VACalc

VA Loan Calculator

VA loans offer 0% down and no PMI — see your estimated monthly payment.

Loan amount

Interest rate (APR)

Loan term: 5 years

What you entered

Loan amount: $25,000Interest rate: 7.5% APRTerm: 5 years

1
Convert the annual rate to a monthly rate
r = 7.5% ÷ 12= 0.6250%
2
Total number of monthly payments
n = 5 years × 12= 60 payments
3
Apply the amortizing-loan formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]= $500.95/mo
4
Total paid over the full term
$500.95 × 60 payments= $30,056.92
5
Total interest paid
$30,056.92 − $25,000.00 principal= $5,056.92

Result

Monthly payment: $500.95

Over 5 years you'll pay $5,057 in interest on top of the $25,000 you borrowed — $30,057 total.

VA loan monthly payment at 6.25%

VA loans require no deposit, so the loan amount is typically the full purchase price. Each row is principal and interest only at 6.25%, a rate that usually sits slightly below conventional.

Loan amount	15-year payment	20-year payment	30-year payment	Total interest over 30 years
$250,000	$2,143.56	$1,827.32	$1,539.29	$304,145
$350,000	$3,000.98	$2,558.25	$2,155.01	$425,804
$450,000	$3,858.40	$3,289.18	$2,770.73	$547,462
$600,000	$5,144.54	$4,385.57	$3,694.30	$729,949
$750,000	$6,430.67	$5,481.96	$4,617.88	$912,436

The defining advantages are no deposit and, unusually, no monthly mortgage insurance at all - which is what makes a VA loan cheaper month to month than an FHA loan at the same balance, even before the typically lower rate. In its place is a one-time VA funding fee, a percentage of the loan that varies with deposit size and whether it is your first use, and which can be financed into the balance. It is waived for veterans receiving compensation for a service-connected disability. Eligibility depends on service history and requires a Certificate of Eligibility. Property tax and insurance are still extra.

VA loan advantages

VA loans are guaranteed by the Department of Veterans Affairs for eligible service members, veterans, and surviving spouses. Key benefits: no down payment required, no private mortgage insurance (PMI), competitive interest rates, and limited closing costs. There is a one-time VA funding fee (1.25–3.3%) that can be rolled into the loan.

VA loan eligibility

Generally requires 90 consecutive days of active service during wartime, 181 days during peacetime, or 6 years in the Reserves/National Guard. Certain surviving spouses also qualify. You'll need a Certificate of Eligibility (COE) from the VA, which your lender can help obtain.

Frequently asked questions

What are the benefits of a VA loan?

No down payment required (100% financing), no PMI, typically lower interest rates (0.25–0.5% below conventional), no prepayment penalty, and limited closing costs. The VA also helps borrowers avoid foreclosure through loss mitigation programs. The only upfront cost is the VA funding fee (1.25–3.3%).

Is there a VA loan limit?

For veterans with full entitlement (no current VA loans), there is no loan limit — you can borrow any amount a lender will approve with zero down. For veterans with reduced entitlement (existing VA loan), county-level conforming loan limits apply (typically $766,550 in 2024, higher in expensive areas).

Can I use a VA loan more than once?

Yes — VA loan entitlement is reusable. You can have multiple VA loans simultaneously, or restore full entitlement by selling a previous VA-financed home and paying off the loan. Some veterans use VA loans for their first home, then again when they PCS (permanent change of station).