VA Loan Calculator 2026
Monthly payment, funding fee, and no-PMI VA mortgage estimate
Last updated: November 2025 · Funding fee tiers per 38 U.S.C. § 3729
Home & Loan
0.0% of home price · capped at 100% LTV
VA Funding Fee
Other Costs
No PMI on VA Loans
VA loans never require private mortgage insurance, even at 0% down. The one-time funding fee replaces ongoing PMI premiums and is typically far less expensive over the life of the loan.
Monthly Payment Breakdown
Loan Summary
Loan Balance Over Time
Understanding VA Loans
The VA Home Loan Program
The VA home loan program was created in 1944 as part of the GI Bill and has guaranteed more than 28 million home loans for service members, veterans, and eligible surviving spouses. The VA does not lend money directly, instead the Department of Veterans Affairs guarantees a portion of each loan made by an approved private lender. This guarantee removes the lender risk that normally requires a down payment and PMI.
Funding Fee Structure
The VA funding fee partially offsets the cost of the loan guarantee program to taxpayers. For first-time VA borrowers, the fee is 2.15 percent of the loan amount at 0 percent down, dropping to 1.50 percent at 5 percent down and 1.25 percent at 10 percent down. Subsequent-use borrowers pay 3.30 percent at 0 percent down. The fee can be rolled into the loan balance (most borrowers do this) or paid in cash at closing. Disabled veterans, surviving spouses, and Purple Heart recipients are exempt.
No PMI, Ever
The most valuable feature of a VA loan is the complete absence of private mortgage insurance, even at 0 percent down. On a comparable conventional loan with less than 20 percent down, PMI typically adds $100 to $300 per month for years until you build 20 percent equity. Over the first five years of a $400,000 mortgage, eliminating PMI alone can save $12,000 to $18,000.
Entitlement, County Limits, and Multiple Use
Each eligible veteran has a basic entitlement of $36,000 plus bonus entitlement up to the county conforming limit. With full entitlement intact, the VA will guarantee any loan amount the lender approves, there is no maximum loan size. With reduced entitlement (because you already have a VA loan outstanding), county loan limits apply. When you sell a VA-financed home and pay off the loan, your full entitlement is restored and you can use it again. VA loans are also assumable, which can be a powerful selling feature when current market rates are higher than your locked-in rate.
Frequently Asked Questions
Who qualifies for a VA loan?
VA loans are available to active-duty service members, veterans, National Guard and Reserve members who have served at least 6 years, and surviving spouses of service members who died in the line of duty or from a service-connected disability. You must obtain a Certificate of Eligibility (COE) from the VA. Most veterans meet minimum service requirements after 90 days of active wartime service or 181 days of peacetime service.
Who is exempt from the VA funding fee?
Veterans receiving VA disability compensation, veterans with a 10% or greater service-connected disability rating, surviving spouses of veterans who died in service or from a service-connected disability, Purple Heart recipients on active duty, and certain other categories are exempt from the funding fee. Exemption can save thousands, on a $400,000 loan a 2.15% funding fee is $8,600.
What is VA entitlement and how does second-use work?
VA entitlement is the dollar amount the VA guarantees on your loan. Basic entitlement is $36,000, with bonus entitlement that covers loans up to county conforming limits. When you sell a VA-financed home and pay off the loan, your full entitlement is restored. If you keep one VA home and buy another, you use remaining entitlement, but the funding fee jumps from 2.15% (first use) to 3.3% (subsequent use) at 0% down.
Why is there no PMI on a VA loan?
The Department of Veterans Affairs guarantees a portion of every VA loan, removing the lender risk that private mortgage insurance is designed to cover. This is one of the most valuable benefits of the VA program. On a $400,000 conventional loan with 5% down, PMI runs roughly $200/month or $2,400/year. VA borrowers pay the one-time funding fee instead and save thousands per year on monthly PMI.
Are there VA loan limits by county?
Veterans with full entitlement (no active VA loan and full eligibility) have no county loan limit; the VA will guarantee any loan amount the lender approves. Veterans with reduced or remaining entitlement are bound by county conforming loan limits set by the Federal Housing Finance Agency. In 2026 the baseline conforming limit applies in most counties, with higher limits in high-cost areas. Check your county limit on the FHFA website.
Are VA loans assumable?
Yes. VA loans are fully assumable, meaning a qualified buyer (veteran or civilian) can take over your existing loan, including your interest rate. This is especially valuable when current rates are higher than your existing rate. Assumption requires lender and VA approval, and a non-veteran assumer does not restore your entitlement, the entitlement stays attached to the loan until paid off.