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VA Mortgage Calculator

Monthly Pay: $3,262.62

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		$1,174,544.87
Total Interest		$663,794.87
Mortgage Payoff Date		Mar. 2055

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$2,810	$453	$510,297
2	$2,807	$455	$509,842
3	$2,805	$458	$509,385
4	$2,802	$460	$508,924
5	$2,800	$463	$508,462
6	$2,797	$465	$507,996
7	$2,795	$468	$507,529
8	$2,792	$470	$507,058
9	$2,790	$473	$506,585
10	$2,787	$476	$506,110
11	$2,784	$478	$505,632
12	$2,782	$481	$505,151
End of year 1
13	$2,779	$483	$504,667
14	$2,777	$486	$504,181
15	$2,774	$489	$503,692
16	$2,771	$491	$503,201
17	$2,768	$494	$502,707
18	$2,766	$497	$502,210
19	$2,763	$500	$501,710
20	$2,760	$502	$501,208
21	$2,757	$505	$500,703
22	$2,755	$508	$500,195
23	$2,752	$511	$499,684
24	$2,749	$514	$499,171
End of year 2
25	$2,746	$516	$498,654
26	$2,743	$519	$498,135
27	$2,741	$522	$497,613
28	$2,738	$525	$497,088
29	$2,735	$528	$496,560
30	$2,732	$531	$496,030
31	$2,729	$534	$495,496
32	$2,726	$537	$494,959
33	$2,723	$540	$494,420
34	$2,720	$542	$493,877
35	$2,717	$545	$493,332
36	$2,714	$548	$492,783
End of year 3
37	$2,711	$551	$492,232
38	$2,708	$555	$491,677
39	$2,705	$558	$491,120
40	$2,702	$561	$490,559
41	$2,699	$564	$489,995
42	$2,696	$567	$489,429
43	$2,693	$570	$488,859
44	$2,690	$573	$488,285
45	$2,686	$576	$487,709
46	$2,683	$579	$487,130
47	$2,680	$583	$486,547
48	$2,677	$586	$485,961
End of year 4
49	$2,674	$589	$485,372
50	$2,670	$592	$484,780
51	$2,667	$596	$484,185
52	$2,664	$599	$483,586
53	$2,661	$602	$482,984
54	$2,657	$605	$482,378
55	$2,654	$609	$481,770
56	$2,651	$612	$481,157
57	$2,647	$615	$480,542
58	$2,644	$619	$479,923
59	$2,640	$622	$479,301
60	$2,637	$626	$478,675
End of year 5
61	$2,634	$629	$478,046
62	$2,630	$633	$477,414
63	$2,627	$636	$476,778
64	$2,623	$640	$476,138
65	$2,620	$643	$475,495
66	$2,616	$647	$474,848
67	$2,612	$650	$474,198
68	$2,609	$654	$473,544
69	$2,605	$657	$472,887
70	$2,602	$661	$472,226
71	$2,598	$665	$471,561
72	$2,594	$668	$470,893
End of year 6
73	$2,591	$672	$470,221
74	$2,587	$676	$469,546
75	$2,583	$679	$468,866
76	$2,580	$683	$468,183
77	$2,576	$687	$467,496
78	$2,572	$691	$466,806
79	$2,568	$694	$466,111
80	$2,564	$698	$465,413
81	$2,561	$702	$464,711
82	$2,557	$706	$464,005
83	$2,553	$710	$463,295
84	$2,549	$714	$462,582
End of year 7
85	$2,545	$718	$461,864
86	$2,541	$722	$461,142
87	$2,537	$726	$460,417
88	$2,533	$730	$459,687
89	$2,529	$734	$458,954
90	$2,525	$738	$458,216
91	$2,521	$742	$457,474
92	$2,517	$746	$456,729
93	$2,513	$750	$455,979
94	$2,509	$754	$455,225
95	$2,504	$758	$454,467
96	$2,500	$762	$453,704
End of year 8
97	$2,496	$766	$452,938
98	$2,492	$771	$452,167
99	$2,488	$775	$451,392
100	$2,483	$779	$450,613
101	$2,479	$784	$449,829
102	$2,475	$788	$449,042
103	$2,470	$792	$448,249
104	$2,466	$797	$447,453
105	$2,462	$801	$446,652
106	$2,457	$805	$445,847
107	$2,453	$810	$445,037
108	$2,448	$814	$444,223
End of year 9
109	$2,444	$819	$443,404
110	$2,439	$823	$442,581
111	$2,435	$828	$441,753
112	$2,430	$832	$440,921
113	$2,426	$837	$440,084
114	$2,421	$841	$439,243
115	$2,417	$846	$438,397
116	$2,412	$851	$437,546
117	$2,407	$855	$436,691
118	$2,403	$860	$435,831
119	$2,398	$865	$434,966
120	$2,393	$870	$434,096
End of year 10
121	$2,388	$874	$433,222
122	$2,383	$879	$432,343
123	$2,379	$884	$431,459
124	$2,374	$889	$430,570
125	$2,369	$894	$429,676
126	$2,364	$899	$428,777
127	$2,359	$904	$427,874
128	$2,354	$909	$426,965
129	$2,349	$914	$426,051
130	$2,344	$919	$425,133
131	$2,339	$924	$424,209
132	$2,334	$929	$423,280
End of year 11
133	$2,329	$934	$422,346
134	$2,324	$939	$421,407
135	$2,318	$944	$420,463
136	$2,313	$949	$419,514
137	$2,308	$955	$418,559
138	$2,303	$960	$417,599
139	$2,297	$965	$416,634
140	$2,292	$970	$415,664
141	$2,287	$976	$414,688
142	$2,281	$981	$413,707
143	$2,276	$987	$412,720
144	$2,271	$992	$411,728
End of year 12
145	$2,265	$997	$410,731
146	$2,260	$1,003	$409,728
147	$2,254	$1,008	$408,720
148	$2,249	$1,014	$407,706
149	$2,243	$1,020	$406,686
150	$2,237	$1,025	$405,661
151	$2,232	$1,031	$404,630
152	$2,226	$1,036	$403,594
153	$2,220	$1,042	$402,551
154	$2,215	$1,048	$401,503
155	$2,209	$1,054	$400,450
156	$2,203	$1,059	$399,390
End of year 13
157	$2,197	$1,065	$398,325
158	$2,191	$1,071	$397,254
159	$2,186	$1,077	$396,177
160	$2,180	$1,083	$395,094
161	$2,174	$1,089	$394,005
162	$2,168	$1,095	$392,910
163	$2,162	$1,101	$391,809
164	$2,156	$1,107	$390,702
165	$2,150	$1,113	$389,589
166	$2,143	$1,119	$388,470
167	$2,137	$1,125	$387,344
168	$2,131	$1,132	$386,213
End of year 14
169	$2,125	$1,138	$385,075
170	$2,119	$1,144	$383,931
171	$2,112	$1,150	$382,780
172	$2,106	$1,157	$381,624
173	$2,100	$1,163	$380,461
174	$2,093	$1,169	$379,291
175	$2,087	$1,176	$378,115
176	$2,080	$1,182	$376,933
177	$2,074	$1,189	$375,744
178	$2,067	$1,195	$374,549
179	$2,061	$1,202	$373,347
180	$2,054	$1,209	$372,138
End of year 15
181	$2,047	$1,215	$370,923
182	$2,041	$1,222	$369,701
183	$2,034	$1,229	$368,472
184	$2,027	$1,235	$367,237
185	$2,020	$1,242	$365,995
186	$2,014	$1,249	$364,745
187	$2,007	$1,256	$363,490
188	$2,000	$1,263	$362,227
189	$1,993	$1,270	$360,957
190	$1,986	$1,277	$359,680
191	$1,979	$1,284	$358,396
192	$1,972	$1,291	$357,106
End of year 16
193	$1,965	$1,298	$355,808
194	$1,958	$1,305	$354,503
195	$1,950	$1,312	$353,190
196	$1,943	$1,319	$351,871
197	$1,936	$1,327	$350,544
198	$1,929	$1,334	$349,210
199	$1,921	$1,341	$347,869
200	$1,914	$1,349	$346,520
201	$1,906	$1,356	$345,164
202	$1,899	$1,364	$343,800
203	$1,891	$1,371	$342,429
204	$1,884	$1,379	$341,050
End of year 17
205	$1,876	$1,386	$339,664
206	$1,869	$1,394	$338,270
207	$1,861	$1,402	$336,868
208	$1,853	$1,409	$335,459
209	$1,846	$1,417	$334,042
210	$1,838	$1,425	$332,617
211	$1,830	$1,433	$331,185
212	$1,822	$1,441	$329,744
213	$1,814	$1,448	$328,295
214	$1,806	$1,456	$326,839
215	$1,798	$1,464	$325,375
216	$1,790	$1,473	$323,902
End of year 18
217	$1,782	$1,481	$322,421
218	$1,774	$1,489	$320,933
219	$1,766	$1,497	$319,436
220	$1,757	$1,505	$317,930
221	$1,749	$1,513	$316,417
222	$1,741	$1,522	$314,895
223	$1,732	$1,530	$313,365
224	$1,724	$1,539	$311,826
225	$1,716	$1,547	$310,279
226	$1,707	$1,556	$308,724
227	$1,698	$1,564	$307,160
228	$1,690	$1,573	$305,587
End of year 19
229	$1,681	$1,581	$304,006
230	$1,673	$1,590	$302,415
231	$1,664	$1,599	$300,817
232	$1,655	$1,608	$299,209
233	$1,646	$1,616	$297,593
234	$1,637	$1,625	$295,967
235	$1,628	$1,634	$294,333
236	$1,619	$1,643	$292,690
237	$1,610	$1,652	$291,037
238	$1,601	$1,661	$289,376
239	$1,592	$1,671	$287,705
240	$1,583	$1,680	$286,025
End of year 20
241	$1,574	$1,689	$284,336
242	$1,564	$1,698	$282,638
243	$1,555	$1,708	$280,930
244	$1,546	$1,717	$279,213
245	$1,536	$1,726	$277,487
246	$1,527	$1,736	$275,751
247	$1,517	$1,746	$274,005
248	$1,507	$1,755	$272,250
249	$1,498	$1,765	$270,485
250	$1,488	$1,775	$268,711
251	$1,478	$1,784	$266,927
252	$1,469	$1,794	$265,133
End of year 21
253	$1,459	$1,804	$263,329
254	$1,449	$1,814	$261,515
255	$1,439	$1,824	$259,691
256	$1,429	$1,834	$257,857
257	$1,419	$1,844	$256,013
258	$1,408	$1,854	$254,159
259	$1,398	$1,864	$252,295
260	$1,388	$1,875	$250,420
261	$1,378	$1,885	$248,535
262	$1,367	$1,895	$246,640
263	$1,357	$1,906	$244,734
264	$1,346	$1,916	$242,818
End of year 22
265	$1,336	$1,927	$240,891
266	$1,325	$1,937	$238,954
267	$1,315	$1,948	$237,006
268	$1,304	$1,959	$235,047
269	$1,293	$1,969	$233,078
270	$1,282	$1,980	$231,098
271	$1,271	$1,991	$229,106
272	$1,260	$2,002	$227,104
273	$1,249	$2,013	$225,091
274	$1,238	$2,024	$223,067
275	$1,227	$2,035	$221,031
276	$1,216	$2,047	$218,985
End of year 23
277	$1,205	$2,058	$216,927
278	$1,193	$2,069	$214,858
279	$1,182	$2,081	$212,777
280	$1,171	$2,092	$210,685
281	$1,159	$2,104	$208,582
282	$1,148	$2,115	$206,467
283	$1,136	$2,127	$204,340
284	$1,124	$2,138	$202,201
285	$1,112	$2,150	$200,051
286	$1,101	$2,162	$197,889
287	$1,089	$2,174	$195,715
288	$1,077	$2,186	$193,530
End of year 24
289	$1,065	$2,198	$191,332
290	$1,053	$2,210	$189,122
291	$1,040	$2,222	$186,900
292	$1,028	$2,234	$184,665
293	$1,016	$2,247	$182,418
294	$1,004	$2,259	$180,159
295	$991	$2,271	$177,888
296	$979	$2,284	$175,604
297	$966	$2,297	$173,308
298	$953	$2,309	$170,998
299	$941	$2,322	$168,677
300	$928	$2,335	$166,342
End of year 25
301	$915	$2,347	$163,994
302	$902	$2,360	$161,634
303	$889	$2,373	$159,261
304	$876	$2,386	$156,874
305	$863	$2,400	$154,475
306	$850	$2,413	$152,062
307	$837	$2,426	$149,636
308	$823	$2,439	$147,197
309	$810	$2,453	$144,744
310	$796	$2,466	$142,278
311	$783	$2,480	$139,798
312	$769	$2,494	$137,304
End of year 26
313	$755	$2,507	$134,797
314	$742	$2,521	$132,276
315	$728	$2,535	$129,741
316	$714	$2,549	$127,192
317	$700	$2,563	$124,629
318	$686	$2,577	$122,052
319	$671	$2,591	$119,461
320	$657	$2,605	$116,856
321	$643	$2,620	$114,236
322	$628	$2,634	$111,602
323	$614	$2,649	$108,953
324	$599	$2,663	$106,290
End of year 27
325	$585	$2,678	$103,612
326	$570	$2,693	$100,920
327	$555	$2,707	$98,212
328	$540	$2,722	$95,490
329	$525	$2,737	$92,753
330	$510	$2,752	$90,000
331	$495	$2,767	$87,233
332	$480	$2,783	$84,450
333	$465	$2,798	$81,652
334	$449	$2,813	$78,839
335	$434	$2,829	$76,010
336	$418	$2,844	$73,166
End of year 28
337	$403	$2,860	$70,305
338	$387	$2,876	$67,430
339	$371	$2,892	$64,538
340	$355	$2,908	$61,630
341	$339	$2,924	$58,707
342	$323	$2,940	$55,767
343	$307	$2,956	$52,811
344	$291	$2,972	$49,839
345	$274	$2,988	$46,851
346	$258	$3,005	$43,846
347	$241	$3,021	$40,825
348	$225	$3,038	$37,787
End of year 29
349	$208	$3,055	$34,732
350	$191	$3,072	$31,660
351	$174	$3,088	$28,572
352	$157	$3,105	$25,466
353	$140	$3,123	$22,344
354	$123	$3,140	$19,204
355	$106	$3,157	$16,047
356	$88	$3,174	$12,873
357	$71	$3,192	$9,681
358	$53	$3,209	$6,472
359	$36	$3,227	$3,245
360	$18	$3,245	$0
End of year 30

Year	Interest	Principal	Ending Balance
1	$33,552	$5,599	$505,151
2	$33,171	$5,980	$499,171
3	$32,764	$6,387	$492,783
4	$32,330	$6,822	$485,961
5	$31,865	$7,286	$478,675
6	$31,369	$7,782	$470,893
7	$30,840	$8,312	$462,582
8	$30,274	$8,877	$453,704
9	$29,670	$9,481	$444,223
10	$29,025	$10,127	$434,096
11	$28,336	$10,816	$423,280
12	$27,600	$11,552	$411,728
13	$26,813	$12,338	$399,390
14	$25,974	$13,178	$386,213
15	$25,077	$14,075	$372,138
16	$24,119	$15,032	$357,106
17	$23,096	$16,055	$341,050
18	$22,003	$17,148	$323,902
19	$20,836	$18,315	$305,587
20	$19,590	$19,562	$286,025
21	$18,259	$20,893	$265,133
22	$16,837	$22,315	$242,818
23	$15,318	$23,833	$218,985
24	$13,696	$25,455	$193,530
25	$11,964	$27,188	$166,342
26	$10,114	$29,038	$137,304
27	$8,138	$31,014	$106,290
28	$6,027	$33,125	$73,166
29	$3,773	$35,379	$37,787
30	$1,365	$37,787	$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.