VA Loan Calculator

Thinking about a VA mortgage? Use this VA loan calculator to estimate your monthly mortgage payment.

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An essential step in shopping for a is figuring out how much your monthly mortgage payment will be.

NerdWallet's VA loan calculator factors in the amount you're borrowing, interest rate and other costs to estimate how much you'll pay each month and over the course of the loan.

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The VA loan calculator automatically factors in your VA funding fee. The fee is a percentage of the loan amount and varies according to the amount of your down payment and whether this is your first VA mortgage. If you've had a VA loan before, then the next loan is considered "subsequent use."

Fees for a first-time VA purchase loan are 2.3% with a zero to 4.9% down payment, 1.65% with a down payment of 5% to 9.9%, and 1.4% with a down payment of 10% or more.

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You may pay some closing costs that the VA mortgage calculator does not include, such as fees for the credit report, title insurance, and other services.

But there are some fees you'll avoid with a VA loan. The U.S. Department of Veterans Affairs, which backs VA mortgages, prohibits certain charges, including a lender's fee for attorney services, settlement charges and mortgage broker commissions. The VA also limits the origination fee a lender charges to no more than 1% of the loan amount.

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If the calculator estimates a higher monthly VA mortgage payment than you would like, you can:

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VA loans have strong benefits:

Here are the drawbacks:

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