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VA Mortgage Calculator

Monthly Pay: $3,350.15

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		$1,206,052.69
Total Interest		$695,302.69
Mortgage Payoff Date		Jul. 2054

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$2,920	$430	$510,320
2	$2,917	$433	$509,887
3	$2,915	$435	$509,452
4	$2,912	$438	$509,014
5	$2,910	$440	$508,573
6	$2,907	$443	$508,131
7	$2,905	$445	$507,685
8	$2,902	$448	$507,237
9	$2,900	$450	$506,787
10	$2,897	$453	$506,334
11	$2,895	$456	$505,878
12	$2,892	$458	$505,420
End of year 1
13	$2,889	$461	$504,959
14	$2,887	$463	$504,496
15	$2,884	$466	$504,030
16	$2,881	$469	$503,561
17	$2,879	$471	$503,090
18	$2,876	$474	$502,615
19	$2,873	$477	$502,139
20	$2,871	$480	$501,659
21	$2,868	$482	$501,177
22	$2,865	$485	$500,692
23	$2,862	$488	$500,204
24	$2,859	$491	$499,713
End of year 2
25	$2,857	$493	$499,220
26	$2,854	$496	$498,723
27	$2,851	$499	$498,224
28	$2,848	$502	$497,722
29	$2,845	$505	$497,217
30	$2,842	$508	$496,710
31	$2,840	$511	$496,199
32	$2,837	$514	$495,686
33	$2,834	$516	$495,169
34	$2,831	$519	$494,650
35	$2,828	$522	$494,127
36	$2,825	$525	$493,602
End of year 3
37	$2,822	$528	$493,073
38	$2,819	$531	$492,542
39	$2,816	$534	$492,008
40	$2,813	$538	$491,470
41	$2,810	$541	$490,929
42	$2,806	$544	$490,386
43	$2,803	$547	$489,839
44	$2,800	$550	$489,289
45	$2,797	$553	$488,736
46	$2,794	$556	$488,180
47	$2,791	$559	$487,621
48	$2,788	$563	$487,058
End of year 4
49	$2,784	$566	$486,492
50	$2,781	$569	$485,923
51	$2,778	$572	$485,351
52	$2,775	$576	$484,775
53	$2,771	$579	$484,196
54	$2,768	$582	$483,614
55	$2,765	$585	$483,029
56	$2,761	$589	$482,440
57	$2,758	$592	$481,848
58	$2,755	$596	$481,252
59	$2,751	$599	$480,653
60	$2,748	$602	$480,051
End of year 5
61	$2,744	$606	$479,445
62	$2,741	$609	$478,836
63	$2,737	$613	$478,223
64	$2,734	$616	$477,606
65	$2,730	$620	$476,987
66	$2,727	$623	$476,363
67	$2,723	$627	$475,736
68	$2,720	$631	$475,106
69	$2,716	$634	$474,472
70	$2,712	$638	$473,834
71	$2,709	$641	$473,193
72	$2,705	$645	$472,547
End of year 6
73	$2,701	$649	$471,899
74	$2,698	$652	$471,246
75	$2,694	$656	$470,590
76	$2,690	$660	$469,930
77	$2,686	$664	$469,266
78	$2,683	$668	$468,599
79	$2,679	$671	$467,928
80	$2,675	$675	$467,252
81	$2,671	$679	$466,573
82	$2,667	$683	$465,891
83	$2,663	$687	$465,204
84	$2,659	$691	$464,513
End of year 7
85	$2,655	$695	$463,818
86	$2,651	$699	$463,120
87	$2,648	$703	$462,417
88	$2,643	$707	$461,710
89	$2,639	$711	$461,000
90	$2,635	$715	$460,285
91	$2,631	$719	$459,566
92	$2,627	$723	$458,843
93	$2,623	$727	$458,116
94	$2,619	$731	$457,385
95	$2,615	$735	$456,649
96	$2,611	$740	$455,910
End of year 8
97	$2,606	$744	$455,166
98	$2,602	$748	$454,418
99	$2,598	$752	$453,665
100	$2,593	$757	$452,909
101	$2,589	$761	$452,148
102	$2,585	$765	$451,382
103	$2,580	$770	$450,612
104	$2,576	$774	$449,838
105	$2,572	$779	$449,060
106	$2,567	$783	$448,277
107	$2,563	$787	$447,489
108	$2,558	$792	$446,697
End of year 9
109	$2,554	$797	$445,901
110	$2,549	$801	$445,100
111	$2,544	$806	$444,294
112	$2,540	$810	$443,484
113	$2,535	$815	$442,669
114	$2,531	$820	$441,849
115	$2,526	$824	$441,025
116	$2,521	$829	$440,196
117	$2,516	$834	$439,362
118	$2,512	$838	$438,524
119	$2,507	$843	$437,681
120	$2,502	$848	$436,833
End of year 10
121	$2,497	$853	$435,980
122	$2,492	$858	$435,122
123	$2,487	$863	$434,259
124	$2,483	$868	$433,392
125	$2,478	$873	$432,519
126	$2,473	$878	$431,641
127	$2,468	$883	$430,759
128	$2,463	$888	$429,871
129	$2,457	$893	$428,978
130	$2,452	$898	$428,081
131	$2,447	$903	$427,178
132	$2,442	$908	$426,269
End of year 11
133	$2,437	$913	$425,356
134	$2,432	$919	$424,438
135	$2,426	$924	$423,514
136	$2,421	$929	$422,585
137	$2,416	$934	$421,650
138	$2,410	$940	$420,711
139	$2,405	$945	$419,766
140	$2,400	$950	$418,815
141	$2,394	$956	$417,859
142	$2,389	$961	$416,898
143	$2,383	$967	$415,931
144	$2,378	$972	$414,959
End of year 12
145	$2,372	$978	$413,981
146	$2,367	$984	$412,997
147	$2,361	$989	$412,008
148	$2,355	$995	$411,013
149	$2,350	$1,001	$410,013
150	$2,344	$1,006	$409,006
151	$2,338	$1,012	$407,994
152	$2,332	$1,018	$406,977
153	$2,327	$1,024	$405,953
154	$2,321	$1,029	$404,923
155	$2,315	$1,035	$403,888
156	$2,309	$1,041	$402,847
End of year 13
157	$2,303	$1,047	$401,800
158	$2,297	$1,053	$400,746
159	$2,291	$1,059	$399,687
160	$2,285	$1,065	$398,622
161	$2,279	$1,071	$397,551
162	$2,273	$1,077	$396,473
163	$2,267	$1,084	$395,390
164	$2,260	$1,090	$394,300
165	$2,254	$1,096	$393,204
166	$2,248	$1,102	$392,101
167	$2,242	$1,109	$390,993
168	$2,235	$1,115	$389,878
End of year 14
169	$2,229	$1,121	$388,756
170	$2,222	$1,128	$387,629
171	$2,216	$1,134	$386,494
172	$2,209	$1,141	$385,354
173	$2,203	$1,147	$384,206
174	$2,196	$1,154	$383,053
175	$2,190	$1,160	$381,892
176	$2,183	$1,167	$380,725
177	$2,176	$1,174	$379,552
178	$2,170	$1,180	$378,371
179	$2,163	$1,187	$377,184
180	$2,156	$1,194	$375,990
End of year 15
181	$2,149	$1,201	$374,790
182	$2,143	$1,208	$373,582
183	$2,136	$1,215	$372,367
184	$2,129	$1,221	$371,146
185	$2,122	$1,228	$369,918
186	$2,115	$1,235	$368,682
187	$2,108	$1,243	$367,440
188	$2,101	$1,250	$366,190
189	$2,093	$1,257	$364,933
190	$2,086	$1,264	$363,669
191	$2,079	$1,271	$362,398
192	$2,072	$1,278	$361,120
End of year 16
193	$2,064	$1,286	$359,834
194	$2,057	$1,293	$358,541
195	$2,050	$1,300	$357,240
196	$2,042	$1,308	$355,932
197	$2,035	$1,315	$354,617
198	$2,027	$1,323	$353,294
199	$2,020	$1,330	$351,964
200	$2,012	$1,338	$350,626
201	$2,004	$1,346	$349,280
202	$1,997	$1,353	$347,926
203	$1,989	$1,361	$346,565
204	$1,981	$1,369	$345,196
End of year 17
205	$1,973	$1,377	$343,819
206	$1,966	$1,385	$342,435
207	$1,958	$1,393	$341,042
208	$1,950	$1,401	$339,642
209	$1,942	$1,409	$338,233
210	$1,934	$1,417	$336,817
211	$1,925	$1,425	$335,392
212	$1,917	$1,433	$333,959
213	$1,909	$1,441	$332,518
214	$1,901	$1,449	$331,069
215	$1,893	$1,458	$329,611
216	$1,884	$1,466	$328,145
End of year 18
217	$1,876	$1,474	$326,671
218	$1,867	$1,483	$325,189
219	$1,859	$1,491	$323,697
220	$1,850	$1,500	$322,198
221	$1,842	$1,508	$320,689
222	$1,833	$1,517	$319,173
223	$1,825	$1,526	$317,647
224	$1,816	$1,534	$316,113
225	$1,807	$1,543	$314,570
226	$1,798	$1,552	$313,018
227	$1,789	$1,561	$311,457
228	$1,780	$1,570	$309,888
End of year 19
229	$1,772	$1,579	$308,309
230	$1,762	$1,588	$306,721
231	$1,753	$1,597	$305,125
232	$1,744	$1,606	$303,519
233	$1,735	$1,615	$301,904
234	$1,726	$1,624	$300,279
235	$1,717	$1,634	$298,646
236	$1,707	$1,643	$297,003
237	$1,698	$1,652	$295,351
238	$1,688	$1,662	$293,689
239	$1,679	$1,671	$292,018
240	$1,669	$1,681	$290,337
End of year 20
241	$1,660	$1,690	$288,647
242	$1,650	$1,700	$286,947
243	$1,640	$1,710	$285,237
244	$1,631	$1,720	$283,517
245	$1,621	$1,729	$281,788
246	$1,611	$1,739	$280,049
247	$1,601	$1,749	$278,299
248	$1,591	$1,759	$276,540
249	$1,581	$1,769	$274,771
250	$1,571	$1,779	$272,992
251	$1,561	$1,790	$271,202
252	$1,550	$1,800	$269,402
End of year 21
253	$1,540	$1,810	$267,592
254	$1,530	$1,820	$265,772
255	$1,519	$1,831	$263,941
256	$1,509	$1,841	$262,100
257	$1,498	$1,852	$260,248
258	$1,488	$1,862	$258,385
259	$1,477	$1,873	$256,512
260	$1,466	$1,884	$254,629
261	$1,456	$1,895	$252,734
262	$1,445	$1,905	$250,829
263	$1,434	$1,916	$248,913
264	$1,423	$1,927	$246,985
End of year 22
265	$1,412	$1,938	$245,047
266	$1,401	$1,949	$243,098
267	$1,390	$1,960	$241,137
268	$1,379	$1,972	$239,166
269	$1,367	$1,983	$237,183
270	$1,356	$1,994	$235,189
271	$1,344	$2,006	$233,183
272	$1,333	$2,017	$231,166
273	$1,321	$2,029	$229,137
274	$1,310	$2,040	$227,097
275	$1,298	$2,052	$225,045
276	$1,287	$2,064	$222,981
End of year 23
277	$1,275	$2,075	$220,906
278	$1,263	$2,087	$218,819
279	$1,251	$2,099	$216,719
280	$1,239	$2,111	$214,608
281	$1,227	$2,123	$212,485
282	$1,215	$2,135	$210,349
283	$1,202	$2,148	$208,202
284	$1,190	$2,160	$206,042
285	$1,178	$2,172	$203,870
286	$1,165	$2,185	$201,685
287	$1,153	$2,197	$199,488
288	$1,140	$2,210	$197,278
End of year 24
289	$1,128	$2,222	$195,056
290	$1,115	$2,235	$192,820
291	$1,102	$2,248	$190,573
292	$1,089	$2,261	$188,312
293	$1,077	$2,274	$186,038
294	$1,064	$2,287	$183,752
295	$1,050	$2,300	$181,452
296	$1,037	$2,313	$179,139
297	$1,024	$2,326	$176,813
298	$1,011	$2,339	$174,474
299	$997	$2,353	$172,121
300	$984	$2,366	$169,755
End of year 25
301	$970	$2,380	$167,375
302	$957	$2,393	$164,982
303	$943	$2,407	$162,575
304	$929	$2,421	$160,154
305	$916	$2,435	$157,719
306	$902	$2,449	$155,271
307	$888	$2,463	$152,808
308	$874	$2,477	$150,332
309	$859	$2,491	$147,841
310	$845	$2,505	$145,336
311	$831	$2,519	$142,817
312	$816	$2,534	$140,283
End of year 26
313	$802	$2,548	$137,735
314	$787	$2,563	$135,172
315	$773	$2,577	$132,595
316	$758	$2,592	$130,002
317	$743	$2,607	$127,396
318	$728	$2,622	$124,774
319	$713	$2,637	$122,137
320	$698	$2,652	$119,485
321	$683	$2,667	$116,818
322	$668	$2,682	$114,135
323	$652	$2,698	$111,438
324	$637	$2,713	$108,725
End of year 27
325	$622	$2,729	$105,996
326	$606	$2,744	$103,252
327	$590	$2,760	$100,492
328	$574	$2,776	$97,716
329	$559	$2,792	$94,925
330	$543	$2,807	$92,117
331	$527	$2,824	$89,294
332	$510	$2,840	$86,454
333	$494	$2,856	$83,598
334	$478	$2,872	$80,726
335	$461	$2,889	$77,837
336	$445	$2,905	$74,932
End of year 28
337	$428	$2,922	$72,010
338	$412	$2,938	$69,072
339	$395	$2,955	$66,116
340	$378	$2,972	$63,144
341	$361	$2,989	$60,155
342	$344	$3,006	$57,149
343	$327	$3,023	$54,125
344	$309	$3,041	$51,085
345	$292	$3,058	$48,027
346	$275	$3,076	$44,951
347	$257	$3,093	$41,858
348	$239	$3,111	$38,747
End of year 29
349	$222	$3,129	$35,618
350	$204	$3,147	$32,472
351	$186	$3,165	$29,307
352	$168	$3,183	$26,125
353	$149	$3,201	$22,924
354	$131	$3,219	$19,705
355	$113	$3,238	$16,467
356	$94	$3,256	$13,211
357	$76	$3,275	$9,937
358	$57	$3,293	$6,643
359	$38	$3,312	$3,331
360	$19	$3,331	$0
End of year 30

Year	Interest	Principal	Ending Balance
1	$34,872	$5,330	$505,420
2	$34,495	$5,707	$499,713
3	$34,091	$6,111	$493,602
4	$33,658	$6,544	$487,058
5	$33,195	$7,007	$480,051
6	$32,698	$7,503	$472,547
7	$32,167	$8,034	$464,513
8	$31,598	$8,603	$455,910
9	$30,989	$9,212	$446,697
10	$30,337	$9,865	$436,833
11	$29,639	$10,563	$426,269
12	$28,891	$11,311	$414,959
13	$28,090	$12,112	$402,847
14	$27,233	$12,969	$389,878
15	$26,314	$13,887	$375,990
16	$25,331	$14,871	$361,120
17	$24,278	$15,923	$345,196
18	$23,151	$17,051	$328,145
19	$21,944	$18,258	$309,888
20	$20,651	$19,551	$290,337
21	$19,267	$20,935	$269,402
22	$17,785	$22,417	$246,985
23	$16,198	$24,004	$222,981
24	$14,498	$25,703	$197,278
25	$12,679	$27,523	$169,755
26	$10,730	$29,472	$140,283
27	$8,643	$31,558	$108,725
28	$6,409	$33,793	$74,932
29	$4,017	$36,185	$38,747
30	$1,455	$38,747	$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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