VA Loan Payment Calculator

VA Loan Payment Formula:

\[ PMT = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (PMT):

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is a VA Loan Payment Calculator?

Definition: This calculator computes the monthly payment for a VA loan based on the loan amount, interest rate, and loan term.

Purpose: It helps veterans and active military personnel estimate their mortgage payments when using VA loan benefits.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

\[ PMT = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

$ PMT $ — Monthly payment amount ($)
$ P $ — Principal loan amount ($)
$ r $ — Monthly interest rate (annual rate ÷ 12)
$ n $ — Number of payments (loan term in years × 12)

Note: This formula calculates the base payment before adding taxes, insurance, or VA funding fees.

3. VA Loan Benefits

Details: VA loans typically offer competitive interest rates, no private mortgage insurance (PMI), and often require no down payment.

4. Using the Calculator

Tips: Enter the loan amount, annual interest rate (as a percentage), and loan term in years. All values must be > 0.

5. Frequently Asked Questions (FAQ)

Q1: Does this include the VA funding fee?
A: No, this calculates only the base loan payment. The funding fee (if applicable) would be additional.

Q2: How does the VA loan compare to conventional loans?
A: VA loans often have lower interest rates and no PMI, but may have a funding fee instead.

Q3: What's the maximum VA loan amount?
A: While there's no set maximum, lenders typically follow county loan limits set by the Federal Housing Finance Agency.

Q4: Can I use this for refinancing calculations?
A: Yes, the same formula applies to VA IRRRL (Interest Rate Reduction Refinance Loan) calculations.

Q5: Why is my actual payment different?
A: Actual payments may include property taxes, homeowners insurance, and possibly HOA fees not included in this calculation.