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VA Mortgage Calculator

Monthly Pay: $3,408.33

House Price		$500,000.00
VA Funding Fee (2.15%)		$10,750.00
Down Payment		$0.00
Loan Amount		$510,750.00
Total of 360 Mortgage Payments		$1,226,998.53
Total Interest		$716,248.53
Mortgage Payoff Date		Nov. 2053

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$2,992	$416	$510,334
2	$2,990	$419	$509,915
3	$2,987	$421	$509,494
4	$2,985	$424	$509,071
5	$2,982	$426	$508,645
6	$2,980	$429	$508,216
7	$2,977	$431	$507,785
8	$2,975	$434	$507,351
9	$2,972	$436	$506,915
10	$2,970	$439	$506,477
11	$2,967	$441	$506,035
12	$2,965	$444	$505,592
End of year 1
13	$2,962	$446	$505,145
14	$2,959	$449	$504,696
15	$2,957	$452	$504,245
16	$2,954	$454	$503,790
17	$2,951	$457	$503,333
18	$2,949	$460	$502,874
19	$2,946	$462	$502,411
20	$2,943	$465	$501,946
21	$2,941	$468	$501,479
22	$2,938	$471	$501,008
23	$2,935	$473	$500,535
24	$2,932	$476	$500,059
End of year 2
25	$2,930	$479	$499,580
26	$2,927	$482	$499,098
27	$2,924	$484	$498,614
28	$2,921	$487	$498,127
29	$2,918	$490	$497,636
30	$2,915	$493	$497,143
31	$2,912	$496	$496,648
32	$2,910	$499	$496,149
33	$2,907	$502	$495,647
34	$2,904	$505	$495,142
35	$2,901	$508	$494,635
36	$2,898	$511	$494,124
End of year 3
37	$2,895	$514	$493,611
38	$2,892	$517	$493,094
39	$2,889	$520	$492,574
40	$2,886	$523	$492,052
41	$2,883	$526	$491,526
42	$2,880	$529	$490,997
43	$2,876	$532	$490,465
44	$2,873	$535	$489,930
45	$2,870	$538	$489,392
46	$2,867	$541	$488,851
47	$2,864	$544	$488,306
48	$2,861	$548	$487,759
End of year 4
49	$2,857	$551	$487,208
50	$2,854	$554	$486,654
51	$2,851	$557	$486,096
52	$2,848	$561	$485,536
53	$2,844	$564	$484,972
54	$2,841	$567	$484,405
55	$2,838	$571	$483,834
56	$2,834	$574	$483,260
57	$2,831	$577	$482,683
58	$2,828	$581	$482,102
59	$2,824	$584	$481,518
60	$2,821	$587	$480,931
End of year 5
61	$2,817	$591	$480,340
62	$2,814	$594	$479,746
63	$2,811	$598	$479,148
64	$2,807	$601	$478,547
65	$2,803	$605	$477,942
66	$2,800	$608	$477,333
67	$2,796	$612	$476,721
68	$2,793	$616	$476,106
69	$2,789	$619	$475,487
70	$2,786	$623	$474,864
71	$2,782	$626	$474,238
72	$2,778	$630	$473,607
End of year 6
73	$2,775	$634	$472,974
74	$2,771	$637	$472,336
75	$2,767	$641	$471,695
76	$2,763	$645	$471,050
77	$2,760	$649	$470,401
78	$2,756	$653	$469,749
79	$2,752	$656	$469,092
80	$2,748	$660	$468,432
81	$2,744	$664	$467,768
82	$2,740	$668	$467,100
83	$2,736	$672	$466,428
84	$2,732	$676	$465,752
End of year 7
85	$2,729	$680	$465,072
86	$2,725	$684	$464,389
87	$2,721	$688	$463,701
88	$2,717	$692	$463,009
89	$2,712	$696	$462,313
90	$2,708	$700	$461,613
91	$2,704	$704	$460,909
92	$2,700	$708	$460,201
93	$2,696	$712	$459,489
94	$2,692	$716	$458,772
95	$2,688	$721	$458,051
96	$2,683	$725	$457,327
End of year 8
97	$2,679	$729	$456,597
98	$2,675	$733	$455,864
99	$2,671	$738	$455,126
100	$2,666	$742	$454,384
101	$2,662	$746	$453,638
102	$2,658	$751	$452,887
103	$2,653	$755	$452,132
104	$2,649	$760	$451,372
105	$2,644	$764	$450,608
106	$2,640	$769	$449,840
107	$2,635	$773	$449,067
108	$2,631	$778	$448,289
End of year 9
109	$2,626	$782	$447,507
110	$2,622	$787	$446,720
111	$2,617	$791	$445,929
112	$2,612	$796	$445,133
113	$2,608	$801	$444,333
114	$2,603	$805	$443,527
115	$2,598	$810	$442,717
116	$2,594	$815	$441,903
117	$2,589	$820	$441,083
118	$2,584	$824	$440,259
119	$2,579	$829	$439,430
120	$2,574	$834	$438,596
End of year 10
121	$2,569	$839	$437,757
122	$2,565	$844	$436,913
123	$2,560	$849	$436,064
124	$2,555	$854	$435,210
125	$2,550	$859	$434,352
126	$2,545	$864	$433,488
127	$2,540	$869	$432,619
128	$2,534	$874	$431,745
129	$2,529	$879	$430,866
130	$2,524	$884	$429,982
131	$2,519	$889	$429,093
132	$2,514	$895	$428,198
End of year 11
133	$2,509	$900	$427,298
134	$2,503	$905	$426,393
135	$2,498	$910	$425,483
136	$2,493	$916	$424,567
137	$2,487	$921	$423,646
138	$2,482	$926	$422,720
139	$2,476	$932	$421,788
140	$2,471	$937	$420,850
141	$2,465	$943	$419,908
142	$2,460	$948	$418,959
143	$2,454	$954	$418,005
144	$2,449	$960	$417,046
End of year 12
145	$2,443	$965	$416,081
146	$2,438	$971	$415,110
147	$2,432	$976	$414,133
148	$2,426	$982	$413,151
149	$2,420	$988	$412,163
150	$2,415	$994	$411,169
151	$2,409	$1,000	$410,170
152	$2,403	$1,005	$409,164
153	$2,397	$1,011	$408,153
154	$2,391	$1,017	$407,136
155	$2,385	$1,023	$406,113
156	$2,379	$1,029	$405,083
End of year 13
157	$2,373	$1,035	$404,048
158	$2,367	$1,041	$403,007
159	$2,361	$1,047	$401,960
160	$2,355	$1,054	$400,906
161	$2,349	$1,060	$399,846
162	$2,342	$1,066	$398,781
163	$2,336	$1,072	$397,708
164	$2,330	$1,078	$396,630
165	$2,324	$1,085	$395,545
166	$2,317	$1,091	$394,454
167	$2,311	$1,097	$393,357
168	$2,304	$1,104	$392,253
End of year 14
169	$2,298	$1,110	$391,142
170	$2,291	$1,117	$390,025
171	$2,285	$1,123	$388,902
172	$2,278	$1,130	$387,772
173	$2,272	$1,137	$386,635
174	$2,265	$1,143	$385,492
175	$2,258	$1,150	$384,342
176	$2,252	$1,157	$383,185
177	$2,245	$1,164	$382,022
178	$2,238	$1,170	$380,852
179	$2,231	$1,177	$379,674
180	$2,224	$1,184	$378,490
End of year 15
181	$2,217	$1,191	$377,299
182	$2,210	$1,198	$376,101
183	$2,203	$1,205	$374,896
184	$2,196	$1,212	$373,684
185	$2,189	$1,219	$372,465
186	$2,182	$1,226	$371,239
187	$2,175	$1,233	$370,005
188	$2,168	$1,241	$368,765
189	$2,160	$1,248	$367,517
190	$2,153	$1,255	$366,261
191	$2,146	$1,263	$364,999
192	$2,138	$1,270	$363,729
End of year 16
193	$2,131	$1,277	$362,451
194	$2,123	$1,285	$361,166
195	$2,116	$1,292	$359,874
196	$2,108	$1,300	$358,574
197	$2,101	$1,308	$357,266
198	$2,093	$1,315	$355,951
199	$2,085	$1,323	$354,628
200	$2,078	$1,331	$353,297
201	$2,070	$1,339	$351,958
202	$2,062	$1,346	$350,612
203	$2,054	$1,354	$349,257
204	$2,046	$1,362	$347,895
End of year 17
205	$2,038	$1,370	$346,525
206	$2,030	$1,378	$345,147
207	$2,022	$1,386	$343,760
208	$2,014	$1,394	$342,366
209	$2,006	$1,403	$340,963
210	$1,997	$1,411	$339,552
211	$1,989	$1,419	$338,133
212	$1,981	$1,427	$336,706
213	$1,973	$1,436	$335,270
214	$1,964	$1,444	$333,826
215	$1,956	$1,453	$332,373
216	$1,947	$1,461	$330,912
End of year 18
217	$1,939	$1,470	$329,442
218	$1,930	$1,478	$327,964
219	$1,921	$1,487	$326,477
220	$1,913	$1,496	$324,981
221	$1,904	$1,504	$323,477
222	$1,895	$1,513	$321,963
223	$1,886	$1,522	$320,441
224	$1,877	$1,531	$318,910
225	$1,868	$1,540	$317,370
226	$1,859	$1,549	$315,821
227	$1,850	$1,558	$314,263
228	$1,841	$1,567	$312,695
End of year 19
229	$1,832	$1,576	$311,119
230	$1,823	$1,586	$309,533
231	$1,813	$1,595	$307,938
232	$1,804	$1,604	$306,334
233	$1,795	$1,614	$304,720
234	$1,785	$1,623	$303,097
235	$1,776	$1,633	$301,464
236	$1,766	$1,642	$299,822
237	$1,756	$1,652	$298,170
238	$1,747	$1,662	$296,509
239	$1,737	$1,671	$294,838
240	$1,727	$1,681	$293,156
End of year 20
241	$1,717	$1,691	$291,466
242	$1,708	$1,701	$289,765
243	$1,698	$1,711	$288,054
244	$1,688	$1,721	$286,333
245	$1,677	$1,731	$284,602
246	$1,667	$1,741	$282,861
247	$1,657	$1,751	$281,110
248	$1,647	$1,761	$279,348
249	$1,637	$1,772	$277,577
250	$1,626	$1,782	$275,794
251	$1,616	$1,793	$274,002
252	$1,605	$1,803	$272,199
End of year 21
253	$1,595	$1,814	$270,385
254	$1,584	$1,824	$268,561
255	$1,573	$1,835	$266,726
256	$1,563	$1,846	$264,880
257	$1,552	$1,857	$263,023
258	$1,541	$1,867	$261,156
259	$1,530	$1,878	$259,277
260	$1,519	$1,889	$257,388
261	$1,508	$1,900	$255,488
262	$1,497	$1,912	$253,576
263	$1,486	$1,923	$251,653
264	$1,474	$1,934	$249,719
End of year 22
265	$1,463	$1,945	$247,774
266	$1,452	$1,957	$245,817
267	$1,440	$1,968	$243,849
268	$1,429	$1,980	$241,869
269	$1,417	$1,991	$239,878
270	$1,405	$2,003	$237,874
271	$1,394	$2,015	$235,860
272	$1,382	$2,027	$233,833
273	$1,370	$2,038	$231,795
274	$1,358	$2,050	$229,744
275	$1,346	$2,062	$227,682
276	$1,334	$2,074	$225,607
End of year 23
277	$1,322	$2,087	$223,521
278	$1,309	$2,099	$221,422
279	$1,297	$2,111	$219,311
280	$1,285	$2,124	$217,187
281	$1,272	$2,136	$215,051
282	$1,260	$2,148	$212,903
283	$1,247	$2,161	$210,742
284	$1,235	$2,174	$208,568
285	$1,222	$2,186	$206,381
286	$1,209	$2,199	$204,182
287	$1,196	$2,212	$201,970
288	$1,183	$2,225	$199,745
End of year 24
289	$1,170	$2,238	$197,507
290	$1,157	$2,251	$195,255
291	$1,144	$2,264	$192,991
292	$1,131	$2,278	$190,713
293	$1,117	$2,291	$188,422
294	$1,104	$2,304	$186,118
295	$1,090	$2,318	$183,800
296	$1,077	$2,332	$181,468
297	$1,063	$2,345	$179,123
298	$1,049	$2,359	$176,764
299	$1,036	$2,373	$174,391
300	$1,022	$2,387	$172,004
End of year 25
301	$1,008	$2,401	$169,604
302	$994	$2,415	$167,189
303	$979	$2,429	$164,760
304	$965	$2,443	$162,317
305	$951	$2,457	$159,860
306	$937	$2,472	$157,388
307	$922	$2,486	$154,902
308	$907	$2,501	$152,401
309	$893	$2,516	$149,885
310	$878	$2,530	$147,355
311	$863	$2,545	$144,810
312	$848	$2,560	$142,250
End of year 26
313	$833	$2,575	$139,675
314	$818	$2,590	$137,085
315	$803	$2,605	$134,480
316	$788	$2,621	$131,859
317	$772	$2,636	$129,223
318	$757	$2,651	$126,572
319	$742	$2,667	$123,905
320	$726	$2,682	$121,223
321	$710	$2,698	$118,524
322	$694	$2,714	$115,810
323	$678	$2,730	$113,081
324	$662	$2,746	$110,335
End of year 27
325	$646	$2,762	$107,573
326	$630	$2,778	$104,795
327	$614	$2,794	$102,000
328	$598	$2,811	$99,189
329	$581	$2,827	$96,362
330	$565	$2,844	$93,518
331	$548	$2,860	$90,658
332	$531	$2,877	$87,781
333	$514	$2,894	$84,887
334	$497	$2,911	$81,976
335	$480	$2,928	$79,047
336	$463	$2,945	$76,102
End of year 28
337	$446	$2,962	$73,140
338	$428	$2,980	$70,160
339	$411	$2,997	$67,163
340	$393	$3,015	$64,148
341	$376	$3,033	$61,115
342	$358	$3,050	$58,065
343	$340	$3,068	$54,997
344	$322	$3,086	$51,911
345	$304	$3,104	$48,806
346	$286	$3,122	$45,684
347	$268	$3,141	$42,543
348	$249	$3,159	$39,384
End of year 29
349	$231	$3,178	$36,207
350	$212	$3,196	$33,010
351	$193	$3,215	$29,795
352	$175	$3,234	$26,562
353	$156	$3,253	$23,309
354	$137	$3,272	$20,037
355	$117	$3,291	$16,746
356	$98	$3,310	$13,436
357	$79	$3,330	$10,106
358	$59	$3,349	$6,757
359	$40	$3,369	$3,388
360	$20	$3,388	$0
End of year 30

Year	Interest	Principal	Ending Balance
1	$35,742	$5,158	$505,592
2	$35,367	$5,533	$500,059
3	$34,965	$5,935	$494,124
4	$34,534	$6,366	$487,759
5	$34,072	$6,828	$480,931
6	$33,576	$7,323	$473,607
7	$33,045	$7,855	$465,752
8	$32,474	$8,426	$457,327
9	$31,863	$9,037	$448,289
10	$31,206	$9,694	$438,596
11	$30,502	$10,397	$428,198
12	$29,748	$11,152	$417,046
13	$28,938	$11,962	$405,083
14	$28,069	$12,831	$392,253
15	$27,138	$13,762	$378,490
16	$26,138	$14,762	$363,729
17	$25,066	$15,834	$347,895
18	$23,917	$16,983	$330,912
19	$22,684	$18,216	$312,695
20	$21,361	$19,539	$293,156
21	$19,942	$20,958	$272,199
22	$18,420	$22,480	$249,719
23	$16,788	$24,112	$225,607
24	$15,037	$25,863	$199,745
25	$13,160	$27,740	$172,004
26	$11,145	$29,755	$142,250
27	$8,985	$31,915	$110,335
28	$6,667	$34,232	$76,102
29	$4,182	$36,718	$39,384
30	$1,516	$39,384	$0

VA loans are mortgages granted to veterans, service members on active duty, members of national guards, reservists, or surviving spouses, guaranteed by the U.S. Department of Veterans Affairs (VA). As long as the person was given a DD 214 document, which proves honorable discharge on good terms, they may qualify. VA loans are intended to help growing populations of homeless veterans in the U.S. find affordable houses. VA loans make up a small portion of all mortgages in the U.S. due to the specific demographic who qualify, but studies have shown that they have the lowest foreclosure rates of all loans.

VA Funding Fee

A VA funding fee is a one-time payment that borrowers typically pay as part of acquiring a VA loan. The fee is a percentage of the loan amount that varies from 0% to 3.3% depending on factors such as the down payment amount, veteran's military experience, type of home, and loan purpose. It is the fee that goes towards the upkeep of the program and is used in the case that a borrower defaults.

For applicants with 10% or more service-related disability (or their surviving spouse), the fee is waived.

The VA funding fee can be financed into the loan amount. All other fees must be paid in cash at closing after negotiations to determine whether the buyers or sellers are responsible for them.

Below is a chart that shows the standard VA funding fee structure:

Down Payment	First Time Use	Second and Subsequent Use
<5%	2.15%	3.3%
5-10%	1.5%	1.5%
≥10%	1.25%	1.25%

There are also other VA Funding Fee rates for different scenarios:

Interest Rate Reduction Refinancing Loans: 0.50%
Also called IRRRL, they can be used to lower interest rates by refinancing existing VA loans. It is also possible to refinance adjustable-rate mortgages (ARM) into fixed-rate mortgages.
Assumptions: 0.50%
A loan assumption allows a third party to step in and take over the remainder of the loan without a new mortgage. Note that the assumer does not have to be a veteran, just as long as they are approved by the lender.
Manufactured Home Loans (Not Permanently Affixed): 1.00%
Manufactured homes, or mobile homes that are not permanently affixed, have a fixed rate of 1.00%.

Other Common Fees Paid at Closing

Aside from the VA funding fee, borrowers will most likely need to pay some closing fees:

Loan Origination Fee—Used to cover administrative costs for processing of VA loans.
Loan Discount Points—Charged in order to receive interest rates lower than current market rates. Two discount points (2%), or less, is considered to be reasonable. Discount points may be paid by either the buyer or seller.
Credit Report—This fee is paid to credit agencies to evaluate the credit history of a potential borrower. It may not be refunded, even if the loan never closes.
Appraisal Fee—Appraisals are formal statements of property value to determine maximum loan amounts obtained without a down payment. Non-refundable even if loan never closes.
Hazard Insurance and Real Estate Taxes—Necessary to insure payment of taxes and insurance during the first year.
Title Insurance—Used to verify there are no outstanding liens against the property.
Recording Fee—Used to record deed on county records.

Certain fees are normally not paid by buyers. These include brokerage fees, real estate commissions, and title insurance.

Pros and Cons of VA Loans

Like any financial product, VA loans have pros and cons.

Pros

The defining feature of any VA loan is that there is no down payment required. There are only a handful of mortgages today that don't require a down payment; the other two are Navy Federal and USDA. In comparison, conventional loans normally require at least 5%, while FHA loans require a bare minimum of 3.5%.
There is no mortgage insurance involved, relieving VA loan borrowers of a big expense.
Sellers and buyers are allowed to negotiate the payment of fees. Sellers can pay portions of or even all of the closing fees, up to 4% of the loan amount. However, they are under no obligation to do so.
VA loans can be used for purchases or refinance on existing loans, and qualified applicants need not be first-time buyers and can reuse their benefits.
Typically, both the interest rates and closing costs are slightly lower than other mortgages.
Because property appraisals are done by the VA, homebuyers are given some peace of mind that they probably will not overpay for a certain home.

Cons

Only applicants given DD 214 documents can qualify for VA loans.
The VA funding fee can be expensive for those not exempted.
VA loans cannot cover projected home improvements, so no fixer-upper homes.
Not all sellers or lenders do business with VA purchasers, and the ones who try to are usually not well-versed in dealing with them because they are not as prevalent as other home loans. There have been reports of erroneous information being passed on and lending representatives lacking in knowledge. It is best to find expert real estate agents or lenders who specialize in VA loans, but options for loans are limited to what they can offer.
VA loans can only be used on primary residences (owner-occupied homes only), not investment properties or empty land.
Relative to other loans, a lot of paperwork must be done at closing for VA loans.

Considering the pros and cons, for anyone who can qualify, VA loans are often the best option. This is especially true for those exempted from VA funding fee and those who plan to put little or no down payment. When comparing the VA loans with another loan, the VA funding fee is the key. Make sure the VA funding fee to be paid is outweighed by the benefits from the VA loan.

Prepayment

Making prepayments can potentially shorten the loan term and reduce the interest payments. In the More Options input section of the calculator is an Extra Payments section to input monthly, yearly, or single payments. Use the results to see how much can be saved by making extra payments in terms of interest paid as well as the reduction in loan term. Note that, making prepayments is not for everybody. Be sure to evaluate your financial situation before making any prepayments.

There are no prepayment penalties or early payoff penalties associated with VA guaranteed loans. According to Title 38 of the Electronic Code of Federal Regulations, "The debtor shall have the right to prepay at any time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or $100, whichever is less."

House Affordability

To determine the house affordability of a VA loan, please use our House Affordability Calculator. In the Debt-to-Income (DTI) Ratio drop-down selection, there is an option called VA Loan.

Although DTI ratio requirements are used by VA lenders as a tool to gauge the risk concerning potential borrowers, if they cannot be met, other possible considerations are reviewed before an application is finally rejected. VA lenders may look at things such as a borrower's history of income or dutiful payments of credit as compensating factors.

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