A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs (VA). If you’re an eligible veteran, active-duty service member, or even a surviving spouse, a VA loan offers a great opportunity to finance or refinance your home. Benefits include no down payment requirements, competitive interest rates, no private mortgage insurance (PMI), and more.
Simply fill in the following inputs to get an estimate on your monthly mortgage:
Purchase Price - The price of the home you’ve purchased or are looking to purchase–not including down payment, closing costs, or fees. The lower the purchase price, the lower the monthly payment.
Down Payment - The upfront amount you’re paying toward the purchase price, if any. While $0 down payment is a VA loan benefit, paying one could reduce your funding fee and monthly mortgage payment.
Loan Term (years) - The number of years you’ll take to pay off your VA loan (usually 15 or30 years). A shorter loan term results in higher monthly payments–but less interest paid overall.
Interest Rate - The percentage rate your lender charges you each year for your loan, determined by factors such as your credit score and down payment.
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