loan calculator

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

Home Value
$
Down Payment
Base Mortgage Amount
$
Loan Terms
Interest Rate
VA Funding Fee
%
Final Mortgage Amount
$
First Payment Date



VA Mortgage Calculator Results

Home Value: $230,000.00
Mortgage Amount: $235,520.00
Monthly Payment:
$1,365.73
Total # Of Payments: 360
Start Date: Oct, 2024
Payoff Date: Sep, 2054
Down Payment: $0.00
Principal (includes funding fee): $235,520.00
Total Interest Paid: $157,142.74
Total of all Payments:
$491,662.74

Mortgage Amortization Schedule

Payment Date Payment # Interest Principal Total Payment Balance
Oct, 2024 1 $736.00 $354.73 $1,365.73 $235,165.27
Nov, 2024 2 $734.89 $355.84 $1,365.73 $234,809.43
Dec, 2024 3 $733.78 $356.95 $1,365.73 $234,452.48
Jan, 2025 4 $732.66 $358.07 $1,365.73 $234,094.42
Feb, 2025 5 $731.55 $359.18 $1,365.73 $233,735.23
Mar, 2025 6 $730.42 $360.31 $1,365.73 $233,374.92
Apr, 2025 7 $729.30 $361.43 $1,365.73 $233,013.49
May, 2025 8 $728.17 $362.56 $1,365.73 $232,650.93
Jun, 2025 9 $727.03 $363.70 $1,365.73 $232,287.23
Jul, 2025 10 $725.90 $364.83 $1,365.73 $231,922.40
Aug, 2025 11 $724.76 $365.97 $1,365.73 $231,556.43
Sep, 2025 12 $723.61 $367.12 $1,365.73 $231,189.31
Oct, 2025 13 $722.47 $368.26 $1,365.73 $230,821.05
Nov, 2025 14 $721.32 $369.41 $1,365.73 $230,451.63
Dec, 2025 15 $720.16 $370.57 $1,365.73 $230,081.07
Jan, 2026 16 $719.00 $371.73 $1,365.73 $229,709.34
Feb, 2026 17 $717.84 $372.89 $1,365.73 $229,336.45
Mar, 2026 18 $716.68 $374.05 $1,365.73 $228,962.40
Apr, 2026 19 $715.51 $375.22 $1,365.73 $228,587.18
May, 2026 20 $714.33 $376.39 $1,365.73 $228,210.78
Jun, 2026 21 $713.16 $377.57 $1,365.73 $227,833.21
Jul, 2026 22 $711.98 $378.75 $1,365.73 $227,454.46
Aug, 2026 23 $710.80 $379.93 $1,365.73 $227,074.52
Sep, 2026 24 $709.61 $381.12 $1,365.73 $226,693.40
Oct, 2026 25 $708.42 $382.31 $1,365.73 $226,311.09
Nov, 2026 26 $707.22 $383.51 $1,365.73 $225,927.58
Dec, 2026 27 $706.02 $384.71 $1,365.73 $225,542.87
Jan, 2027 28 $704.82 $385.91 $1,365.73 $225,156.97
Feb, 2027 29 $703.62 $387.11 $1,365.73 $224,769.85
Mar, 2027 30 $702.41 $388.32 $1,365.73 $224,381.53
Apr, 2027 31 $701.19 $389.54 $1,365.73 $223,991.99
May, 2027 32 $699.97 $390.75 $1,365.73 $223,601.24
Jun, 2027 33 $698.75 $391.98 $1,365.73 $223,209.26
Jul, 2027 34 $697.53 $393.20 $1,365.73 $222,816.06
Aug, 2027 35 $696.30 $394.43 $1,365.73 $222,421.63
Sep, 2027 36 $695.07 $395.66 $1,365.73 $222,025.97
Oct, 2027 37 $693.83 $396.90 $1,365.73 $221,629.07
Nov, 2027 38 $692.59 $398.14 $1,365.73 $221,230.93
Dec, 2027 39 $691.35 $399.38 $1,365.73 $220,831.55
Jan, 2028 40 $690.10 $400.63 $1,365.73 $220,430.91
Feb, 2028 41 $688.85 $401.88 $1,365.73 $220,029.03
Mar, 2028 42 $687.59 $403.14 $1,365.73 $219,625.89
Apr, 2028 43 $686.33 $404.40 $1,365.73 $219,221.49
May, 2028 44 $685.07 $405.66 $1,365.73 $218,815.83
Jun, 2028 45 $683.80 $406.93 $1,365.73 $218,408.90
Jul, 2028 46 $682.53 $408.20 $1,365.73 $218,000.70
Aug, 2028 47 $681.25 $409.48 $1,365.73 $217,591.22
Sep, 2028 48 $679.97 $410.76 $1,365.73 $217,180.46
Oct, 2028 49 $678.69 $412.04 $1,365.73 $216,768.42
Nov, 2028 50 $677.40 $413.33 $1,365.73 $216,355.09
Dec, 2028 51 $676.11 $414.62 $1,365.73 $215,940.47
Jan, 2029 52 $674.81 $415.92 $1,365.73 $215,524.56
Feb, 2029 53 $673.51 $417.22 $1,365.73 $215,107.34
Mar, 2029 54 $672.21 $418.52 $1,365.73 $214,688.82
Apr, 2029 55 $670.90 $419.83 $1,365.73 $214,269.00
May, 2029 56 $669.59 $421.14 $1,365.73 $213,847.86
Jun, 2029 57 $668.27 $422.46 $1,365.73 $213,425.40
Jul, 2029 58 $666.95 $423.78 $1,365.73 $213,001.63
Aug, 2029 59 $665.63 $425.10 $1,365.73 $212,576.53
Sep, 2029 60 $664.30 $426.43 $1,365.73 $212,150.10
Oct, 2029 61 $662.97 $427.76 $1,365.73 $211,722.34
Nov, 2029 62 $661.63 $429.10 $1,365.73 $211,293.24
Dec, 2029 63 $660.29 $430.44 $1,365.73 $210,862.80
Jan, 2030 64 $658.95 $431.78 $1,365.73 $210,431.02
Feb, 2030 65 $657.60 $433.13 $1,365.73 $209,997.88
Mar, 2030 66 $656.24 $434.49 $1,365.73 $209,563.40
Apr, 2030 67 $654.89 $435.84 $1,365.73 $209,127.55
May, 2030 68 $653.52 $437.21 $1,365.73 $208,690.35
Jun, 2030 69 $652.16 $438.57 $1,365.73 $208,251.77
Jul, 2030 70 $650.79 $439.94 $1,365.73 $207,811.83
Aug, 2030 71 $649.41 $441.32 $1,365.73 $207,370.51
Sep, 2030 72 $648.03 $442.70 $1,365.73 $206,927.82
Oct, 2030 73 $646.65 $444.08 $1,365.73 $206,483.74
Nov, 2030 74 $645.26 $445.47 $1,365.73 $206,038.27
Dec, 2030 75 $643.87 $446.86 $1,365.73 $205,591.41
Jan, 2031 76 $642.47 $448.26 $1,365.73 $205,143.15
Feb, 2031 77 $641.07 $449.66 $1,365.73 $204,693.49
Mar, 2031 78 $639.67 $451.06 $1,365.73 $204,242.43
Apr, 2031 79 $638.26 $452.47 $1,365.73 $203,789.96
May, 2031 80 $636.84 $453.89 $1,365.73 $203,336.07
Jun, 2031 81 $635.43 $455.30 $1,365.73 $202,880.77
Jul, 2031 82 $634.00 $456.73 $1,365.73 $202,424.04
Aug, 2031 83 $632.58 $458.15 $1,365.73 $201,965.89
Sep, 2031 84 $631.14 $459.59 $1,365.73 $201,506.30
Oct, 2031 85 $629.71 $461.02 $1,365.73 $201,045.28
Nov, 2031 86 $628.27 $462.46 $1,365.73 $200,582.81
Dec, 2031 87 $626.82 $463.91 $1,365.73 $200,118.90
Jan, 2032 88 $625.37 $465.36 $1,365.73 $199,653.55
Feb, 2032 89 $623.92 $466.81 $1,365.73 $199,186.73
Mar, 2032 90 $622.46 $468.27 $1,365.73 $198,718.46
Apr, 2032 91 $621.00 $469.73 $1,365.73 $198,248.73
May, 2032 92 $619.53 $471.20 $1,365.73 $197,777.53
Jun, 2032 93 $618.05 $472.68 $1,365.73 $197,304.85
Jul, 2032 94 $616.58 $474.15 $1,365.73 $196,830.70
Aug, 2032 95 $615.10 $475.63 $1,365.73 $196,355.06
Sep, 2032 96 $613.61 $477.12 $1,365.73 $195,877.94
Oct, 2032 97 $612.12 $478.61 $1,365.73 $195,399.33
Nov, 2032 98 $610.62 $480.11 $1,365.73 $194,919.23
Dec, 2032 99 $609.12 $481.61 $1,365.73 $194,437.62
Jan, 2033 100 $607.62 $483.11 $1,365.73 $193,954.51
Feb, 2033 101 $606.11 $484.62 $1,365.73 $193,469.88
Mar, 2033 102 $604.59 $486.14 $1,365.73 $192,983.75
Apr, 2033 103 $603.07 $487.66 $1,365.73 $192,496.09
May, 2033 104 $601.55 $489.18 $1,365.73 $192,006.91
Jun, 2033 105 $600.02 $490.71 $1,365.73 $191,516.20
Jul, 2033 106 $598.49 $492.24 $1,365.73 $191,023.96
Aug, 2033 107 $596.95 $493.78 $1,365.73 $190,530.18
Sep, 2033 108 $595.41 $495.32 $1,365.73 $190,034.86
Oct, 2033 109 $593.86 $496.87 $1,365.73 $189,537.99
Nov, 2033 110 $592.31 $498.42 $1,365.73 $189,039.57
Dec, 2033 111 $590.75 $499.98 $1,365.73 $188,539.58
Jan, 2034 112 $589.19 $501.54 $1,365.73 $188,038.04
Feb, 2034 113 $587.62 $503.11 $1,365.73 $187,534.93
Mar, 2034 114 $586.05 $504.68 $1,365.73 $187,030.25
Apr, 2034 115 $584.47 $506.26 $1,365.73 $186,523.99
May, 2034 116 $582.89 $507.84 $1,365.73 $186,016.14
Jun, 2034 117 $581.30 $509.43 $1,365.73 $185,506.71
Jul, 2034 118 $579.71 $511.02 $1,365.73 $184,995.69
Aug, 2034 119 $578.11 $512.62 $1,365.73 $184,483.07
Sep, 2034 120 $576.51 $514.22 $1,365.73 $183,968.85
Oct, 2034 121 $574.90 $515.83 $1,365.73 $183,453.03
Nov, 2034 122 $573.29 $517.44 $1,365.73 $182,935.59
Dec, 2034 123 $571.67 $519.06 $1,365.73 $182,416.53
Jan, 2035 124 $570.05 $520.68 $1,365.73 $181,895.85
Feb, 2035 125 $568.42 $522.31 $1,365.73 $181,373.55
Mar, 2035 126 $566.79 $523.94 $1,365.73 $180,849.61
Apr, 2035 127 $565.16 $525.57 $1,365.73 $180,324.04
May, 2035 128 $563.51 $527.22 $1,365.73 $179,796.82
Jun, 2035 129 $561.87 $528.86 $1,365.73 $179,267.95
Jul, 2035 130 $560.21 $530.52 $1,365.73 $178,737.44
Aug, 2035 131 $558.55 $532.18 $1,365.73 $178,205.26
Sep, 2035 132 $556.89 $533.84 $1,365.73 $177,671.42
Oct, 2035 133 $555.22 $535.51 $1,365.73 $177,135.92
Nov, 2035 134 $553.55 $537.18 $1,365.73 $176,598.74
Dec, 2035 135 $551.87 $538.86 $1,365.73 $176,059.88
Jan, 2036 136 $550.19 $540.54 $1,365.73 $175,519.33
Feb, 2036 137 $548.50 $542.23 $1,365.73 $174,977.10
Mar, 2036 138 $546.80 $543.93 $1,365.73 $174,433.18
Apr, 2036 139 $545.10 $545.63 $1,365.73 $173,887.55
May, 2036 140 $543.40 $547.33 $1,365.73 $173,340.22
Jun, 2036 141 $541.69 $549.04 $1,365.73 $172,791.18
Jul, 2036 142 $539.97 $550.76 $1,365.73 $172,240.42
Aug, 2036 143 $538.25 $552.48 $1,365.73 $171,687.94
Sep, 2036 144 $536.52 $554.21 $1,365.73 $171,133.74
Oct, 2036 145 $534.79 $555.94 $1,365.73 $170,577.80
Nov, 2036 146 $533.06 $557.67 $1,365.73 $170,020.13
Dec, 2036 147 $531.31 $559.42 $1,365.73 $169,460.71
Jan, 2037 148 $529.56 $561.17 $1,365.73 $168,899.54
Feb, 2037 149 $527.81 $562.92 $1,365.73 $168,336.62
Mar, 2037 150 $526.05 $564.68 $1,365.73 $167,771.95
Apr, 2037 151 $524.29 $566.44 $1,365.73 $167,205.50
May, 2037 152 $522.52 $568.21 $1,365.73 $166,637.29
Jun, 2037 153 $520.74 $569.99 $1,365.73 $166,067.30
Jul, 2037 154 $518.96 $571.77 $1,365.73 $165,495.53
Aug, 2037 155 $517.17 $573.56 $1,365.73 $164,921.98
Sep, 2037 156 $515.38 $575.35 $1,365.73 $164,346.63
Oct, 2037 157 $513.58 $577.15 $1,365.73 $163,769.48
Nov, 2037 158 $511.78 $578.95 $1,365.73 $163,190.53
Dec, 2037 159 $509.97 $580.76 $1,365.73 $162,609.77
Jan, 2038 160 $508.16 $582.57 $1,365.73 $162,027.20
Feb, 2038 161 $506.33 $584.39 $1,365.73 $161,442.80
Mar, 2038 162 $504.51 $586.22 $1,365.73 $160,856.58
Apr, 2038 163 $502.68 $588.05 $1,365.73 $160,268.53
May, 2038 164 $500.84 $589.89 $1,365.73 $159,678.64
Jun, 2038 165 $499.00 $591.73 $1,365.73 $159,086.90
Jul, 2038 166 $497.15 $593.58 $1,365.73 $158,493.32
Aug, 2038 167 $495.29 $595.44 $1,365.73 $157,897.88
Sep, 2038 168 $493.43 $597.30 $1,365.73 $157,300.58
Oct, 2038 169 $491.56 $599.17 $1,365.73 $156,701.42
Nov, 2038 170 $489.69 $601.04 $1,365.73 $156,100.38
Dec, 2038 171 $487.81 $602.92 $1,365.73 $155,497.46
Jan, 2039 172 $485.93 $604.80 $1,365.73 $154,892.66
Feb, 2039 173 $484.04 $606.69 $1,365.73 $154,285.97
Mar, 2039 174 $482.14 $608.59 $1,365.73 $153,677.39
Apr, 2039 175 $480.24 $610.49 $1,365.73 $153,066.90
May, 2039 176 $478.33 $612.40 $1,365.73 $152,454.50
Jun, 2039 177 $476.42 $614.31 $1,365.73 $151,840.19
Jul, 2039 178 $474.50 $616.23 $1,365.73 $151,223.97
Aug, 2039 179 $472.57 $618.15 $1,365.73 $150,605.81
Sep, 2039 180 $470.64 $620.09 $1,365.73 $149,985.72
Oct, 2039 181 $468.71 $622.02 $1,365.73 $149,363.70
Nov, 2039 182 $466.76 $623.97 $1,365.73 $148,739.73
Dec, 2039 183 $464.81 $625.92 $1,365.73 $148,113.81
Jan, 2040 184 $462.86 $627.87 $1,365.73 $147,485.94
Feb, 2040 185 $460.89 $629.84 $1,365.73 $146,856.10
Mar, 2040 186 $458.93 $631.80 $1,365.73 $146,224.30
Apr, 2040 187 $456.95 $633.78 $1,365.73 $145,590.52
May, 2040 188 $454.97 $635.76 $1,365.73 $144,954.76
Jun, 2040 189 $452.98 $637.75 $1,365.73 $144,317.01
Jul, 2040 190 $450.99 $639.74 $1,365.73 $143,677.27
Aug, 2040 191 $448.99 $641.74 $1,365.73 $143,035.54
Sep, 2040 192 $446.99 $643.74 $1,365.73 $142,391.79
Oct, 2040 193 $444.97 $645.76 $1,365.73 $141,746.04
Nov, 2040 194 $442.96 $647.77 $1,365.73 $141,098.26
Dec, 2040 195 $440.93 $649.80 $1,365.73 $140,448.46
Jan, 2041 196 $438.90 $651.83 $1,365.73 $139,796.64
Feb, 2041 197 $436.86 $653.87 $1,365.73 $139,142.77
Mar, 2041 198 $434.82 $655.91 $1,365.73 $138,486.86
Apr, 2041 199 $432.77 $657.96 $1,365.73 $137,828.90
May, 2041 200 $430.72 $660.01 $1,365.73 $137,168.89
Jun, 2041 201 $428.65 $662.08 $1,365.73 $136,506.81
Jul, 2041 202 $426.58 $664.15 $1,365.73 $135,842.67
Aug, 2041 203 $424.51 $666.22 $1,365.73 $135,176.44
Sep, 2041 204 $422.43 $668.30 $1,365.73 $134,508.14
Oct, 2041 205 $420.34 $670.39 $1,365.73 $133,837.75
Nov, 2041 206 $418.24 $672.49 $1,365.73 $133,165.26
Dec, 2041 207 $416.14 $674.59 $1,365.73 $132,490.67
Jan, 2042 208 $414.03 $676.70 $1,365.73 $131,813.98
Feb, 2042 209 $411.92 $678.81 $1,365.73 $131,135.17
Mar, 2042 210 $409.80 $680.93 $1,365.73 $130,454.23
Apr, 2042 211 $407.67 $683.06 $1,365.73 $129,771.17
May, 2042 212 $405.53 $685.19 $1,365.73 $129,085.98
Jun, 2042 213 $403.39 $687.34 $1,365.73 $128,398.64
Jul, 2042 214 $401.25 $689.48 $1,365.73 $127,709.16
Aug, 2042 215 $399.09 $691.64 $1,365.73 $127,017.52
Sep, 2042 216 $396.93 $693.80 $1,365.73 $126,323.72
Oct, 2042 217 $394.76 $695.97 $1,365.73 $125,627.75
Nov, 2042 218 $392.59 $698.14 $1,365.73 $124,929.61
Dec, 2042 219 $390.41 $700.32 $1,365.73 $124,229.28
Jan, 2043 220 $388.22 $702.51 $1,365.73 $123,526.77
Feb, 2043 221 $386.02 $704.71 $1,365.73 $122,822.06
Mar, 2043 222 $383.82 $706.91 $1,365.73 $122,115.15
Apr, 2043 223 $381.61 $709.12 $1,365.73 $121,406.03
May, 2043 224 $379.39 $711.34 $1,365.73 $120,694.69
Jun, 2043 225 $377.17 $713.56 $1,365.73 $119,981.14
Jul, 2043 226 $374.94 $715.79 $1,365.73 $119,265.35
Aug, 2043 227 $372.70 $718.03 $1,365.73 $118,547.32
Sep, 2043 228 $370.46 $720.27 $1,365.73 $117,827.05
Oct, 2043 229 $368.21 $722.52 $1,365.73 $117,104.53
Nov, 2043 230 $365.95 $724.78 $1,365.73 $116,379.75
Dec, 2043 231 $363.69 $727.04 $1,365.73 $115,652.71
Jan, 2044 232 $361.41 $729.32 $1,365.73 $114,923.40
Feb, 2044 233 $359.14 $731.59 $1,365.73 $114,191.80
Mar, 2044 234 $356.85 $733.88 $1,365.73 $113,457.92
Apr, 2044 235 $354.56 $736.17 $1,365.73 $112,721.75
May, 2044 236 $352.26 $738.47 $1,365.73 $111,983.27
Jun, 2044 237 $349.95 $740.78 $1,365.73 $111,242.49
Jul, 2044 238 $347.63 $743.10 $1,365.73 $110,499.39
Aug, 2044 239 $345.31 $745.42 $1,365.73 $109,753.97
Sep, 2044 240 $342.98 $747.75 $1,365.73 $109,006.23
Oct, 2044 241 $340.64 $750.09 $1,365.73 $108,256.14
Nov, 2044 242 $338.30 $752.43 $1,365.73 $107,503.71
Dec, 2044 243 $335.95 $754.78 $1,365.73 $106,748.93
Jan, 2045 244 $333.59 $757.14 $1,365.73 $105,991.79
Feb, 2045 245 $331.22 $759.51 $1,365.73 $105,232.28
Mar, 2045 246 $328.85 $761.88 $1,365.73 $104,470.41
Apr, 2045 247 $326.47 $764.26 $1,365.73 $103,706.15
May, 2045 248 $324.08 $766.65 $1,365.73 $102,939.50
Jun, 2045 249 $321.69 $769.04 $1,365.73 $102,170.45
Jul, 2045 250 $319.28 $771.45 $1,365.73 $101,399.01
Aug, 2045 251 $316.87 $773.86 $1,365.73 $100,625.15
Sep, 2045 252 $314.45 $776.28 $1,365.73 $99,848.87
Oct, 2045 253 $312.03 $778.70 $1,365.73 $99,070.17
Nov, 2045 254 $309.59 $781.14 $1,365.73 $98,289.03
Dec, 2045 255 $307.15 $783.58 $1,365.73 $97,505.46
Jan, 2046 256 $304.70 $786.03 $1,365.73 $96,719.43
Feb, 2046 257 $302.25 $788.48 $1,365.73 $95,930.95
Mar, 2046 258 $299.78 $790.95 $1,365.73 $95,140.01
Apr, 2046 259 $297.31 $793.42 $1,365.73 $94,346.59
May, 2046 260 $294.83 $795.90 $1,365.73 $93,550.69
Jun, 2046 261 $292.35 $798.38 $1,365.73 $92,752.31
Jul, 2046 262 $289.85 $800.88 $1,365.73 $91,951.43
Aug, 2046 263 $287.35 $803.38 $1,365.73 $91,148.05
Sep, 2046 264 $284.84 $805.89 $1,365.73 $90,342.16
Oct, 2046 265 $282.32 $808.41 $1,365.73 $89,533.74
Nov, 2046 266 $279.79 $810.94 $1,365.73 $88,722.81
Dec, 2046 267 $277.26 $813.47 $1,365.73 $87,909.34
Jan, 2047 268 $274.72 $816.01 $1,365.73 $87,093.32
Feb, 2047 269 $272.17 $818.56 $1,365.73 $86,274.76
Mar, 2047 270 $269.61 $821.12 $1,365.73 $85,453.64
Apr, 2047 271 $267.04 $823.69 $1,365.73 $84,629.95
May, 2047 272 $264.47 $826.26 $1,365.73 $83,803.69
Jun, 2047 273 $261.89 $828.84 $1,365.73 $82,974.85
Jul, 2047 274 $259.30 $831.43 $1,365.73 $82,143.41
Aug, 2047 275 $256.70 $834.03 $1,365.73 $81,309.38
Sep, 2047 276 $254.09 $836.64 $1,365.73 $80,472.74
Oct, 2047 277 $251.48 $839.25 $1,365.73 $79,633.49
Nov, 2047 278 $248.85 $841.88 $1,365.73 $78,791.62
Dec, 2047 279 $246.22 $844.51 $1,365.73 $77,947.11
Jan, 2048 280 $243.58 $847.15 $1,365.73 $77,099.97
Feb, 2048 281 $240.94 $849.79 $1,365.73 $76,250.17
Mar, 2048 282 $238.28 $852.45 $1,365.73 $75,397.72
Apr, 2048 283 $235.62 $855.11 $1,365.73 $74,542.61
May, 2048 284 $232.95 $857.78 $1,365.73 $73,684.83
Jun, 2048 285 $230.27 $860.46 $1,365.73 $72,824.36
Jul, 2048 286 $227.58 $863.15 $1,365.73 $71,961.21
Aug, 2048 287 $224.88 $865.85 $1,365.73 $71,095.36
Sep, 2048 288 $222.17 $868.56 $1,365.73 $70,226.80
Oct, 2048 289 $219.46 $871.27 $1,365.73 $69,355.53
Nov, 2048 290 $216.74 $873.99 $1,365.73 $68,481.54
Dec, 2048 291 $214.00 $876.73 $1,365.73 $67,604.81
Jan, 2049 292 $211.27 $879.46 $1,365.73 $66,725.35
Feb, 2049 293 $208.52 $882.21 $1,365.73 $65,843.13
Mar, 2049 294 $205.76 $884.97 $1,365.73 $64,958.16
Apr, 2049 295 $202.99 $887.74 $1,365.73 $64,070.43
May, 2049 296 $200.22 $890.51 $1,365.73 $63,179.92
Jun, 2049 297 $197.44 $893.29 $1,365.73 $62,286.63
Jul, 2049 298 $194.65 $896.08 $1,365.73 $61,390.54
Aug, 2049 299 $191.85 $898.88 $1,365.73 $60,491.66
Sep, 2049 300 $189.04 $901.69 $1,365.73 $59,589.96
Oct, 2049 301 $186.22 $904.51 $1,365.73 $58,685.45
Nov, 2049 302 $183.39 $907.34 $1,365.73 $57,778.12
Dec, 2049 303 $180.56 $910.17 $1,365.73 $56,867.94
Jan, 2050 304 $177.71 $913.02 $1,365.73 $55,954.92
Feb, 2050 305 $174.86 $915.87 $1,365.73 $55,039.05
Mar, 2050 306 $172.00 $918.73 $1,365.73 $54,120.32
Apr, 2050 307 $169.13 $921.60 $1,365.73 $53,198.72
May, 2050 308 $166.25 $924.48 $1,365.73 $52,274.23
Jun, 2050 309 $163.36 $927.37 $1,365.73 $51,346.86
Jul, 2050 310 $160.46 $930.27 $1,365.73 $50,416.59
Aug, 2050 311 $157.55 $933.18 $1,365.73 $49,483.41
Sep, 2050 312 $154.64 $936.09 $1,365.73 $48,547.32
Oct, 2050 313 $151.71 $939.02 $1,365.73 $47,608.30
Nov, 2050 314 $148.78 $941.95 $1,365.73 $46,666.34
Dec, 2050 315 $145.83 $944.90 $1,365.73 $45,721.45
Jan, 2051 316 $142.88 $947.85 $1,365.73 $44,773.60
Feb, 2051 317 $139.92 $950.81 $1,365.73 $43,822.78
Mar, 2051 318 $136.95 $953.78 $1,365.73 $42,869.00
Apr, 2051 319 $133.97 $956.76 $1,365.73 $41,912.24
May, 2051 320 $130.98 $959.75 $1,365.73 $40,952.48
Jun, 2051 321 $127.98 $962.75 $1,365.73 $39,989.73
Jul, 2051 322 $124.97 $965.76 $1,365.73 $39,023.97
Aug, 2051 323 $121.95 $968.78 $1,365.73 $38,055.19
Sep, 2051 324 $118.92 $971.81 $1,365.73 $37,083.38
Oct, 2051 325 $115.89 $974.84 $1,365.73 $36,108.54
Nov, 2051 326 $112.84 $977.89 $1,365.73 $35,130.64
Dec, 2051 327 $109.78 $980.95 $1,365.73 $34,149.70
Jan, 2052 328 $106.72 $984.01 $1,365.73 $33,165.69
Feb, 2052 329 $103.64 $987.09 $1,365.73 $32,178.60
Mar, 2052 330 $100.56 $990.17 $1,365.73 $31,188.43
Apr, 2052 331 $97.46 $993.27 $1,365.73 $30,195.16
May, 2052 332 $94.36 $996.37 $1,365.73 $29,198.79
Jun, 2052 333 $91.25 $999.48 $1,365.73 $28,199.31
Jul, 2052 334 $88.12 $1,002.61 $1,365.73 $27,196.70
Aug, 2052 335 $84.99 $1,005.74 $1,365.73 $26,190.96
Sep, 2052 336 $81.85 $1,008.88 $1,365.73 $25,182.08
Oct, 2052 337 $78.69 $1,012.04 $1,365.73 $24,170.04
Nov, 2052 338 $75.53 $1,015.20 $1,365.73 $23,154.84
Dec, 2052 339 $72.36 $1,018.37 $1,365.73 $22,136.47
Jan, 2053 340 $69.18 $1,021.55 $1,365.73 $21,114.92
Feb, 2053 341 $65.98 $1,024.75 $1,365.73 $20,090.17
Mar, 2053 342 $62.78 $1,027.95 $1,365.73 $19,062.22
Apr, 2053 343 $59.57 $1,031.16 $1,365.73 $18,031.06
May, 2053 344 $56.35 $1,034.38 $1,365.73 $16,996.68
Jun, 2053 345 $53.11 $1,037.62 $1,365.73 $15,959.07
Jul, 2053 346 $49.87 $1,040.86 $1,365.73 $14,918.21
Aug, 2053 347 $46.62 $1,044.11 $1,365.73 $13,874.10
Sep, 2053 348 $43.36 $1,047.37 $1,365.73 $12,826.72
Oct, 2053 349 $40.08 $1,050.65 $1,365.73 $11,776.08
Nov, 2053 350 $36.80 $1,053.93 $1,365.73 $10,722.15
Dec, 2053 351 $33.51 $1,057.22 $1,365.73 $9,664.93
Jan, 2054 352 $30.20 $1,060.53 $1,365.73 $8,604.40
Feb, 2054 353 $26.89 $1,063.84 $1,365.73 $7,540.56
Mar, 2054 354 $23.56 $1,067.17 $1,365.73 $6,473.39
Apr, 2054 355 $20.23 $1,070.50 $1,365.73 $5,402.89
May, 2054 356 $16.88 $1,073.85 $1,365.73 $4,329.05
Jun, 2054 357 $13.53 $1,077.20 $1,365.73 $3,251.84
Jul, 2054 358 $10.16 $1,080.57 $1,365.73 $2,171.28
Aug, 2054 359 $6.79 $1,083.94 $1,365.73 $1,087.33
Sep, 2054 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 Sep, 2054 Sep, 2050


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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