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VA Mortgage Calculator

Monthly Pay: $3,295.42

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		$1,186,350.66
Total Interest		$675,600.66
Mortgage Payoff Date		Nov. 2054

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$2,851	$444	$510,306
2	$2,849	$447	$509,859
3	$2,846	$449	$509,410
4	$2,844	$452	$508,958
5	$2,841	$454	$508,504
6	$2,839	$457	$508,048
7	$2,836	$459	$507,588
8	$2,834	$462	$507,127
9	$2,831	$464	$506,662
10	$2,828	$467	$506,195
11	$2,826	$470	$505,726
12	$2,823	$472	$505,253
End of year 1
13	$2,821	$475	$504,779
14	$2,818	$477	$504,301
15	$2,815	$480	$503,821
16	$2,813	$483	$503,338
17	$2,810	$486	$502,853
18	$2,807	$488	$502,364
19	$2,804	$491	$501,873
20	$2,802	$494	$501,380
21	$2,799	$496	$500,883
22	$2,796	$499	$500,384
23	$2,793	$502	$499,882
24	$2,791	$505	$499,377
End of year 2
25	$2,788	$508	$498,869
26	$2,785	$510	$498,359
27	$2,782	$513	$497,846
28	$2,779	$516	$497,329
29	$2,776	$519	$496,810
30	$2,773	$522	$496,288
31	$2,771	$525	$495,763
32	$2,768	$528	$495,236
33	$2,765	$531	$494,705
34	$2,762	$534	$494,171
35	$2,759	$537	$493,634
36	$2,756	$540	$493,095
End of year 3
37	$2,753	$543	$492,552
38	$2,750	$546	$492,006
39	$2,747	$549	$491,457
40	$2,744	$552	$490,906
41	$2,740	$555	$490,351
42	$2,737	$558	$489,793
43	$2,734	$561	$489,231
44	$2,731	$564	$488,667
45	$2,728	$567	$488,100
46	$2,725	$571	$487,529
47	$2,722	$574	$486,955
48	$2,718	$577	$486,378
End of year 4
49	$2,715	$580	$485,798
50	$2,712	$583	$485,215
51	$2,709	$587	$484,628
52	$2,705	$590	$484,038
53	$2,702	$593	$483,445
54	$2,699	$597	$482,848
55	$2,695	$600	$482,248
56	$2,692	$603	$481,645
57	$2,689	$607	$481,038
58	$2,685	$610	$480,428
59	$2,682	$613	$479,815
60	$2,679	$617	$479,198
End of year 5
61	$2,675	$620	$478,578
62	$2,672	$624	$477,954
63	$2,668	$627	$477,327
64	$2,665	$631	$476,696
65	$2,661	$634	$476,062
66	$2,658	$638	$475,424
67	$2,654	$641	$474,783
68	$2,650	$645	$474,138
69	$2,647	$649	$473,489
70	$2,643	$652	$472,837
71	$2,640	$656	$472,181
72	$2,636	$659	$471,522
End of year 6
73	$2,632	$663	$470,859
74	$2,629	$667	$470,192
75	$2,625	$671	$469,521
76	$2,621	$674	$468,847
77	$2,617	$678	$468,169
78	$2,614	$682	$467,487
79	$2,610	$686	$466,801
80	$2,606	$690	$466,112
81	$2,602	$693	$465,418
82	$2,598	$697	$464,721
83	$2,594	$701	$464,020
84	$2,590	$705	$463,315
End of year 7
85	$2,586	$709	$462,606
86	$2,582	$713	$461,893
87	$2,579	$717	$461,176
88	$2,575	$721	$460,455
89	$2,570	$725	$459,730
90	$2,566	$729	$459,001
91	$2,562	$733	$458,268
92	$2,558	$737	$457,531
93	$2,554	$741	$456,790
94	$2,550	$745	$456,045
95	$2,546	$750	$455,295
96	$2,542	$754	$454,541
End of year 8
97	$2,537	$758	$453,783
98	$2,533	$762	$453,021
99	$2,529	$766	$452,255
100	$2,525	$771	$451,484
101	$2,520	$775	$450,709
102	$2,516	$779	$449,930
103	$2,512	$784	$449,146
104	$2,507	$788	$448,358
105	$2,503	$792	$447,565
106	$2,499	$797	$446,769
107	$2,494	$801	$445,967
108	$2,490	$806	$445,161
End of year 9
109	$2,485	$810	$444,351
110	$2,481	$815	$443,536
111	$2,476	$819	$442,717
112	$2,471	$824	$441,893
113	$2,467	$829	$441,064
114	$2,462	$833	$440,231
115	$2,458	$838	$439,393
116	$2,453	$843	$438,551
117	$2,448	$847	$437,704
118	$2,443	$852	$436,852
119	$2,439	$857	$435,995
120	$2,434	$861	$435,134
End of year 10
121	$2,429	$866	$434,267
122	$2,424	$871	$433,396
123	$2,419	$876	$432,520
124	$2,415	$881	$431,639
125	$2,410	$886	$430,754
126	$2,405	$891	$429,863
127	$2,400	$896	$428,967
128	$2,395	$901	$428,066
129	$2,390	$906	$427,161
130	$2,385	$911	$426,250
131	$2,380	$916	$425,334
132	$2,374	$921	$424,413
End of year 11
133	$2,369	$926	$423,487
134	$2,364	$931	$422,556
135	$2,359	$937	$421,619
136	$2,354	$942	$420,677
137	$2,348	$947	$419,730
138	$2,343	$952	$418,778
139	$2,338	$958	$417,820
140	$2,332	$963	$416,858
141	$2,327	$968	$415,889
142	$2,322	$974	$414,915
143	$2,316	$979	$413,936
144	$2,311	$985	$412,952
End of year 12
145	$2,305	$990	$411,962
146	$2,300	$996	$410,966
147	$2,294	$1,001	$409,965
148	$2,289	$1,007	$408,958
149	$2,283	$1,012	$407,946
150	$2,277	$1,018	$406,927
151	$2,272	$1,024	$405,904
152	$2,266	$1,029	$404,874
153	$2,260	$1,035	$403,839
154	$2,254	$1,041	$402,798
155	$2,249	$1,047	$401,751
156	$2,243	$1,053	$400,699
End of year 13
157	$2,237	$1,059	$399,640
158	$2,231	$1,064	$398,576
159	$2,225	$1,070	$397,505
160	$2,219	$1,076	$396,429
161	$2,213	$1,082	$395,347
162	$2,207	$1,088	$394,258
163	$2,201	$1,094	$393,164
164	$2,195	$1,101	$392,063
165	$2,189	$1,107	$390,956
166	$2,183	$1,113	$389,844
167	$2,176	$1,119	$388,724
168	$2,170	$1,125	$387,599
End of year 14
169	$2,164	$1,132	$386,467
170	$2,157	$1,138	$385,329
171	$2,151	$1,144	$384,185
172	$2,145	$1,151	$383,034
173	$2,138	$1,157	$381,877
174	$2,132	$1,164	$380,714
175	$2,125	$1,170	$379,544
176	$2,119	$1,177	$378,367
177	$2,112	$1,183	$377,184
178	$2,106	$1,190	$375,994
179	$2,099	$1,196	$374,798
180	$2,092	$1,203	$373,594
End of year 15
181	$2,086	$1,210	$372,385
182	$2,079	$1,217	$371,168
183	$2,072	$1,223	$369,945
184	$2,065	$1,230	$368,715
185	$2,058	$1,237	$367,477
186	$2,051	$1,244	$366,233
187	$2,044	$1,251	$364,983
188	$2,038	$1,258	$363,725
189	$2,030	$1,265	$362,460
190	$2,023	$1,272	$361,188
191	$2,016	$1,279	$359,909
192	$2,009	$1,286	$358,622
End of year 16
193	$2,002	$1,293	$357,329
194	$1,995	$1,301	$356,028
195	$1,988	$1,308	$354,720
196	$1,980	$1,315	$353,405
197	$1,973	$1,323	$352,083
198	$1,966	$1,330	$350,753
199	$1,958	$1,337	$349,416
200	$1,951	$1,345	$348,071
201	$1,943	$1,352	$346,718
202	$1,936	$1,360	$345,359
203	$1,928	$1,367	$343,991
204	$1,920	$1,375	$342,616
End of year 17
205	$1,913	$1,383	$341,233
206	$1,905	$1,390	$339,843
207	$1,897	$1,398	$338,444
208	$1,889	$1,406	$337,038
209	$1,882	$1,414	$335,625
210	$1,874	$1,422	$334,203
211	$1,866	$1,430	$332,773
212	$1,858	$1,438	$331,335
213	$1,850	$1,446	$329,890
214	$1,842	$1,454	$328,436
215	$1,833	$1,462	$326,974
216	$1,825	$1,470	$325,504
End of year 18
217	$1,817	$1,478	$324,025
218	$1,809	$1,487	$322,539
219	$1,801	$1,495	$321,044
220	$1,792	$1,503	$319,541
221	$1,784	$1,512	$318,029
222	$1,775	$1,520	$316,509
223	$1,767	$1,529	$314,981
224	$1,758	$1,537	$313,444
225	$1,750	$1,546	$311,898
226	$1,741	$1,554	$310,344
227	$1,732	$1,563	$308,781
228	$1,724	$1,572	$307,209
End of year 19
229	$1,715	$1,580	$305,629
230	$1,706	$1,589	$304,040
231	$1,697	$1,598	$302,441
232	$1,688	$1,607	$300,834
233	$1,679	$1,616	$299,218
234	$1,670	$1,625	$297,593
235	$1,661	$1,634	$295,959
236	$1,652	$1,643	$294,316
237	$1,643	$1,652	$292,664
238	$1,634	$1,662	$291,002
239	$1,625	$1,671	$289,331
240	$1,615	$1,680	$287,651
End of year 20
241	$1,606	$1,690	$285,961
242	$1,596	$1,699	$284,262
243	$1,587	$1,709	$282,554
244	$1,577	$1,718	$280,836
245	$1,568	$1,728	$279,108
246	$1,558	$1,737	$277,371
247	$1,548	$1,747	$275,624
248	$1,539	$1,757	$273,867
249	$1,529	$1,767	$272,100
250	$1,519	$1,776	$270,324
251	$1,509	$1,786	$268,538
252	$1,499	$1,796	$266,741
End of year 21
253	$1,489	$1,806	$264,935
254	$1,479	$1,816	$263,119
255	$1,469	$1,827	$261,292
256	$1,459	$1,837	$259,455
257	$1,448	$1,847	$257,608
258	$1,438	$1,857	$255,751
259	$1,428	$1,868	$253,883
260	$1,417	$1,878	$252,005
261	$1,407	$1,889	$250,117
262	$1,396	$1,899	$248,217
263	$1,386	$1,910	$246,308
264	$1,375	$1,920	$244,387
End of year 22
265	$1,364	$1,931	$242,456
266	$1,354	$1,942	$240,514
267	$1,343	$1,953	$238,561
268	$1,332	$1,964	$236,598
269	$1,321	$1,975	$234,623
270	$1,310	$1,986	$232,638
271	$1,299	$1,997	$230,641
272	$1,288	$2,008	$228,633
273	$1,276	$2,019	$226,614
274	$1,265	$2,030	$224,584
275	$1,254	$2,042	$222,542
276	$1,242	$2,053	$220,489
End of year 23
277	$1,231	$2,065	$218,424
278	$1,219	$2,076	$216,348
279	$1,208	$2,088	$214,261
280	$1,196	$2,099	$212,161
281	$1,184	$2,111	$210,050
282	$1,173	$2,123	$207,927
283	$1,161	$2,135	$205,793
284	$1,149	$2,147	$203,646
285	$1,137	$2,159	$201,488
286	$1,125	$2,171	$199,317
287	$1,113	$2,183	$197,134
288	$1,101	$2,195	$194,939
End of year 24
289	$1,088	$2,207	$192,732
290	$1,076	$2,219	$190,513
291	$1,064	$2,232	$188,281
292	$1,051	$2,244	$186,036
293	$1,039	$2,257	$183,780
294	$1,026	$2,269	$181,510
295	$1,013	$2,282	$179,228
296	$1,001	$2,295	$176,933
297	$988	$2,308	$174,625
298	$975	$2,321	$172,305
299	$962	$2,334	$169,971
300	$949	$2,347	$167,625
End of year 25
301	$936	$2,360	$165,265
302	$923	$2,373	$162,892
303	$909	$2,386	$160,506
304	$896	$2,399	$158,107
305	$883	$2,413	$155,694
306	$869	$2,426	$153,268
307	$856	$2,440	$150,828
308	$842	$2,453	$148,375
309	$828	$2,467	$145,907
310	$815	$2,481	$143,427
311	$801	$2,495	$140,932
312	$787	$2,509	$138,423
End of year 26
313	$773	$2,523	$135,900
314	$759	$2,537	$133,364
315	$745	$2,551	$130,813
316	$730	$2,565	$128,248
317	$716	$2,579	$125,668
318	$702	$2,594	$123,074
319	$687	$2,608	$120,466
320	$673	$2,623	$117,843
321	$658	$2,638	$115,205
322	$643	$2,652	$112,553
323	$628	$2,667	$109,886
324	$613	$2,682	$107,204
End of year 27
325	$598	$2,697	$104,507
326	$583	$2,712	$101,795
327	$568	$2,727	$99,068
328	$553	$2,742	$96,326
329	$538	$2,758	$93,568
330	$522	$2,773	$90,795
331	$507	$2,789	$88,006
332	$491	$2,804	$85,202
333	$476	$2,820	$82,382
334	$460	$2,836	$79,547
335	$444	$2,851	$76,696
336	$428	$2,867	$73,828
End of year 28
337	$412	$2,883	$70,945
338	$396	$2,899	$68,046
339	$380	$2,916	$65,130
340	$364	$2,932	$62,198
341	$347	$2,948	$59,250
342	$331	$2,965	$56,285
343	$314	$2,981	$53,304
344	$298	$2,998	$50,306
345	$281	$3,015	$47,292
346	$264	$3,031	$44,260
347	$247	$3,048	$41,212
348	$230	$3,065	$38,147
End of year 29
349	$213	$3,082	$35,064
350	$196	$3,100	$31,965
351	$178	$3,117	$28,848
352	$161	$3,134	$25,713
353	$144	$3,152	$22,561
354	$126	$3,169	$19,392
355	$108	$3,187	$16,205
356	$90	$3,205	$13,000
357	$73	$3,223	$9,777
358	$55	$3,241	$6,536
359	$36	$3,259	$3,277
360	$18	$3,277	$0
End of year 30

Year	Interest	Principal	Ending Balance
1	$34,048	$5,497	$505,253
2	$33,669	$5,876	$499,377
3	$33,263	$6,282	$493,095
4	$32,829	$6,716	$486,378
5	$32,365	$7,180	$479,198
6	$31,869	$7,676	$471,522
7	$31,338	$8,207	$463,315
8	$30,771	$8,774	$454,541
9	$30,165	$9,380	$445,161
10	$29,517	$10,028	$435,134
11	$28,824	$10,721	$424,413
12	$28,084	$11,461	$412,952
13	$27,292	$12,253	$400,699
14	$26,445	$13,100	$387,599
15	$25,540	$14,005	$373,594
16	$24,573	$14,972	$358,622
17	$23,539	$16,006	$342,616
18	$22,433	$17,112	$325,504
19	$21,251	$18,294	$307,209
20	$19,987	$19,558	$287,651
21	$18,635	$20,910	$266,741
22	$17,191	$22,354	$244,387
23	$15,647	$23,898	$220,489
24	$13,996	$25,549	$194,939
25	$12,230	$27,315	$167,625
26	$10,343	$29,202	$138,423
27	$8,326	$31,219	$107,204
28	$6,169	$33,376	$73,828
29	$3,863	$35,682	$38,147
30	$1,398	$38,147	$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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