VA Mortgage Calculator: How Much Can I Afford?

No. VA loans have no monthly mortgage insurance, even with no money down. That is one of the biggest month-to-month savings of a VA loan. VA charges a one-time funding fee instead, and many buyers add that fee to the loan.

The VA funding fee is a one-time fee that helps keep the VA home loan program running. On a purchase it is a percent of your base loan, which is the price minus your down payment. A first use with less than 5% down is 2.15%. A later use with less than 5% down is 3.30%. With 5% up to 10% down it is 1.50%. With 10% or more down it is 1.25%.

Several groups may not owe the fee. One example is a veteran who gets VA disability pay. Others include a veteran who could get that pay but takes retirement or active-duty pay instead, a qualifying surviving spouse who gets DIC benefits, and an active-duty service member who shows proof of a Purple Heart. Disability pay is not the only way to skip the fee. Your Certificate of Eligibility and your lender confirm your status.

The fee is higher the second time you use your VA home loan benefit with less than 5% down: 3.30% instead of 2.15%. Using the benefit before can raise your fee, even if you sold the home or paid off the old VA loan. Putting 5% or more down removes the difference between a first use and a later use.

Yes. You can add the fee to your VA loan, which raises your loan and payment but keeps cash in your pocket at closing. You can also pay it at closing, which keeps the loan and payment lower but raises the cash you bring. This calculator shows you both.

Entitlement is the amount of VA home-loan benefit you have available. It is not the same thing as first use or later use. With full entitlement, there is usually no VA limit on how much you can borrow with no money down, as long as your income and the lender's rules support the loan. With partial or leftover entitlement, such as when you still have another VA loan, your county loan limit can change how much you can borrow with no money down. Your Certificate of Eligibility shows what you have available.

An IRRRL, also called a VA streamline refinance, turns an existing VA loan into a new VA loan. Most people use it to lower their rate, or to move from a rate that can change to a fixed rate. Your current loan must already be a VA loan.

No. An IRRRL does not give you cash back from the loan. If you want to use your equity, look at a VA cash-out refinance instead.

0.50% of the base loan amount, unless you do not owe the VA funding fee. It is the same rate for a first use and a later use.

A VA cash-out refinance can pay off a VA loan or a non-VA loan, and it can give you cash from your equity. It uses the purchase funding-fee rates, 2.15% for a first use and 3.30% for a later use, unless you do not owe the fee. This calculator plans with a 90% base-loan cap, which is a common planning limit rather than a VA maximum. Your VA and lender eligibility may allow more or less.

41% is a common VA benchmark, not a hard limit. VA also looks at residual income, which is the money left each month after your bills. Some borrowers can qualify above 41% when the rest of the loan is strong, such as strong income, savings, or payment history. You can change the planning percentage in this calculator.

VA itself does not set one minimum credit score. Lenders do. Many lenders start around 580. Some may consider scores from 550 to 579 when the rest of the loan is strong and the lender's automated system approves it. These are lender rules, not a VA minimum.

Often yes. A seller or builder can agree to pay some or all of your normal closing costs, and a lender credit can help too. VA also limits some seller-paid extras, such as paying off your debts for you, so the way your contract is written matters. Check the details with your lender and your agent.

If your student loan has a monthly payment shown on your credit report or current statement, that payment may be used if it meets VA and lender rules. If there is no usable monthly payment, a common VA estimate is 5% of the balance divided by 12. Loans deferred more than 12 months after closing may not need to be counted.

Usually not on a normal one-unit home you plan to live in. Homes with more than one unit, or plans that count rent from the property, can require extra savings, often about 6 months of your full house payment. Some lenders add their own savings rules.

Many VA and lender refinance programs ask you to wait a while. A common rule is at least 6 monthly payments made on your current loan, and at least 210 days from the date your first payment was due. An IRRRL and a VA cash-out refinance also have their own rules about whether the new loan helps you, so your lender confirms the timing for your loan.

With full entitlement, VA does not set one loan limit. Lenders may set their own maximum loan amount and may require stronger credit or an automated approval from the lender's system on larger loans. This calculator does not apply any lender maximum.

For a VA purchase, you generally need to plan on living in the home. A VA cash-out refinance is usually for a home you own and live in. An IRRRL is different: you can qualify if you live there now or lived there in the past. Your lender confirms this for your loan.