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| Loan | Mortgage | Car | Commercial | Student | Biweekly | Extra Payments | Payoff | Excel |
VA Loan Calculator
VA Loan Calculator with amortization schedule is used to calculate your monthly mortgage payment for your VA home loan. The VA mortgage calculator has everything you need to learn about your monthly mortgage and payments.
VA Mortgage Calculator Results |
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| Home Value: | $230,000.00 | |||||
| Mortgage Amount: | $235,520.00 | |||||
Monthly Payment: |
$1,365.73 |
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| Total # Of Payments: | 360 | |||||
| Start Date: | Jul, 2025 | |||||
| Payoff Date: | Jun, 2055 | |||||
| Down Payment: | $0.00 | |||||
| Principal (includes funding fee): | $235,520.00 | |||||
| Total Interest Paid: | $157,142.74 | |||||
Total of all Payments: |
$491,662.74 |
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Mortgage Amortization Schedule |
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| Payment Date | Payment # | Interest | Principal | Total Payment | Balance | |
|---|---|---|---|---|---|---|
| Jul, 2025 | 1 | $736.00 | $354.73 | $1,365.73 | $235,165.27 | |
| Aug, 2025 | 2 | $734.89 | $355.84 | $1,365.73 | $234,809.43 | |
| Sep, 2025 | 3 | $733.78 | $356.95 | $1,365.73 | $234,452.48 | |
| Oct, 2025 | 4 | $732.66 | $358.07 | $1,365.73 | $234,094.42 | |
| Nov, 2025 | 5 | $731.55 | $359.18 | $1,365.73 | $233,735.23 | |
| Dec, 2025 | 6 | $730.42 | $360.31 | $1,365.73 | $233,374.92 | |
| Jan, 2026 | 7 | $729.30 | $361.43 | $1,365.73 | $233,013.49 | |
| Feb, 2026 | 8 | $728.17 | $362.56 | $1,365.73 | $232,650.93 | |
| Mar, 2026 | 9 | $727.03 | $363.70 | $1,365.73 | $232,287.23 | |
| Apr, 2026 | 10 | $725.90 | $364.83 | $1,365.73 | $231,922.40 | |
| May, 2026 | 11 | $724.76 | $365.97 | $1,365.73 | $231,556.43 | |
| Jun, 2026 | 12 | $723.61 | $367.12 | $1,365.73 | $231,189.31 | |
| Jul, 2026 | 13 | $722.47 | $368.26 | $1,365.73 | $230,821.05 | |
| Aug, 2026 | 14 | $721.32 | $369.41 | $1,365.73 | $230,451.63 | |
| Sep, 2026 | 15 | $720.16 | $370.57 | $1,365.73 | $230,081.07 | |
| Oct, 2026 | 16 | $719.00 | $371.73 | $1,365.73 | $229,709.34 | |
| Nov, 2026 | 17 | $717.84 | $372.89 | $1,365.73 | $229,336.45 | |
| Dec, 2026 | 18 | $716.68 | $374.05 | $1,365.73 | $228,962.40 | |
| Jan, 2027 | 19 | $715.51 | $375.22 | $1,365.73 | $228,587.18 | |
| Feb, 2027 | 20 | $714.33 | $376.39 | $1,365.73 | $228,210.78 | |
| Mar, 2027 | 21 | $713.16 | $377.57 | $1,365.73 | $227,833.21 | |
| Apr, 2027 | 22 | $711.98 | $378.75 | $1,365.73 | $227,454.46 | |
| May, 2027 | 23 | $710.80 | $379.93 | $1,365.73 | $227,074.52 | |
| Jun, 2027 | 24 | $709.61 | $381.12 | $1,365.73 | $226,693.40 | |
| Jul, 2027 | 25 | $708.42 | $382.31 | $1,365.73 | $226,311.09 | |
| Aug, 2027 | 26 | $707.22 | $383.51 | $1,365.73 | $225,927.58 | |
| Sep, 2027 | 27 | $706.02 | $384.71 | $1,365.73 | $225,542.87 | |
| Oct, 2027 | 28 | $704.82 | $385.91 | $1,365.73 | $225,156.97 | |
| Nov, 2027 | 29 | $703.62 | $387.11 | $1,365.73 | $224,769.85 | |
| Dec, 2027 | 30 | $702.41 | $388.32 | $1,365.73 | $224,381.53 | |
| Jan, 2028 | 31 | $701.19 | $389.54 | $1,365.73 | $223,991.99 | |
| Feb, 2028 | 32 | $699.97 | $390.75 | $1,365.73 | $223,601.24 | |
| Mar, 2028 | 33 | $698.75 | $391.98 | $1,365.73 | $223,209.26 | |
| Apr, 2028 | 34 | $697.53 | $393.20 | $1,365.73 | $222,816.06 | |
| May, 2028 | 35 | $696.30 | $394.43 | $1,365.73 | $222,421.63 | |
| Jun, 2028 | 36 | $695.07 | $395.66 | $1,365.73 | $222,025.97 | |
| Jul, 2028 | 37 | $693.83 | $396.90 | $1,365.73 | $221,629.07 | |
| Aug, 2028 | 38 | $692.59 | $398.14 | $1,365.73 | $221,230.93 | |
| Sep, 2028 | 39 | $691.35 | $399.38 | $1,365.73 | $220,831.55 | |
| Oct, 2028 | 40 | $690.10 | $400.63 | $1,365.73 | $220,430.91 | |
| Nov, 2028 | 41 | $688.85 | $401.88 | $1,365.73 | $220,029.03 | |
| Dec, 2028 | 42 | $687.59 | $403.14 | $1,365.73 | $219,625.89 | |
| Jan, 2029 | 43 | $686.33 | $404.40 | $1,365.73 | $219,221.49 | |
| Feb, 2029 | 44 | $685.07 | $405.66 | $1,365.73 | $218,815.83 | |
| Mar, 2029 | 45 | $683.80 | $406.93 | $1,365.73 | $218,408.90 | |
| Apr, 2029 | 46 | $682.53 | $408.20 | $1,365.73 | $218,000.70 | |
| May, 2029 | 47 | $681.25 | $409.48 | $1,365.73 | $217,591.22 | |
| Jun, 2029 | 48 | $679.97 | $410.76 | $1,365.73 | $217,180.46 | |
| Jul, 2029 | 49 | $678.69 | $412.04 | $1,365.73 | $216,768.42 | |
| Aug, 2029 | 50 | $677.40 | $413.33 | $1,365.73 | $216,355.09 | |
| Sep, 2029 | 51 | $676.11 | $414.62 | $1,365.73 | $215,940.47 | |
| Oct, 2029 | 52 | $674.81 | $415.92 | $1,365.73 | $215,524.56 | |
| Nov, 2029 | 53 | $673.51 | $417.22 | $1,365.73 | $215,107.34 | |
| Dec, 2029 | 54 | $672.21 | $418.52 | $1,365.73 | $214,688.82 | |
| Jan, 2030 | 55 | $670.90 | $419.83 | $1,365.73 | $214,269.00 | |
| Feb, 2030 | 56 | $669.59 | $421.14 | $1,365.73 | $213,847.86 | |
| Mar, 2030 | 57 | $668.27 | $422.46 | $1,365.73 | $213,425.40 | |
| Apr, 2030 | 58 | $666.95 | $423.78 | $1,365.73 | $213,001.63 | |
| May, 2030 | 59 | $665.63 | $425.10 | $1,365.73 | $212,576.53 | |
| Jun, 2030 | 60 | $664.30 | $426.43 | $1,365.73 | $212,150.10 | |
| Jul, 2030 | 61 | $662.97 | $427.76 | $1,365.73 | $211,722.34 | |
| Aug, 2030 | 62 | $661.63 | $429.10 | $1,365.73 | $211,293.24 | |
| Sep, 2030 | 63 | $660.29 | $430.44 | $1,365.73 | $210,862.80 | |
| Oct, 2030 | 64 | $658.95 | $431.78 | $1,365.73 | $210,431.02 | |
| Nov, 2030 | 65 | $657.60 | $433.13 | $1,365.73 | $209,997.88 | |
| Dec, 2030 | 66 | $656.24 | $434.49 | $1,365.73 | $209,563.40 | |
| Jan, 2031 | 67 | $654.89 | $435.84 | $1,365.73 | $209,127.55 | |
| Feb, 2031 | 68 | $653.52 | $437.21 | $1,365.73 | $208,690.35 | |
| Mar, 2031 | 69 | $652.16 | $438.57 | $1,365.73 | $208,251.77 | |
| Apr, 2031 | 70 | $650.79 | $439.94 | $1,365.73 | $207,811.83 | |
| May, 2031 | 71 | $649.41 | $441.32 | $1,365.73 | $207,370.51 | |
| Jun, 2031 | 72 | $648.03 | $442.70 | $1,365.73 | $206,927.82 | |
| Jul, 2031 | 73 | $646.65 | $444.08 | $1,365.73 | $206,483.74 | |
| Aug, 2031 | 74 | $645.26 | $445.47 | $1,365.73 | $206,038.27 | |
| Sep, 2031 | 75 | $643.87 | $446.86 | $1,365.73 | $205,591.41 | |
| Oct, 2031 | 76 | $642.47 | $448.26 | $1,365.73 | $205,143.15 | |
| Nov, 2031 | 77 | $641.07 | $449.66 | $1,365.73 | $204,693.49 | |
| Dec, 2031 | 78 | $639.67 | $451.06 | $1,365.73 | $204,242.43 | |
| Jan, 2032 | 79 | $638.26 | $452.47 | $1,365.73 | $203,789.96 | |
| Feb, 2032 | 80 | $636.84 | $453.89 | $1,365.73 | $203,336.07 | |
| Mar, 2032 | 81 | $635.43 | $455.30 | $1,365.73 | $202,880.77 | |
| Apr, 2032 | 82 | $634.00 | $456.73 | $1,365.73 | $202,424.04 | |
| May, 2032 | 83 | $632.58 | $458.15 | $1,365.73 | $201,965.89 | |
| Jun, 2032 | 84 | $631.14 | $459.59 | $1,365.73 | $201,506.30 | |
| Jul, 2032 | 85 | $629.71 | $461.02 | $1,365.73 | $201,045.28 | |
| Aug, 2032 | 86 | $628.27 | $462.46 | $1,365.73 | $200,582.81 | |
| Sep, 2032 | 87 | $626.82 | $463.91 | $1,365.73 | $200,118.90 | |
| Oct, 2032 | 88 | $625.37 | $465.36 | $1,365.73 | $199,653.55 | |
| Nov, 2032 | 89 | $623.92 | $466.81 | $1,365.73 | $199,186.73 | |
| Dec, 2032 | 90 | $622.46 | $468.27 | $1,365.73 | $198,718.46 | |
| Jan, 2033 | 91 | $621.00 | $469.73 | $1,365.73 | $198,248.73 | |
| Feb, 2033 | 92 | $619.53 | $471.20 | $1,365.73 | $197,777.53 | |
| Mar, 2033 | 93 | $618.05 | $472.68 | $1,365.73 | $197,304.85 | |
| Apr, 2033 | 94 | $616.58 | $474.15 | $1,365.73 | $196,830.70 | |
| May, 2033 | 95 | $615.10 | $475.63 | $1,365.73 | $196,355.06 | |
| Jun, 2033 | 96 | $613.61 | $477.12 | $1,365.73 | $195,877.94 | |
| Jul, 2033 | 97 | $612.12 | $478.61 | $1,365.73 | $195,399.33 | |
| Aug, 2033 | 98 | $610.62 | $480.11 | $1,365.73 | $194,919.23 | |
| Sep, 2033 | 99 | $609.12 | $481.61 | $1,365.73 | $194,437.62 | |
| Oct, 2033 | 100 | $607.62 | $483.11 | $1,365.73 | $193,954.51 | |
| Nov, 2033 | 101 | $606.11 | $484.62 | $1,365.73 | $193,469.88 | |
| Dec, 2033 | 102 | $604.59 | $486.14 | $1,365.73 | $192,983.75 | |
| Jan, 2034 | 103 | $603.07 | $487.66 | $1,365.73 | $192,496.09 | |
| Feb, 2034 | 104 | $601.55 | $489.18 | $1,365.73 | $192,006.91 | |
| Mar, 2034 | 105 | $600.02 | $490.71 | $1,365.73 | $191,516.20 | |
| Apr, 2034 | 106 | $598.49 | $492.24 | $1,365.73 | $191,023.96 | |
| May, 2034 | 107 | $596.95 | $493.78 | $1,365.73 | $190,530.18 | |
| Jun, 2034 | 108 | $595.41 | $495.32 | $1,365.73 | $190,034.86 | |
| Jul, 2034 | 109 | $593.86 | $496.87 | $1,365.73 | $189,537.99 | |
| Aug, 2034 | 110 | $592.31 | $498.42 | $1,365.73 | $189,039.57 | |
| Sep, 2034 | 111 | $590.75 | $499.98 | $1,365.73 | $188,539.58 | |
| Oct, 2034 | 112 | $589.19 | $501.54 | $1,365.73 | $188,038.04 | |
| Nov, 2034 | 113 | $587.62 | $503.11 | $1,365.73 | $187,534.93 | |
| Dec, 2034 | 114 | $586.05 | $504.68 | $1,365.73 | $187,030.25 | |
| Jan, 2035 | 115 | $584.47 | $506.26 | $1,365.73 | $186,523.99 | |
| Feb, 2035 | 116 | $582.89 | $507.84 | $1,365.73 | $186,016.14 | |
| Mar, 2035 | 117 | $581.30 | $509.43 | $1,365.73 | $185,506.71 | |
| Apr, 2035 | 118 | $579.71 | $511.02 | $1,365.73 | $184,995.69 | |
| May, 2035 | 119 | $578.11 | $512.62 | $1,365.73 | $184,483.07 | |
| Jun, 2035 | 120 | $576.51 | $514.22 | $1,365.73 | $183,968.85 | |
| Jul, 2035 | 121 | $574.90 | $515.83 | $1,365.73 | $183,453.03 | |
| Aug, 2035 | 122 | $573.29 | $517.44 | $1,365.73 | $182,935.59 | |
| Sep, 2035 | 123 | $571.67 | $519.06 | $1,365.73 | $182,416.53 | |
| Oct, 2035 | 124 | $570.05 | $520.68 | $1,365.73 | $181,895.85 | |
| Nov, 2035 | 125 | $568.42 | $522.31 | $1,365.73 | $181,373.55 | |
| Dec, 2035 | 126 | $566.79 | $523.94 | $1,365.73 | $180,849.61 | |
| Jan, 2036 | 127 | $565.16 | $525.57 | $1,365.73 | $180,324.04 | |
| Feb, 2036 | 128 | $563.51 | $527.22 | $1,365.73 | $179,796.82 | |
| Mar, 2036 | 129 | $561.87 | $528.86 | $1,365.73 | $179,267.95 | |
| Apr, 2036 | 130 | $560.21 | $530.52 | $1,365.73 | $178,737.44 | |
| May, 2036 | 131 | $558.55 | $532.18 | $1,365.73 | $178,205.26 | |
| Jun, 2036 | 132 | $556.89 | $533.84 | $1,365.73 | $177,671.42 | |
| Jul, 2036 | 133 | $555.22 | $535.51 | $1,365.73 | $177,135.92 | |
| Aug, 2036 | 134 | $553.55 | $537.18 | $1,365.73 | $176,598.74 | |
| Sep, 2036 | 135 | $551.87 | $538.86 | $1,365.73 | $176,059.88 | |
| Oct, 2036 | 136 | $550.19 | $540.54 | $1,365.73 | $175,519.33 | |
| Nov, 2036 | 137 | $548.50 | $542.23 | $1,365.73 | $174,977.10 | |
| Dec, 2036 | 138 | $546.80 | $543.93 | $1,365.73 | $174,433.18 | |
| Jan, 2037 | 139 | $545.10 | $545.63 | $1,365.73 | $173,887.55 | |
| Feb, 2037 | 140 | $543.40 | $547.33 | $1,365.73 | $173,340.22 | |
| Mar, 2037 | 141 | $541.69 | $549.04 | $1,365.73 | $172,791.18 | |
| Apr, 2037 | 142 | $539.97 | $550.76 | $1,365.73 | $172,240.42 | |
| May, 2037 | 143 | $538.25 | $552.48 | $1,365.73 | $171,687.94 | |
| Jun, 2037 | 144 | $536.52 | $554.21 | $1,365.73 | $171,133.74 | |
| Jul, 2037 | 145 | $534.79 | $555.94 | $1,365.73 | $170,577.80 | |
| Aug, 2037 | 146 | $533.06 | $557.67 | $1,365.73 | $170,020.13 | |
| Sep, 2037 | 147 | $531.31 | $559.42 | $1,365.73 | $169,460.71 | |
| Oct, 2037 | 148 | $529.56 | $561.17 | $1,365.73 | $168,899.54 | |
| Nov, 2037 | 149 | $527.81 | $562.92 | $1,365.73 | $168,336.62 | |
| Dec, 2037 | 150 | $526.05 | $564.68 | $1,365.73 | $167,771.95 | |
| Jan, 2038 | 151 | $524.29 | $566.44 | $1,365.73 | $167,205.50 | |
| Feb, 2038 | 152 | $522.52 | $568.21 | $1,365.73 | $166,637.29 | |
| Mar, 2038 | 153 | $520.74 | $569.99 | $1,365.73 | $166,067.30 | |
| Apr, 2038 | 154 | $518.96 | $571.77 | $1,365.73 | $165,495.53 | |
| May, 2038 | 155 | $517.17 | $573.56 | $1,365.73 | $164,921.98 | |
| Jun, 2038 | 156 | $515.38 | $575.35 | $1,365.73 | $164,346.63 | |
| Jul, 2038 | 157 | $513.58 | $577.15 | $1,365.73 | $163,769.48 | |
| Aug, 2038 | 158 | $511.78 | $578.95 | $1,365.73 | $163,190.53 | |
| Sep, 2038 | 159 | $509.97 | $580.76 | $1,365.73 | $162,609.77 | |
| Oct, 2038 | 160 | $508.16 | $582.57 | $1,365.73 | $162,027.20 | |
| Nov, 2038 | 161 | $506.33 | $584.39 | $1,365.73 | $161,442.80 | |
| Dec, 2038 | 162 | $504.51 | $586.22 | $1,365.73 | $160,856.58 | |
| Jan, 2039 | 163 | $502.68 | $588.05 | $1,365.73 | $160,268.53 | |
| Feb, 2039 | 164 | $500.84 | $589.89 | $1,365.73 | $159,678.64 | |
| Mar, 2039 | 165 | $499.00 | $591.73 | $1,365.73 | $159,086.90 | |
| Apr, 2039 | 166 | $497.15 | $593.58 | $1,365.73 | $158,493.32 | |
| May, 2039 | 167 | $495.29 | $595.44 | $1,365.73 | $157,897.88 | |
| Jun, 2039 | 168 | $493.43 | $597.30 | $1,365.73 | $157,300.58 | |
| Jul, 2039 | 169 | $491.56 | $599.17 | $1,365.73 | $156,701.42 | |
| Aug, 2039 | 170 | $489.69 | $601.04 | $1,365.73 | $156,100.38 | |
| Sep, 2039 | 171 | $487.81 | $602.92 | $1,365.73 | $155,497.46 | |
| Oct, 2039 | 172 | $485.93 | $604.80 | $1,365.73 | $154,892.66 | |
| Nov, 2039 | 173 | $484.04 | $606.69 | $1,365.73 | $154,285.97 | |
| Dec, 2039 | 174 | $482.14 | $608.59 | $1,365.73 | $153,677.39 | |
| Jan, 2040 | 175 | $480.24 | $610.49 | $1,365.73 | $153,066.90 | |
| Feb, 2040 | 176 | $478.33 | $612.40 | $1,365.73 | $152,454.50 | |
| Mar, 2040 | 177 | $476.42 | $614.31 | $1,365.73 | $151,840.19 | |
| Apr, 2040 | 178 | $474.50 | $616.23 | $1,365.73 | $151,223.97 | |
| May, 2040 | 179 | $472.57 | $618.15 | $1,365.73 | $150,605.81 | |
| Jun, 2040 | 180 | $470.64 | $620.09 | $1,365.73 | $149,985.72 | |
| Jul, 2040 | 181 | $468.71 | $622.02 | $1,365.73 | $149,363.70 | |
| Aug, 2040 | 182 | $466.76 | $623.97 | $1,365.73 | $148,739.73 | |
| Sep, 2040 | 183 | $464.81 | $625.92 | $1,365.73 | $148,113.81 | |
| Oct, 2040 | 184 | $462.86 | $627.87 | $1,365.73 | $147,485.94 | |
| Nov, 2040 | 185 | $460.89 | $629.84 | $1,365.73 | $146,856.10 | |
| Dec, 2040 | 186 | $458.93 | $631.80 | $1,365.73 | $146,224.30 | |
| Jan, 2041 | 187 | $456.95 | $633.78 | $1,365.73 | $145,590.52 | |
| Feb, 2041 | 188 | $454.97 | $635.76 | $1,365.73 | $144,954.76 | |
| Mar, 2041 | 189 | $452.98 | $637.75 | $1,365.73 | $144,317.01 | |
| Apr, 2041 | 190 | $450.99 | $639.74 | $1,365.73 | $143,677.27 | |
| May, 2041 | 191 | $448.99 | $641.74 | $1,365.73 | $143,035.54 | |
| Jun, 2041 | 192 | $446.99 | $643.74 | $1,365.73 | $142,391.79 | |
| Jul, 2041 | 193 | $444.97 | $645.76 | $1,365.73 | $141,746.04 | |
| Aug, 2041 | 194 | $442.96 | $647.77 | $1,365.73 | $141,098.26 | |
| Sep, 2041 | 195 | $440.93 | $649.80 | $1,365.73 | $140,448.46 | |
| Oct, 2041 | 196 | $438.90 | $651.83 | $1,365.73 | $139,796.64 | |
| Nov, 2041 | 197 | $436.86 | $653.87 | $1,365.73 | $139,142.77 | |
| Dec, 2041 | 198 | $434.82 | $655.91 | $1,365.73 | $138,486.86 | |
| Jan, 2042 | 199 | $432.77 | $657.96 | $1,365.73 | $137,828.90 | |
| Feb, 2042 | 200 | $430.72 | $660.01 | $1,365.73 | $137,168.89 | |
| Mar, 2042 | 201 | $428.65 | $662.08 | $1,365.73 | $136,506.81 | |
| Apr, 2042 | 202 | $426.58 | $664.15 | $1,365.73 | $135,842.67 | |
| May, 2042 | 203 | $424.51 | $666.22 | $1,365.73 | $135,176.44 | |
| Jun, 2042 | 204 | $422.43 | $668.30 | $1,365.73 | $134,508.14 | |
| Jul, 2042 | 205 | $420.34 | $670.39 | $1,365.73 | $133,837.75 | |
| Aug, 2042 | 206 | $418.24 | $672.49 | $1,365.73 | $133,165.26 | |
| Sep, 2042 | 207 | $416.14 | $674.59 | $1,365.73 | $132,490.67 | |
| Oct, 2042 | 208 | $414.03 | $676.70 | $1,365.73 | $131,813.98 | |
| Nov, 2042 | 209 | $411.92 | $678.81 | $1,365.73 | $131,135.17 | |
| Dec, 2042 | 210 | $409.80 | $680.93 | $1,365.73 | $130,454.23 | |
| Jan, 2043 | 211 | $407.67 | $683.06 | $1,365.73 | $129,771.17 | |
| Feb, 2043 | 212 | $405.53 | $685.19 | $1,365.73 | $129,085.98 | |
| Mar, 2043 | 213 | $403.39 | $687.34 | $1,365.73 | $128,398.64 | |
| Apr, 2043 | 214 | $401.25 | $689.48 | $1,365.73 | $127,709.16 | |
| May, 2043 | 215 | $399.09 | $691.64 | $1,365.73 | $127,017.52 | |
| Jun, 2043 | 216 | $396.93 | $693.80 | $1,365.73 | $126,323.72 | |
| Jul, 2043 | 217 | $394.76 | $695.97 | $1,365.73 | $125,627.75 | |
| Aug, 2043 | 218 | $392.59 | $698.14 | $1,365.73 | $124,929.61 | |
| Sep, 2043 | 219 | $390.41 | $700.32 | $1,365.73 | $124,229.28 | |
| Oct, 2043 | 220 | $388.22 | $702.51 | $1,365.73 | $123,526.77 | |
| Nov, 2043 | 221 | $386.02 | $704.71 | $1,365.73 | $122,822.06 | |
| Dec, 2043 | 222 | $383.82 | $706.91 | $1,365.73 | $122,115.15 | |
| Jan, 2044 | 223 | $381.61 | $709.12 | $1,365.73 | $121,406.03 | |
| Feb, 2044 | 224 | $379.39 | $711.34 | $1,365.73 | $120,694.69 | |
| Mar, 2044 | 225 | $377.17 | $713.56 | $1,365.73 | $119,981.14 | |
| Apr, 2044 | 226 | $374.94 | $715.79 | $1,365.73 | $119,265.35 | |
| May, 2044 | 227 | $372.70 | $718.03 | $1,365.73 | $118,547.32 | |
| Jun, 2044 | 228 | $370.46 | $720.27 | $1,365.73 | $117,827.05 | |
| Jul, 2044 | 229 | $368.21 | $722.52 | $1,365.73 | $117,104.53 | |
| Aug, 2044 | 230 | $365.95 | $724.78 | $1,365.73 | $116,379.75 | |
| Sep, 2044 | 231 | $363.69 | $727.04 | $1,365.73 | $115,652.71 | |
| Oct, 2044 | 232 | $361.41 | $729.32 | $1,365.73 | $114,923.40 | |
| Nov, 2044 | 233 | $359.14 | $731.59 | $1,365.73 | $114,191.80 | |
| Dec, 2044 | 234 | $356.85 | $733.88 | $1,365.73 | $113,457.92 | |
| Jan, 2045 | 235 | $354.56 | $736.17 | $1,365.73 | $112,721.75 | |
| Feb, 2045 | 236 | $352.26 | $738.47 | $1,365.73 | $111,983.27 | |
| Mar, 2045 | 237 | $349.95 | $740.78 | $1,365.73 | $111,242.49 | |
| Apr, 2045 | 238 | $347.63 | $743.10 | $1,365.73 | $110,499.39 | |
| May, 2045 | 239 | $345.31 | $745.42 | $1,365.73 | $109,753.97 | |
| Jun, 2045 | 240 | $342.98 | $747.75 | $1,365.73 | $109,006.23 | |
| Jul, 2045 | 241 | $340.64 | $750.09 | $1,365.73 | $108,256.14 | |
| Aug, 2045 | 242 | $338.30 | $752.43 | $1,365.73 | $107,503.71 | |
| Sep, 2045 | 243 | $335.95 | $754.78 | $1,365.73 | $106,748.93 | |
| Oct, 2045 | 244 | $333.59 | $757.14 | $1,365.73 | $105,991.79 | |
| Nov, 2045 | 245 | $331.22 | $759.51 | $1,365.73 | $105,232.28 | |
| Dec, 2045 | 246 | $328.85 | $761.88 | $1,365.73 | $104,470.41 | |
| Jan, 2046 | 247 | $326.47 | $764.26 | $1,365.73 | $103,706.15 | |
| Feb, 2046 | 248 | $324.08 | $766.65 | $1,365.73 | $102,939.50 | |
| Mar, 2046 | 249 | $321.69 | $769.04 | $1,365.73 | $102,170.45 | |
| Apr, 2046 | 250 | $319.28 | $771.45 | $1,365.73 | $101,399.01 | |
| May, 2046 | 251 | $316.87 | $773.86 | $1,365.73 | $100,625.15 | |
| Jun, 2046 | 252 | $314.45 | $776.28 | $1,365.73 | $99,848.87 | |
| Jul, 2046 | 253 | $312.03 | $778.70 | $1,365.73 | $99,070.17 | |
| Aug, 2046 | 254 | $309.59 | $781.14 | $1,365.73 | $98,289.03 | |
| Sep, 2046 | 255 | $307.15 | $783.58 | $1,365.73 | $97,505.46 | |
| Oct, 2046 | 256 | $304.70 | $786.03 | $1,365.73 | $96,719.43 | |
| Nov, 2046 | 257 | $302.25 | $788.48 | $1,365.73 | $95,930.95 | |
| Dec, 2046 | 258 | $299.78 | $790.95 | $1,365.73 | $95,140.01 | |
| Jan, 2047 | 259 | $297.31 | $793.42 | $1,365.73 | $94,346.59 | |
| Feb, 2047 | 260 | $294.83 | $795.90 | $1,365.73 | $93,550.69 | |
| Mar, 2047 | 261 | $292.35 | $798.38 | $1,365.73 | $92,752.31 | |
| Apr, 2047 | 262 | $289.85 | $800.88 | $1,365.73 | $91,951.43 | |
| May, 2047 | 263 | $287.35 | $803.38 | $1,365.73 | $91,148.05 | |
| Jun, 2047 | 264 | $284.84 | $805.89 | $1,365.73 | $90,342.16 | |
| Jul, 2047 | 265 | $282.32 | $808.41 | $1,365.73 | $89,533.74 | |
| Aug, 2047 | 266 | $279.79 | $810.94 | $1,365.73 | $88,722.81 | |
| Sep, 2047 | 267 | $277.26 | $813.47 | $1,365.73 | $87,909.34 | |
| Oct, 2047 | 268 | $274.72 | $816.01 | $1,365.73 | $87,093.32 | |
| Nov, 2047 | 269 | $272.17 | $818.56 | $1,365.73 | $86,274.76 | |
| Dec, 2047 | 270 | $269.61 | $821.12 | $1,365.73 | $85,453.64 | |
| Jan, 2048 | 271 | $267.04 | $823.69 | $1,365.73 | $84,629.95 | |
| Feb, 2048 | 272 | $264.47 | $826.26 | $1,365.73 | $83,803.69 | |
| Mar, 2048 | 273 | $261.89 | $828.84 | $1,365.73 | $82,974.85 | |
| Apr, 2048 | 274 | $259.30 | $831.43 | $1,365.73 | $82,143.41 | |
| May, 2048 | 275 | $256.70 | $834.03 | $1,365.73 | $81,309.38 | |
| Jun, 2048 | 276 | $254.09 | $836.64 | $1,365.73 | $80,472.74 | |
| Jul, 2048 | 277 | $251.48 | $839.25 | $1,365.73 | $79,633.49 | |
| Aug, 2048 | 278 | $248.85 | $841.88 | $1,365.73 | $78,791.62 | |
| Sep, 2048 | 279 | $246.22 | $844.51 | $1,365.73 | $77,947.11 | |
| Oct, 2048 | 280 | $243.58 | $847.15 | $1,365.73 | $77,099.97 | |
| Nov, 2048 | 281 | $240.94 | $849.79 | $1,365.73 | $76,250.17 | |
| Dec, 2048 | 282 | $238.28 | $852.45 | $1,365.73 | $75,397.72 | |
| Jan, 2049 | 283 | $235.62 | $855.11 | $1,365.73 | $74,542.61 | |
| Feb, 2049 | 284 | $232.95 | $857.78 | $1,365.73 | $73,684.83 | |
| Mar, 2049 | 285 | $230.27 | $860.46 | $1,365.73 | $72,824.36 | |
| Apr, 2049 | 286 | $227.58 | $863.15 | $1,365.73 | $71,961.21 | |
| May, 2049 | 287 | $224.88 | $865.85 | $1,365.73 | $71,095.36 | |
| Jun, 2049 | 288 | $222.17 | $868.56 | $1,365.73 | $70,226.80 | |
| Jul, 2049 | 289 | $219.46 | $871.27 | $1,365.73 | $69,355.53 | |
| Aug, 2049 | 290 | $216.74 | $873.99 | $1,365.73 | $68,481.54 | |
| Sep, 2049 | 291 | $214.00 | $876.73 | $1,365.73 | $67,604.81 | |
| Oct, 2049 | 292 | $211.27 | $879.46 | $1,365.73 | $66,725.35 | |
| Nov, 2049 | 293 | $208.52 | $882.21 | $1,365.73 | $65,843.13 | |
| Dec, 2049 | 294 | $205.76 | $884.97 | $1,365.73 | $64,958.16 | |
| Jan, 2050 | 295 | $202.99 | $887.74 | $1,365.73 | $64,070.43 | |
| Feb, 2050 | 296 | $200.22 | $890.51 | $1,365.73 | $63,179.92 | |
| Mar, 2050 | 297 | $197.44 | $893.29 | $1,365.73 | $62,286.63 | |
| Apr, 2050 | 298 | $194.65 | $896.08 | $1,365.73 | $61,390.54 | |
| May, 2050 | 299 | $191.85 | $898.88 | $1,365.73 | $60,491.66 | |
| Jun, 2050 | 300 | $189.04 | $901.69 | $1,365.73 | $59,589.96 | |
| Jul, 2050 | 301 | $186.22 | $904.51 | $1,365.73 | $58,685.45 | |
| Aug, 2050 | 302 | $183.39 | $907.34 | $1,365.73 | $57,778.12 | |
| Sep, 2050 | 303 | $180.56 | $910.17 | $1,365.73 | $56,867.94 | |
| Oct, 2050 | 304 | $177.71 | $913.02 | $1,365.73 | $55,954.92 | |
| Nov, 2050 | 305 | $174.86 | $915.87 | $1,365.73 | $55,039.05 | |
| Dec, 2050 | 306 | $172.00 | $918.73 | $1,365.73 | $54,120.32 | |
| Jan, 2051 | 307 | $169.13 | $921.60 | $1,365.73 | $53,198.72 | |
| Feb, 2051 | 308 | $166.25 | $924.48 | $1,365.73 | $52,274.23 | |
| Mar, 2051 | 309 | $163.36 | $927.37 | $1,365.73 | $51,346.86 | |
| Apr, 2051 | 310 | $160.46 | $930.27 | $1,365.73 | $50,416.59 | |
| May, 2051 | 311 | $157.55 | $933.18 | $1,365.73 | $49,483.41 | |
| Jun, 2051 | 312 | $154.64 | $936.09 | $1,365.73 | $48,547.32 | |
| Jul, 2051 | 313 | $151.71 | $939.02 | $1,365.73 | $47,608.30 | |
| Aug, 2051 | 314 | $148.78 | $941.95 | $1,365.73 | $46,666.34 | |
| Sep, 2051 | 315 | $145.83 | $944.90 | $1,365.73 | $45,721.45 | |
| Oct, 2051 | 316 | $142.88 | $947.85 | $1,365.73 | $44,773.60 | |
| Nov, 2051 | 317 | $139.92 | $950.81 | $1,365.73 | $43,822.78 | |
| Dec, 2051 | 318 | $136.95 | $953.78 | $1,365.73 | $42,869.00 | |
| Jan, 2052 | 319 | $133.97 | $956.76 | $1,365.73 | $41,912.24 | |
| Feb, 2052 | 320 | $130.98 | $959.75 | $1,365.73 | $40,952.48 | |
| Mar, 2052 | 321 | $127.98 | $962.75 | $1,365.73 | $39,989.73 | |
| Apr, 2052 | 322 | $124.97 | $965.76 | $1,365.73 | $39,023.97 | |
| May, 2052 | 323 | $121.95 | $968.78 | $1,365.73 | $38,055.19 | |
| Jun, 2052 | 324 | $118.92 | $971.81 | $1,365.73 | $37,083.38 | |
| Jul, 2052 | 325 | $115.89 | $974.84 | $1,365.73 | $36,108.54 | |
| Aug, 2052 | 326 | $112.84 | $977.89 | $1,365.73 | $35,130.64 | |
| Sep, 2052 | 327 | $109.78 | $980.95 | $1,365.73 | $34,149.70 | |
| Oct, 2052 | 328 | $106.72 | $984.01 | $1,365.73 | $33,165.69 | |
| Nov, 2052 | 329 | $103.64 | $987.09 | $1,365.73 | $32,178.60 | |
| Dec, 2052 | 330 | $100.56 | $990.17 | $1,365.73 | $31,188.43 | |
| Jan, 2053 | 331 | $97.46 | $993.27 | $1,365.73 | $30,195.16 | |
| Feb, 2053 | 332 | $94.36 | $996.37 | $1,365.73 | $29,198.79 | |
| Mar, 2053 | 333 | $91.25 | $999.48 | $1,365.73 | $28,199.31 | |
| Apr, 2053 | 334 | $88.12 | $1,002.61 | $1,365.73 | $27,196.70 | |
| May, 2053 | 335 | $84.99 | $1,005.74 | $1,365.73 | $26,190.96 | |
| Jun, 2053 | 336 | $81.85 | $1,008.88 | $1,365.73 | $25,182.08 | |
| Jul, 2053 | 337 | $78.69 | $1,012.04 | $1,365.73 | $24,170.04 | |
| Aug, 2053 | 338 | $75.53 | $1,015.20 | $1,365.73 | $23,154.84 | |
| Sep, 2053 | 339 | $72.36 | $1,018.37 | $1,365.73 | $22,136.47 | |
| Oct, 2053 | 340 | $69.18 | $1,021.55 | $1,365.73 | $21,114.92 | |
| Nov, 2053 | 341 | $65.98 | $1,024.75 | $1,365.73 | $20,090.17 | |
| Dec, 2053 | 342 | $62.78 | $1,027.95 | $1,365.73 | $19,062.22 | |
| Jan, 2054 | 343 | $59.57 | $1,031.16 | $1,365.73 | $18,031.06 | |
| Feb, 2054 | 344 | $56.35 | $1,034.38 | $1,365.73 | $16,996.68 | |
| Mar, 2054 | 345 | $53.11 | $1,037.62 | $1,365.73 | $15,959.07 | |
| Apr, 2054 | 346 | $49.87 | $1,040.86 | $1,365.73 | $14,918.21 | |
| May, 2054 | 347 | $46.62 | $1,044.11 | $1,365.73 | $13,874.10 | |
| Jun, 2054 | 348 | $43.36 | $1,047.37 | $1,365.73 | $12,826.72 | |
| Jul, 2054 | 349 | $40.08 | $1,050.65 | $1,365.73 | $11,776.08 | |
| Aug, 2054 | 350 | $36.80 | $1,053.93 | $1,365.73 | $10,722.15 | |
| Sep, 2054 | 351 | $33.51 | $1,057.22 | $1,365.73 | $9,664.93 | |
| Oct, 2054 | 352 | $30.20 | $1,060.53 | $1,365.73 | $8,604.40 | |
| Nov, 2054 | 353 | $26.89 | $1,063.84 | $1,365.73 | $7,540.56 | |
| Dec, 2054 | 354 | $23.56 | $1,067.17 | $1,365.73 | $6,473.39 | |
| Jan, 2055 | 355 | $20.23 | $1,070.50 | $1,365.73 | $5,402.89 | |
| Feb, 2055 | 356 | $16.88 | $1,073.85 | $1,365.73 | $4,329.05 | |
| Mar, 2055 | 357 | $13.53 | $1,077.20 | $1,365.73 | $3,251.84 | |
| Apr, 2055 | 358 | $10.16 | $1,080.57 | $1,365.73 | $2,171.28 | |
| May, 2055 | 359 | $6.79 | $1,083.94 | $1,365.73 | $1,087.33 | |
| Jun, 2055 | 360 | $3.40 | $1,087.33 | $1,365.73 | $0.00 | |
Compare Monthly vs. Bi-weekly |
||||||
| Payment Frequency | Monthly | Bi-weekly | ||||
| Payments / Year | 12 | 26 | ||||
| Each Payment | $1,365.73 | $672.29 | ||||
| Total Extra Payments | $0.00 | $0.00 | ||||
| Total Interest | $157,142.74 | $133,476.72 | ||||
| Total Tax, Insurance & Fees | $99,000.00 | $85,673.08 | ||||
| Total Payment | $491,662.74 | $454,669.80 | Total Savings | $0 | $36,992.95 | |
| Payoff Date | Jun, 2055 | Jun, 2051 | ||||
What is a VA Loan?
A VA home loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA). A VA home loan is available to qualified buyers with a military background.
How does a VA loan work?
VA loans have lower requirements for credit score, down payment, and debt-to-income ratio because they are backed by a government agency. If a borrower defaults on his loan, the lender can recoup part of the losses from the government agency. Once approved, the borrower will repay the lender with installment payments like any other loan. A VA loan can have a fixed interest or adjust-interest rate.
How to qualify for a VA loan?
To qualify for a VA loan, you need to provide military service history to show you are eligible. Borrowers need to serve enough time to qualify for VA loans and there are minimum service requirements. For service members - you need to serve for at least 90 continuous days all at once, and meet the minimum active-duty service requirement. For veterans, national guard, and reserve members - you need to meet the minimum active-duty requirements. For surviving spouse - if you are the spouse of a veteran who's missing in action, died, being held in a prison of war.
Pros and Cons of VA Loans
As with any other type of loan, there are benefits and drawbacks to a VA loan. Following are the pros and cons of VA loans.
Pros of a VA Loan
1. No Minimum Credit Score
For a traditional mortgage, you need a minimum credit score of 620. There is no minimum requirement for credit scores for VA loans, but lenders can set their own requirements. Ideally, borrowers should have a credit score of 580 or higher, but some lenders may still approve VA loans for borrowers that have credit scores as low as 500.
2. Debt-to-Income Ratio
Debt-to-income or DTI is a ratio to measure how much debt you have relative to your income, and lenders want to know if you can handle the additional debt with a VA loan. VA loans have no maximum requirement for DTI However, lenders can set their own standards. Homebuyers should have a DTI lower than 41%.
3. $0 Down Payment
There is no down payment requirement for VA loans. Borrowers can put 0% down, whereas most traditional mortgages require a down payment of 3% or more.
4. No Private Mortgage Insurance
For a conventional mortgage, borrowers are required to pay private mortgage insurance or PMI if their down payment is less than 20%. The PMI will be removed when the homeowners have at least 20% equity in their homes. For VA loans, borrowers don't have to pay for PMI which is a huge plus for borrowers who don't have money for a down payment.
5. Lenient Income Proof
You will need to provide two years of income to show your lender that you can repay the VA loan. The income requirement varies from lender to lender. Some VA lenders will still approve your loan if you can't provide two years of income.
6. No Income Limit
There is no income limit for VA loans. Even if you have a high income, you can still qualify for VA loans and enjoy all the benefits they provide.
7. Lower Lender Fees
The lender fees are capped at 1% to cover the costs of loan origination, processing, and underwriting. The closing costs for traditional mortgages are more expensive.
Cons of a VA Loan
1. Military Service
Borrowers must have served in the military or is a surviving spouse of a veteran to qualify for VA loans.
2. VA Funding Fees
The major downside of a VA loan is it has a VA funding fee that ranges from 0.5% to 3.6% of the loan amount. Disabled veterans are exempt from the VA funding fee.
3. Primary Residence Only
The VA loan can only be used for a primary residence. Borrowers cannot use a VA loan to buy a second home or investment property.
How to apply for a VA loan?
Once you check and confirm your eligibility for VA loans, you can follow the steps below to get a VA loan.
1. Check Your Credit Score
Although there is no credit score requirement, you should still check your credit score, because credit score determines the interest rate you will be getting. The higher your credit score, the lower your interest rate, and the fewer interest payments you will make throughout the loan term.
2. Compare Lenders
Not all lenders offer VA loans, so you need to shop around to find the ones that offer VA loans with lower interest rates and overall costs.
3. Gather Documents
Your lender will ask for a bunch of documents that you need to get approved for the VA loan. Some of the documents include two years of tax returns and w-2 statements, bank statements, a certificate of eligibility (COE), and recent pay stubs.
4. Home Appraisal
Your lender will order a home appraisal for your home from a VA-approved inspector. You will need to pay the home appraisal as part of the closing costs.
5. Closing
After you are approved for a VA loan, a closing date is set that meets the schedule of the attorneys, bank, you, and the sellers. Bring checks to the closing to cover the closing costs and other fees that may arise.
VA Loan FAQs
Is it hard to get a VA loan?
For qualified buyers, VA loans are easier to get than conventional loans because it has lenient requirements. There is no requirement for a down payment, credit score, or DTI which makes the approval process shorter.
What is the down payment for VA loans?
There is no requirement for a down payment, you can have a $0 down VA loan.
What is the minimum credit score for VA loans?
The VA agency does not set a minimum credit score requirement, but most lenders look for a credit score of 580 or higher. Some lenders may even approve homebuyers who have a credit score of 500.
What is the maximum DTI for VA loans?
The U.S. Department of Veterans Affairs does not set a maximum DTI requirement, but most lenders prefer borrowers to have a DTI of 41% or lower.
What is the VA funding fee?
The VA funding fee is a one-time fee that borrowers pay for their VA loans which range from 0.5% to 3.6% of the loan amount. Disabled borrowers are exempt from paying the VA funding fee.
Can I roll the VA funding fee into my mortgage?
Yes, you can roll the VA funding fee to your mortgage to reduce the closing costs. However, rolling the VA funding fee to your mortgage will increase the size of your mortgage and hence your monthly payments.
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