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VA Mortgage Calculator

Monthly Pay: $3,278.84

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		$1,180,380.81
Total Interest		$669,630.81
Mortgage Payoff Date		May. 2055

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$2,830	$448	$510,302
2	$2,828	$451	$509,851
3	$2,825	$453	$509,397
4	$2,823	$456	$508,941
5	$2,820	$458	$508,483
6	$2,818	$461	$508,022
7	$2,815	$464	$507,558
8	$2,813	$466	$507,092
9	$2,810	$469	$506,624
10	$2,808	$471	$506,152
11	$2,805	$474	$505,678
12	$2,802	$477	$505,202
End of year 1
13	$2,800	$479	$504,723
14	$2,797	$482	$504,241
15	$2,794	$485	$503,756
16	$2,792	$487	$503,269
17	$2,789	$490	$502,779
18	$2,786	$493	$502,287
19	$2,784	$495	$501,791
20	$2,781	$498	$501,293
21	$2,778	$501	$500,792
22	$2,775	$504	$500,289
23	$2,772	$506	$499,782
24	$2,770	$509	$499,273
End of year 2
25	$2,767	$512	$498,761
26	$2,764	$515	$498,246
27	$2,761	$518	$497,729
28	$2,758	$521	$497,208
29	$2,755	$523	$496,684
30	$2,752	$526	$496,158
31	$2,750	$529	$495,629
32	$2,747	$532	$495,097
33	$2,744	$535	$494,561
34	$2,741	$538	$494,023
35	$2,738	$541	$493,482
36	$2,735	$544	$492,938
End of year 3
37	$2,732	$547	$492,391
38	$2,729	$550	$491,841
39	$2,726	$553	$491,287
40	$2,723	$556	$490,731
41	$2,719	$559	$490,172
42	$2,716	$562	$489,609
43	$2,713	$566	$489,044
44	$2,710	$569	$488,475
45	$2,707	$572	$487,903
46	$2,704	$575	$487,328
47	$2,701	$578	$486,750
48	$2,697	$581	$486,168
End of year 4
49	$2,694	$585	$485,584
50	$2,691	$588	$484,996
51	$2,688	$591	$484,405
52	$2,684	$594	$483,810
53	$2,681	$598	$483,213
54	$2,678	$601	$482,612
55	$2,674	$604	$482,007
56	$2,671	$608	$481,400
57	$2,668	$611	$480,788
58	$2,664	$614	$480,174
59	$2,661	$618	$479,556
60	$2,658	$621	$478,935
End of year 5
61	$2,654	$625	$478,310
62	$2,651	$628	$477,682
63	$2,647	$632	$477,050
64	$2,644	$635	$476,415
65	$2,640	$639	$475,776
66	$2,637	$642	$475,134
67	$2,633	$646	$474,488
68	$2,629	$649	$473,839
69	$2,626	$653	$473,186
70	$2,622	$657	$472,529
71	$2,619	$660	$471,869
72	$2,615	$664	$471,205
End of year 6
73	$2,611	$668	$470,538
74	$2,608	$671	$469,866
75	$2,604	$675	$469,191
76	$2,600	$679	$468,513
77	$2,596	$682	$467,830
78	$2,593	$686	$467,144
79	$2,589	$690	$466,454
80	$2,585	$694	$465,760
81	$2,581	$698	$465,062
82	$2,577	$702	$464,360
83	$2,573	$706	$463,655
84	$2,569	$709	$462,946
End of year 7
85	$2,565	$713	$462,232
86	$2,562	$717	$461,515
87	$2,558	$721	$460,794
88	$2,554	$725	$460,068
89	$2,550	$729	$459,339
90	$2,546	$733	$458,606
91	$2,541	$737	$457,868
92	$2,537	$741	$457,127
93	$2,533	$746	$456,381
94	$2,529	$750	$455,632
95	$2,525	$754	$454,878
96	$2,521	$758	$454,120
End of year 8
97	$2,517	$762	$453,357
98	$2,512	$766	$452,591
99	$2,508	$771	$451,820
100	$2,504	$775	$451,045
101	$2,500	$779	$450,266
102	$2,495	$784	$449,482
103	$2,491	$788	$448,694
104	$2,487	$792	$447,902
105	$2,482	$797	$447,105
106	$2,478	$801	$446,304
107	$2,473	$806	$445,499
108	$2,469	$810	$444,689
End of year 9
109	$2,464	$815	$443,874
110	$2,460	$819	$443,055
111	$2,455	$824	$442,231
112	$2,451	$828	$441,403
113	$2,446	$833	$440,571
114	$2,441	$837	$439,733
115	$2,437	$842	$438,891
116	$2,432	$847	$438,045
117	$2,427	$851	$437,193
118	$2,423	$856	$436,337
119	$2,418	$861	$435,476
120	$2,413	$866	$434,611
End of year 10
121	$2,408	$870	$433,740
122	$2,404	$875	$432,865
123	$2,399	$880	$431,985
124	$2,394	$885	$431,100
125	$2,389	$890	$430,210
126	$2,384	$895	$429,316
127	$2,379	$900	$428,416
128	$2,374	$905	$427,511
129	$2,369	$910	$426,602
130	$2,364	$915	$425,687
131	$2,359	$920	$424,767
132	$2,354	$925	$423,842
End of year 11
133	$2,349	$930	$422,912
134	$2,344	$935	$421,977
135	$2,338	$940	$421,037
136	$2,333	$946	$420,091
137	$2,328	$951	$419,140
138	$2,323	$956	$418,184
139	$2,317	$961	$417,223
140	$2,312	$967	$416,256
141	$2,307	$972	$415,284
142	$2,301	$977	$414,306
143	$2,296	$983	$413,323
144	$2,291	$988	$412,335
End of year 12
145	$2,285	$994	$411,341
146	$2,280	$999	$410,342
147	$2,274	$1,005	$409,337
148	$2,268	$1,010	$408,327
149	$2,263	$1,016	$407,311
150	$2,257	$1,022	$406,289
151	$2,252	$1,027	$405,262
152	$2,246	$1,033	$404,229
153	$2,240	$1,039	$403,190
154	$2,234	$1,044	$402,145
155	$2,229	$1,050	$401,095
156	$2,223	$1,056	$400,039
End of year 13
157	$2,217	$1,062	$398,977
158	$2,211	$1,068	$397,909
159	$2,205	$1,074	$396,835
160	$2,199	$1,080	$395,756
161	$2,193	$1,086	$394,670
162	$2,187	$1,092	$393,578
163	$2,181	$1,098	$392,481
164	$2,175	$1,104	$391,377
165	$2,169	$1,110	$390,267
166	$2,163	$1,116	$389,151
167	$2,157	$1,122	$388,028
168	$2,150	$1,129	$386,900
End of year 14
169	$2,144	$1,135	$385,765
170	$2,138	$1,141	$384,624
171	$2,131	$1,147	$383,477
172	$2,125	$1,154	$382,323
173	$2,119	$1,160	$381,163
174	$2,112	$1,167	$379,996
175	$2,106	$1,173	$378,823
176	$2,099	$1,180	$377,644
177	$2,093	$1,186	$376,458
178	$2,086	$1,193	$375,265
179	$2,080	$1,199	$374,066
180	$2,073	$1,206	$372,860
End of year 15
181	$2,066	$1,213	$371,647
182	$2,060	$1,219	$370,428
183	$2,053	$1,226	$369,202
184	$2,046	$1,233	$367,969
185	$2,039	$1,240	$366,730
186	$2,032	$1,247	$365,483
187	$2,025	$1,253	$364,230
188	$2,018	$1,260	$362,969
189	$2,011	$1,267	$361,702
190	$2,004	$1,274	$360,427
191	$1,997	$1,281	$359,146
192	$1,990	$1,289	$357,857
End of year 16
193	$1,983	$1,296	$356,562
194	$1,976	$1,303	$355,259
195	$1,969	$1,310	$353,949
196	$1,961	$1,317	$352,631
197	$1,954	$1,325	$351,307
198	$1,947	$1,332	$349,975
199	$1,939	$1,339	$348,635
200	$1,932	$1,347	$347,288
201	$1,925	$1,354	$345,934
202	$1,917	$1,362	$344,572
203	$1,910	$1,369	$343,203
204	$1,902	$1,377	$341,826
End of year 17
205	$1,894	$1,385	$340,441
206	$1,887	$1,392	$339,049
207	$1,879	$1,400	$337,649
208	$1,871	$1,408	$336,242
209	$1,863	$1,415	$334,826
210	$1,855	$1,423	$333,403
211	$1,848	$1,431	$331,972
212	$1,840	$1,439	$330,532
213	$1,832	$1,447	$329,085
214	$1,824	$1,455	$327,630
215	$1,816	$1,463	$326,167
216	$1,808	$1,471	$324,696
End of year 18
217	$1,799	$1,479	$323,216
218	$1,791	$1,488	$321,728
219	$1,783	$1,496	$320,232
220	$1,775	$1,504	$318,728
221	$1,766	$1,513	$317,216
222	$1,758	$1,521	$315,695
223	$1,749	$1,529	$314,165
224	$1,741	$1,538	$312,628
225	$1,732	$1,546	$311,081
226	$1,724	$1,555	$309,526
227	$1,715	$1,564	$307,963
228	$1,707	$1,572	$306,391
End of year 19
229	$1,698	$1,581	$304,810
230	$1,689	$1,590	$303,220
231	$1,680	$1,598	$301,621
232	$1,671	$1,607	$300,014
233	$1,663	$1,616	$298,398
234	$1,654	$1,625	$296,773
235	$1,645	$1,634	$295,138
236	$1,636	$1,643	$293,495
237	$1,626	$1,652	$291,843
238	$1,617	$1,662	$290,181
239	$1,608	$1,671	$288,510
240	$1,599	$1,680	$286,830
End of year 20
241	$1,590	$1,689	$285,141
242	$1,580	$1,699	$283,442
243	$1,571	$1,708	$281,734
244	$1,561	$1,718	$280,017
245	$1,552	$1,727	$278,290
246	$1,542	$1,737	$276,553
247	$1,533	$1,746	$274,807
248	$1,523	$1,756	$273,051
249	$1,513	$1,766	$271,285
250	$1,503	$1,775	$269,510
251	$1,494	$1,785	$267,724
252	$1,484	$1,795	$265,929
End of year 21
253	$1,474	$1,805	$264,124
254	$1,464	$1,815	$262,309
255	$1,454	$1,825	$260,484
256	$1,444	$1,835	$258,648
257	$1,433	$1,845	$256,803
258	$1,423	$1,856	$254,947
259	$1,413	$1,866	$253,081
260	$1,402	$1,876	$251,205
261	$1,392	$1,887	$249,318
262	$1,382	$1,897	$247,421
263	$1,371	$1,908	$245,513
264	$1,361	$1,918	$243,595
End of year 22
265	$1,350	$1,929	$241,666
266	$1,339	$1,940	$239,726
267	$1,328	$1,950	$237,776
268	$1,318	$1,961	$235,815
269	$1,307	$1,972	$233,843
270	$1,296	$1,983	$231,860
271	$1,285	$1,994	$229,866
272	$1,274	$2,005	$227,861
273	$1,263	$2,016	$225,845
274	$1,252	$2,027	$223,818
275	$1,240	$2,039	$221,779
276	$1,229	$2,050	$219,729
End of year 23
277	$1,218	$2,061	$217,668
278	$1,206	$2,073	$215,595
279	$1,195	$2,084	$213,511
280	$1,183	$2,096	$211,416
281	$1,172	$2,107	$209,309
282	$1,160	$2,119	$207,190
283	$1,148	$2,131	$205,059
284	$1,136	$2,142	$202,917
285	$1,124	$2,154	$200,762
286	$1,113	$2,166	$198,596
287	$1,101	$2,178	$196,418
288	$1,088	$2,190	$194,227
End of year 24
289	$1,076	$2,202	$192,025
290	$1,064	$2,215	$189,810
291	$1,052	$2,227	$187,583
292	$1,040	$2,239	$185,344
293	$1,027	$2,252	$183,092
294	$1,015	$2,264	$180,828
295	$1,002	$2,277	$178,551
296	$989	$2,289	$176,262
297	$977	$2,302	$173,960
298	$964	$2,315	$171,645
299	$951	$2,328	$169,317
300	$938	$2,341	$166,977
End of year 25
301	$925	$2,354	$164,623
302	$912	$2,367	$162,257
303	$899	$2,380	$159,877
304	$886	$2,393	$157,484
305	$873	$2,406	$155,078
306	$859	$2,419	$152,659
307	$846	$2,433	$150,226
308	$833	$2,446	$147,779
309	$819	$2,460	$145,320
310	$805	$2,474	$142,846
311	$792	$2,487	$140,359
312	$778	$2,501	$137,858
End of year 26
313	$764	$2,515	$135,343
314	$750	$2,529	$132,814
315	$736	$2,543	$130,271
316	$722	$2,557	$127,714
317	$708	$2,571	$125,143
318	$694	$2,585	$122,558
319	$679	$2,600	$119,958
320	$665	$2,614	$117,344
321	$650	$2,629	$114,716
322	$636	$2,643	$112,072
323	$621	$2,658	$109,415
324	$606	$2,672	$106,742
End of year 27
325	$592	$2,687	$104,055
326	$577	$2,702	$101,353
327	$562	$2,717	$98,636
328	$547	$2,732	$95,903
329	$531	$2,747	$93,156
330	$516	$2,763	$90,393
331	$501	$2,778	$87,615
332	$486	$2,793	$84,822
333	$470	$2,809	$82,013
334	$454	$2,824	$79,189
335	$439	$2,840	$76,349
336	$423	$2,856	$73,493
End of year 28
337	$407	$2,872	$70,622
338	$391	$2,887	$67,734
339	$375	$2,903	$64,831
340	$359	$2,920	$61,911
341	$343	$2,936	$58,975
342	$327	$2,952	$56,023
343	$310	$2,968	$53,055
344	$294	$2,985	$50,070
345	$277	$3,001	$47,069
346	$261	$3,018	$44,051
347	$244	$3,035	$41,016
348	$227	$3,052	$37,965
End of year 29
349	$210	$3,068	$34,896
350	$193	$3,085	$31,811
351	$176	$3,103	$28,708
352	$159	$3,120	$25,588
353	$142	$3,137	$22,451
354	$124	$3,154	$19,297
355	$107	$3,172	$16,125
356	$89	$3,189	$12,936
357	$72	$3,207	$9,728
358	$54	$3,225	$6,504
359	$36	$3,243	$3,261
360	$18	$3,261	$-0
End of year 30

Year	Interest	Principal	Ending Balance
1	$33,798	$5,548	$505,202
2	$33,417	$5,929	$499,273
3	$33,011	$6,335	$492,938
4	$32,577	$6,770	$486,168
5	$32,112	$7,234	$478,935
6	$31,616	$7,730	$471,205
7	$31,086	$8,260	$462,946
8	$30,520	$8,826	$454,120
9	$29,915	$9,431	$444,689
10	$29,268	$10,078	$434,611
11	$28,577	$10,769	$423,842
12	$27,839	$11,507	$412,335
13	$27,050	$12,296	$400,039
14	$26,207	$13,139	$386,900
15	$25,306	$14,040	$372,860
16	$24,343	$15,003	$357,857
17	$23,315	$16,031	$341,826
18	$22,216	$17,130	$324,696
19	$21,041	$18,305	$306,391
20	$19,786	$19,560	$286,830
21	$18,445	$20,901	$265,929
22	$17,012	$22,334	$243,595
23	$15,480	$23,866	$219,729
24	$13,844	$25,502	$194,227
25	$12,095	$27,251	$166,977
26	$10,227	$29,119	$137,858
27	$8,231	$31,116	$106,742
28	$6,097	$33,249	$73,493
29	$3,817	$35,529	$37,965
30	$1,381	$37,965	$-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.