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VA Mortgage Calculator

Monthly Pay: $3,318.15

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		$1,194,533.54
Total Interest		$683,783.54
Mortgage Payoff Date		Nov. 2054

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$2,880	$438	$510,312
2	$2,877	$441	$509,871
3	$2,875	$443	$509,427
4	$2,872	$446	$508,982
5	$2,870	$448	$508,533
6	$2,867	$451	$508,082
7	$2,865	$453	$507,629
8	$2,862	$456	$507,173
9	$2,860	$459	$506,715
10	$2,857	$461	$506,253
11	$2,854	$464	$505,790
12	$2,852	$466	$505,323
End of year 1
13	$2,849	$469	$504,854
14	$2,847	$472	$504,383
15	$2,844	$474	$503,908
16	$2,841	$477	$503,432
17	$2,839	$480	$502,952
18	$2,836	$482	$502,470
19	$2,833	$485	$501,985
20	$2,830	$488	$501,497
21	$2,828	$491	$501,006
22	$2,825	$493	$500,513
23	$2,822	$496	$500,017
24	$2,819	$499	$499,518
End of year 2
25	$2,816	$502	$499,016
26	$2,814	$505	$498,512
27	$2,811	$507	$498,004
28	$2,808	$510	$497,494
29	$2,805	$513	$496,981
30	$2,802	$516	$496,465
31	$2,799	$519	$495,946
32	$2,796	$522	$495,424
33	$2,793	$525	$494,899
34	$2,790	$528	$494,372
35	$2,787	$531	$493,841
36	$2,784	$534	$493,307
End of year 3
37	$2,781	$537	$492,771
38	$2,778	$540	$492,231
39	$2,775	$543	$491,688
40	$2,772	$546	$491,142
41	$2,769	$549	$490,593
42	$2,766	$552	$490,041
43	$2,763	$555	$489,486
44	$2,760	$558	$488,928
45	$2,757	$561	$488,366
46	$2,754	$565	$487,802
47	$2,750	$568	$487,234
48	$2,747	$571	$486,663
End of year 4
49	$2,744	$574	$486,089
50	$2,741	$577	$485,511
51	$2,737	$581	$484,931
52	$2,734	$584	$484,347
53	$2,731	$587	$483,760
54	$2,728	$591	$483,169
55	$2,724	$594	$482,575
56	$2,721	$597	$481,978
57	$2,718	$601	$481,377
58	$2,714	$604	$480,773
59	$2,711	$607	$480,166
60	$2,707	$611	$479,555
End of year 5
61	$2,704	$614	$478,941
62	$2,700	$618	$478,323
63	$2,697	$621	$477,702
64	$2,693	$625	$477,077
65	$2,690	$628	$476,449
66	$2,686	$632	$475,817
67	$2,683	$635	$475,182
68	$2,679	$639	$474,543
69	$2,676	$643	$473,901
70	$2,672	$646	$473,254
71	$2,668	$650	$472,605
72	$2,665	$653	$471,951
End of year 6
73	$2,661	$657	$471,294
74	$2,657	$661	$470,633
75	$2,654	$665	$469,969
76	$2,650	$668	$469,300
77	$2,646	$672	$468,628
78	$2,642	$676	$467,952
79	$2,638	$680	$467,273
80	$2,635	$684	$466,589
81	$2,631	$687	$465,902
82	$2,627	$691	$465,211
83	$2,623	$695	$464,515
84	$2,619	$699	$463,816
End of year 7
85	$2,615	$703	$463,113
86	$2,611	$707	$462,406
87	$2,607	$711	$461,695
88	$2,603	$715	$460,981
89	$2,599	$719	$460,262
90	$2,595	$723	$459,539
91	$2,591	$727	$458,811
92	$2,587	$731	$458,080
93	$2,583	$735	$457,345
94	$2,579	$739	$456,605
95	$2,574	$744	$455,862
96	$2,570	$748	$455,114
End of year 8
97	$2,566	$752	$454,362
98	$2,562	$756	$453,605
99	$2,558	$761	$452,845
100	$2,553	$765	$452,080
101	$2,549	$769	$451,311
102	$2,545	$774	$450,537
103	$2,540	$778	$449,759
104	$2,536	$782	$448,977
105	$2,531	$787	$448,191
106	$2,527	$791	$447,399
107	$2,523	$796	$446,604
108	$2,518	$800	$445,804
End of year 9
109	$2,514	$805	$444,999
110	$2,509	$809	$444,190
111	$2,504	$814	$443,377
112	$2,500	$818	$442,558
113	$2,495	$823	$441,735
114	$2,491	$827	$440,908
115	$2,486	$832	$440,076
116	$2,481	$837	$439,239
117	$2,477	$842	$438,397
118	$2,472	$846	$437,551
119	$2,467	$851	$436,700
120	$2,462	$856	$435,844
End of year 10
121	$2,457	$861	$434,983
122	$2,453	$866	$434,118
123	$2,448	$870	$433,247
124	$2,443	$875	$432,372
125	$2,438	$880	$431,492
126	$2,433	$885	$430,606
127	$2,428	$890	$429,716
128	$2,423	$895	$428,821
129	$2,418	$900	$427,921
130	$2,413	$905	$427,015
131	$2,408	$910	$426,105
132	$2,403	$916	$425,189
End of year 11
133	$2,397	$921	$424,268
134	$2,392	$926	$423,342
135	$2,387	$931	$422,411
136	$2,382	$936	$421,475
137	$2,376	$942	$420,533
138	$2,371	$947	$419,586
139	$2,366	$952	$418,634
140	$2,360	$958	$417,676
141	$2,355	$963	$416,713
142	$2,350	$969	$415,744
143	$2,344	$974	$414,770
144	$2,339	$980	$413,790
End of year 12
145	$2,333	$985	$412,805
146	$2,328	$991	$411,815
147	$2,322	$996	$410,819
148	$2,316	$1,002	$409,817
149	$2,311	$1,007	$408,809
150	$2,305	$1,013	$407,796
151	$2,299	$1,019	$406,777
152	$2,294	$1,025	$405,753
153	$2,288	$1,030	$404,722
154	$2,282	$1,036	$403,686
155	$2,276	$1,042	$402,644
156	$2,270	$1,048	$401,596
End of year 13
157	$2,264	$1,054	$400,542
158	$2,258	$1,060	$399,483
159	$2,252	$1,066	$398,417
160	$2,246	$1,072	$397,345
161	$2,240	$1,078	$396,267
162	$2,234	$1,084	$395,183
163	$2,228	$1,090	$394,094
164	$2,222	$1,096	$392,997
165	$2,216	$1,102	$391,895
166	$2,210	$1,109	$390,787
167	$2,203	$1,115	$389,672
168	$2,197	$1,121	$388,551
End of year 14
169	$2,191	$1,127	$387,423
170	$2,184	$1,134	$386,290
171	$2,178	$1,140	$385,150
172	$2,172	$1,147	$384,003
173	$2,165	$1,153	$382,850
174	$2,159	$1,160	$381,690
175	$2,152	$1,166	$380,524
176	$2,146	$1,173	$379,352
177	$2,139	$1,179	$378,173
178	$2,132	$1,186	$376,987
179	$2,126	$1,193	$375,794
180	$2,119	$1,199	$374,595
End of year 15
181	$2,112	$1,206	$373,389
182	$2,105	$1,213	$372,176
183	$2,098	$1,220	$370,956
184	$2,092	$1,227	$369,730
185	$2,085	$1,233	$368,496
186	$2,078	$1,240	$367,256
187	$2,071	$1,247	$366,008
188	$2,064	$1,254	$364,754
189	$2,057	$1,262	$363,492
190	$2,049	$1,269	$362,224
191	$2,042	$1,276	$360,948
192	$2,035	$1,283	$359,665
End of year 16
193	$2,028	$1,290	$358,375
194	$2,021	$1,298	$357,077
195	$2,013	$1,305	$355,772
196	$2,006	$1,312	$354,460
197	$1,999	$1,320	$353,140
198	$1,991	$1,327	$351,813
199	$1,984	$1,335	$350,479
200	$1,976	$1,342	$349,137
201	$1,969	$1,350	$347,787
202	$1,961	$1,357	$346,430
203	$1,953	$1,365	$345,065
204	$1,946	$1,373	$343,693
End of year 17
205	$1,938	$1,380	$342,312
206	$1,930	$1,388	$340,924
207	$1,922	$1,396	$339,528
208	$1,914	$1,404	$338,125
209	$1,906	$1,412	$336,713
210	$1,898	$1,420	$335,293
211	$1,890	$1,428	$333,866
212	$1,882	$1,436	$332,430
213	$1,874	$1,444	$330,986
214	$1,866	$1,452	$329,534
215	$1,858	$1,460	$328,074
216	$1,850	$1,468	$326,606
End of year 18
217	$1,842	$1,477	$325,129
218	$1,833	$1,485	$323,644
219	$1,825	$1,493	$322,151
220	$1,816	$1,502	$320,649
221	$1,808	$1,510	$319,139
222	$1,799	$1,519	$317,620
223	$1,791	$1,527	$316,093
224	$1,782	$1,536	$314,557
225	$1,774	$1,545	$313,012
226	$1,765	$1,553	$311,459
227	$1,756	$1,562	$309,897
228	$1,747	$1,571	$308,326
End of year 19
229	$1,738	$1,580	$306,746
230	$1,730	$1,589	$305,158
231	$1,721	$1,598	$303,560
232	$1,712	$1,607	$301,954
233	$1,703	$1,616	$300,338
234	$1,693	$1,625	$298,713
235	$1,684	$1,634	$297,079
236	$1,675	$1,643	$295,436
237	$1,666	$1,652	$293,784
238	$1,656	$1,662	$292,122
239	$1,647	$1,671	$290,451
240	$1,638	$1,680	$288,771
End of year 20
241	$1,628	$1,690	$287,081
242	$1,619	$1,699	$285,381
243	$1,609	$1,709	$283,672
244	$1,599	$1,719	$281,953
245	$1,590	$1,728	$280,225
246	$1,580	$1,738	$278,487
247	$1,570	$1,748	$276,739
248	$1,560	$1,758	$274,981
249	$1,550	$1,768	$273,213
250	$1,540	$1,778	$271,436
251	$1,530	$1,788	$269,648
252	$1,520	$1,798	$267,850
End of year 21
253	$1,510	$1,808	$266,042
254	$1,500	$1,818	$264,224
255	$1,490	$1,828	$262,396
256	$1,479	$1,839	$260,557
257	$1,469	$1,849	$258,708
258	$1,459	$1,859	$256,849
259	$1,448	$1,870	$254,979
260	$1,438	$1,880	$253,098
261	$1,427	$1,891	$251,207
262	$1,416	$1,902	$249,305
263	$1,406	$1,912	$247,393
264	$1,395	$1,923	$245,469
End of year 22
265	$1,384	$1,934	$243,535
266	$1,373	$1,945	$241,590
267	$1,362	$1,956	$239,634
268	$1,351	$1,967	$237,667
269	$1,340	$1,978	$235,689
270	$1,329	$1,989	$233,700
271	$1,318	$2,000	$231,700
272	$1,306	$2,012	$229,688
273	$1,295	$2,023	$227,665
274	$1,284	$2,034	$225,630
275	$1,272	$2,046	$223,584
276	$1,261	$2,058	$221,527
End of year 23
277	$1,249	$2,069	$219,458
278	$1,237	$2,081	$217,377
279	$1,226	$2,093	$215,284
280	$1,214	$2,104	$213,180
281	$1,202	$2,116	$211,064
282	$1,190	$2,128	$208,936
283	$1,178	$2,140	$206,796
284	$1,166	$2,152	$204,643
285	$1,154	$2,164	$202,479
286	$1,142	$2,177	$200,303
287	$1,129	$2,189	$198,114
288	$1,117	$2,201	$195,913
End of year 24
289	$1,105	$2,214	$193,699
290	$1,092	$2,226	$191,473
291	$1,080	$2,239	$189,235
292	$1,067	$2,251	$186,984
293	$1,054	$2,264	$184,720
294	$1,042	$2,277	$182,443
295	$1,029	$2,289	$180,154
296	$1,016	$2,302	$177,851
297	$1,003	$2,315	$175,536
298	$990	$2,328	$173,207
299	$977	$2,342	$170,866
300	$963	$2,355	$168,511
End of year 25
301	$950	$2,368	$166,143
302	$937	$2,381	$163,762
303	$923	$2,395	$161,367
304	$910	$2,408	$158,959
305	$896	$2,422	$156,537
306	$883	$2,436	$154,101
307	$869	$2,449	$151,652
308	$855	$2,463	$149,189
309	$841	$2,477	$146,712
310	$827	$2,491	$144,221
311	$813	$2,505	$141,716
312	$799	$2,519	$139,197
End of year 26
313	$785	$2,533	$136,663
314	$771	$2,548	$134,116
315	$756	$2,562	$131,554
316	$742	$2,576	$128,977
317	$727	$2,591	$126,387
318	$713	$2,606	$123,781
319	$698	$2,620	$121,161
320	$683	$2,635	$118,526
321	$668	$2,650	$115,876
322	$653	$2,665	$113,211
323	$638	$2,680	$110,531
324	$623	$2,695	$107,836
End of year 27
325	$608	$2,710	$105,126
326	$593	$2,725	$102,401
327	$577	$2,741	$99,660
328	$562	$2,756	$96,904
329	$546	$2,772	$94,132
330	$531	$2,787	$91,345
331	$515	$2,803	$88,542
332	$499	$2,819	$85,723
333	$483	$2,835	$82,888
334	$467	$2,851	$80,037
335	$451	$2,867	$77,170
336	$435	$2,883	$74,287
End of year 28
337	$419	$2,899	$71,388
338	$403	$2,916	$68,472
339	$386	$2,932	$65,540
340	$370	$2,949	$62,591
341	$353	$2,965	$59,626
342	$336	$2,982	$56,644
343	$319	$2,999	$53,645
344	$302	$3,016	$50,630
345	$285	$3,033	$47,597
346	$268	$3,050	$44,547
347	$251	$3,067	$41,480
348	$234	$3,084	$38,396
End of year 29
349	$216	$3,102	$35,294
350	$199	$3,119	$32,175
351	$181	$3,137	$29,039
352	$164	$3,154	$25,884
353	$146	$3,172	$22,712
354	$128	$3,190	$19,522
355	$110	$3,208	$16,314
356	$92	$3,226	$13,088
357	$74	$3,244	$9,843
358	$55	$3,263	$6,581
359	$37	$3,281	$3,300
360	$19	$3,300	$0
End of year 30

Year	Interest	Principal	Ending Balance
1	$34,391	$5,427	$505,323
2	$34,012	$5,805	$499,518
3	$33,607	$6,211	$493,307
4	$33,174	$6,644	$486,663
5	$32,710	$7,108	$479,555
6	$32,214	$7,604	$471,951
7	$31,683	$8,135	$463,816
8	$31,115	$8,703	$455,114
9	$30,508	$9,310	$445,804
10	$29,858	$9,960	$435,844
11	$29,163	$10,655	$425,189
12	$28,419	$11,399	$413,790
13	$27,624	$12,194	$401,596
14	$26,772	$13,045	$388,551
15	$25,862	$13,956	$374,595
16	$24,888	$14,930	$359,665
17	$23,846	$15,972	$343,693
18	$22,731	$17,087	$326,606
19	$21,538	$18,280	$308,326
20	$20,262	$19,555	$288,771
21	$18,897	$20,920	$267,850
22	$17,437	$22,381	$245,469
23	$15,875	$23,943	$221,527
24	$14,204	$25,614	$195,913
25	$12,416	$27,402	$168,511
26	$10,503	$29,314	$139,197
27	$8,457	$31,360	$107,836
28	$6,268	$33,549	$74,287
29	$3,927	$35,891	$38,396
30	$1,422	$38,396	$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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