Who can use this calculator?

Anyone shopping for a home loan in Illinois, Indiana, Tennessee, or Alabama can use this calculator for free. There is no signup required.

Is the estimate the same as a preapproval?

No. This calculator gives a math-based estimate. A real preapproval requires Kim Dobyns to review your full credit, income, assets, and debts — schedule one by calling (630) 660-3539.

How is PMI / MIP calculated?

Conventional PMI uses tiered rates by credit score and LTV. FHA MIP is 1.75% upfront + roughly 0.55% annually on most loans. USDA charges a 1% upfront fee + roughly 0.35% annually. VA has no monthly mortgage insurance.

VA Mortgage Calculator | No Monthly Mortgage Insurance

VA Mortgage Payment Calculator

Adjust inputs to explore different scenarios

Home Price

Down Payment ($)

Current Home Value ($)

Current Loan Balance ($)

Cash-Out Amount ($)

Loan Type

Loan Term

Interest Rate (%)

Credit Score

First-Time Buyer?

Annual Property Tax ($)

Annual Homeowner's Ins ($)

Total Payment

Principal & Interest

Taxes & Insurance

Mortgage Insurance

Estimates are for educational purposes only and do not represent a commitment to lend or a guaranteed rate. Kim Dobyns, NMLS #204859 · Union Home Mortgage Corp., NMLS #2229 · Equal Housing Lender.

VA Loan Benefits That Affect Your Payment

VA loans offer two major payment advantages over other loan types: no required down payment for eligible buyers, and no monthly mortgage insurance. This can result in a significantly lower monthly payment compared to FHA or conventional loans with similar loan amounts.

No Monthly Mortgage Insurance

Unlike FHA loans (which include monthly MIP) or Conventional loans with less than 20% down (which require PMI), VA loans have no monthly mortgage insurance premium. This alone can save hundreds of dollars per month compared to other loan types at similar purchase prices.

VA Funding Fee

Most VA buyers pay a one-time VA funding fee, which can typically be financed into the loan balance. The rate varies based on down payment amount and whether it is a first or subsequent use of VA benefits. Certain Veterans with service-connected disabilities may be exempt from the funding fee entirely.

VA Mortgage Calculator — Questions

Who is eligible for a VA loan?

VA loan eligibility is based on military service history and duty status. Generally, eligible borrowers include Veterans, active-duty service members, certain National Guard and Reserve members, and qualifying surviving spouses. A Certificate of Eligibility (COE) is typically required, which a lender can help obtain.

Do VA loans require a down payment?

VA loans do not require a down payment for eligible buyers in most cases, which is one of their most powerful benefits. However, making a down payment can reduce or eliminate the VA funding fee and lower your monthly payment. The calculator defaults to zero down so you can see the full VA benefit.

What is the VA funding fee and do I have to pay it?

The VA funding fee is a one-time charge that helps sustain the VA loan program. It is typically financed into the loan rather than paid at closing. Veterans receiving VA compensation for service-connected disabilities, surviving spouses of Veterans who died in service or from service-connected causes, and certain others may be exempt.

Can I use a VA loan more than once?

Yes. VA loan benefits can be used multiple times as long as the previous VA loan is paid off or VA entitlement is restored. The VA funding fee rate may be different for subsequent uses. A lender familiar with VA loans can review your entitlement and help you understand your options.

Ready to Use Your VA Benefit?

Let's review your COE, eligibility, and full VA loan options. Don't let bad myths keep you from one of the strongest mortgage benefits available.

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