recipient, some surviving spouses) Yes No

Understanding U.S. VA Home Loans

The VA Home Loan program is a benefit provided by the U.S. Department of Veterans Affairs to help Service members, Veterans, and eligible surviving spouses buy, build, repair, retain, or adapt a home for their own personal occupancy.

Key Benefits of VA Loans:

No Down Payment Required: For most eligible borrowers, VA loans do not require a down payment, provided the sale price doesn't exceed the appraised value (and the veteran has full entitlement).
No Private Mortgage Insurance (PMI): Unlike conventional loans with less than 20% down, VA loans do not require PMI, which can save borrowers a significant amount monthly.
Competitive Interest Rates: VA loans often have interest rates that are competitive with, and sometimes lower than, conventional loans.
Limited Closing Costs: The VA limits the closing costs lenders can charge to VA borrowers.
Reusable Benefit: The VA loan benefit can generally be used multiple times throughout a lifetime.

Eligibility Basics:

Eligibility for a VA loan is not automatic. It depends on specific service requirements related to duty status and length of service. Common eligible categories include:

Veterans who meet length-of-service requirements.
Active-duty service members who have served a minimum period (e.g., 90 continuous days).
Certain National Guard members and Reservists with 6 years of creditable service, or those called to active duty for certain periods.
Certain surviving spouses of Veterans who died in service or from a service-connected disability.

The most important step is to obtain a Certificate of Eligibility (COE) from the VA. This document officially confirms your eligibility for the VA home loan benefit. You can apply for a COE through the VA website (VA.gov) or your lender can help you obtain one.

VA Funding Fee:

Most VA borrowers will pay a one-time VA Funding Fee. This fee helps to lower the cost of the loan for U.S. taxpayers as the VA loan program doesn't require down payments or monthly mortgage insurance. The fee amount is a percentage of the loan amount and varies based on:

Type of Service: Regular Military, or National Guard/Reserves.
First-Time vs. Subsequent Use: The fee is generally higher for subsequent uses.
Down Payment Amount:
- No down payment: Highest fee percentage.
- 5% to less than 10% down: Reduced fee percentage.
- 10% or more down: Further reduced fee percentage.
Exemptions: The funding fee is typically waived for Veterans receiving VA compensation for a service-connected disability, those who would be entitled to receive compensation for a service-connected disability if they did not receive retirement or active duty pay, and certain surviving spouses.

The funding fee can be paid in cash at closing or, more commonly, financed into the total loan amount. This calculator estimates the fee based on common scenarios; always verify the current official VA funding fee tables.

VA Loan Limits & Entitlement:

For borrowers with their full VA loan entitlement, the VA does not set a cap on how much they can borrow to finance a home. However, lenders may set their own limits based on the borrower's creditworthiness and income, and the VA only guarantees a portion of the loan. If a borrower has partial entitlement (e.g., from a previous VA loan that wasn't fully restored), then VA loan limits based on county may come into play for determining how much the VA will guarantee for $0 down payment.

Understanding your available entitlement is crucial, especially for subsequent uses or if you've had a prior VA loan default. Consult the VA or a VA-approved lender for details.

PITI + HOA:

Your total monthly housing payment will often include PITI:

Principal: Repayment of the loan balance.
Interest: Cost of borrowing.
Taxes: Annual property taxes, usually escrowed.
Insurance: Annual homeowner's insurance, usually escrowed.

If the property is part of a Homeowners Association (HOA), you will also have monthly HOA dues.

This estimator is for informational purposes for the U.S. VA Loan Program ONLY. It provides simplified estimates based on your inputs and general VA funding fee rules (which can change). It is not financial advice, a loan offer, or a guarantee of eligibility or loan approval. Always consult directly with the U.S. Department of Veterans Affairs (VA.gov) and VA-approved lenders for official information, to obtain your Certificate of Eligibility (COE), and for specific loan terms.