{
  "id": "va-loan",
  "version": "20d2af01e549",
  "status": "published",
  "name": "VA Loan Calculator",
  "question": "What will my VA loan payment be?",
  "summary": "Computes the monthly payment on a VA home loan with the VA funding fee, property tax, home insurance, and HOA dues, with the full amortization schedule.",
  "category": "finance",
  "subcategory": "loans",
  "url": "https://www.acalculator.org/finance/va-loan-calculator",
  "markdown": "https://www.acalculator.org/finance/va-loan-calculator.md",
  "kind": "schedule",
  "method": "funding fee = VA rate × the base loan; principal and interest = L × r ÷ (1 − (1 + r)^−n), with L the loan (plus the fee if added), r the rate ÷ 12, and n the months; tax, insurance, and HOA dues are added.",
  "assumptions": [
    "Funding fees follow the VA’s table for purchase loans closed from April 7, 2023 (38 U.S.C. 3729), checked September 2026.",
    "VA loans have no monthly mortgage insurance.",
    "The rate is fixed, interest is charged monthly at the rate ÷ 12, and the first payment is one month after the start.",
    "Tax, insurance, and HOA dues stay the same; closing costs are not included; nothing is rounded between months."
  ],
  "inputs": {
    "$schema": "https://json-schema.org/draft/2020-12/schema",
    "type": "object",
    "properties": {
      "price": {
        "title": "Home price",
        "description": "The price of the home.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 1000,
        "maximum": 100000000
      },
      "down": {
        "title": "Down payment",
        "description": "The cash you pay toward the price. VA loans can need none.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 100000000
      },
      "rate": {
        "title": "Interest rate",
        "description": "The fixed yearly rate. The monthly rate is this ÷ 12.",
        "type": "number",
        "x-unit": "percent",
        "minimum": 0,
        "maximum": 30
      },
      "years": {
        "title": "Loan term (years)",
        "description": "The length of the mortgage: VA loans run up to 30 years.",
        "type": "integer",
        "minimum": 1,
        "maximum": 30
      },
      "use": {
        "title": "VA loan benefit",
        "description": "First or later use of the VA home loan benefit, or exempt from the funding fee.",
        "type": "string",
        "enum": [
          "first",
          "subsequent",
          "exempt"
        ]
      },
      "finance": {
        "title": "Funding fee",
        "description": "Add the funding fee to the loan, or pay it in cash at closing.",
        "type": "string",
        "enum": [
          "loan",
          "cash"
        ]
      },
      "tax": {
        "title": "Property tax (per year)",
        "description": "The yearly property tax as a percent of the home price.",
        "type": "number",
        "x-unit": "percent",
        "minimum": 0,
        "maximum": 10
      },
      "insurance": {
        "title": "Home insurance",
        "description": "The homeowners insurance premium.",
        "type": "number",
        "x-unit": "USD",
        "x-period": "year",
        "minimum": 0,
        "maximum": 1000000
      },
      "hoa": {
        "title": "HOA dues",
        "description": "Homeowners association or condo dues.",
        "type": "number",
        "x-unit": "USD",
        "x-period": "month",
        "minimum": 0,
        "maximum": 100000
      },
      "start": {
        "title": "Loan start date",
        "description": "The day the loan starts. The first payment is one month later.",
        "type": "string",
        "format": "date"
      }
    }
  },
  "outputs": {
    "monthly": {
      "label": "Monthly payment",
      "description": "The monthly total: principal, interest, tax, insurance, and HOA dues.",
      "format": "money"
    },
    "pi": {
      "label": "Principal and interest",
      "description": "The level monthly payment on the loan.",
      "format": "money"
    },
    "taxes": {
      "label": "Property tax",
      "description": "The property tax for one month.",
      "format": "money"
    },
    "insurance": {
      "label": "Home insurance",
      "description": "The home insurance for one month.",
      "format": "money"
    },
    "hoa": {
      "label": "HOA dues",
      "description": "The HOA dues for one month.",
      "format": "money"
    },
    "fee": {
      "label": "VA funding fee",
      "description": "The one-time funding fee: a percent of the base loan from the VA’s table.",
      "format": "money"
    },
    "feeRate": {
      "label": "Funding fee rate",
      "description": "The funding fee as a percent of the base loan, by use and down payment.",
      "format": "percent"
    },
    "loan": {
      "label": "Loan amount",
      "description": "The price minus the down payment, plus the funding fee when it is added to the loan.",
      "format": "money"
    },
    "downPct": {
      "label": "Down payment",
      "description": "The down payment as a percent of the price.",
      "format": "percent"
    },
    "interest": {
      "label": "Total interest",
      "description": "All the interest over the loan.",
      "format": "money"
    },
    "total": {
      "label": "Total cost",
      "description": "The down payment, the funding fee if paid in cash, and everything paid over the loan.",
      "format": "money"
    }
  },
  "defaultAnswer": {
    "inputs": {
      "price": 350000,
      "down": 0,
      "rate": 6,
      "years": 30,
      "use": "first",
      "finance": "loan",
      "tax": 1.1,
      "insurance": 1500,
      "hoa": 0,
      "start": "2026-09-30"
    },
    "outputs": {
      "monthly": 2589.3763483857115,
      "pi": 2143.543015052378,
      "taxes": 320.83333333333337,
      "insurance": 125,
      "hoa": 0,
      "fee": 7525,
      "feeRate": 2.15,
      "loan": 357525,
      "downPct": 0,
      "interest": 414150.4854188573,
      "total": 932175.4854188549
    },
    "text": "A VA loan of $357,525.00 at 6% over 30 years costs $2,589.38 a month; the funding fee is $7,525.00."
  },
  "examples": [
    {
      "given": {
        "price": 350000,
        "down": 0,
        "rate": 6,
        "years": 30,
        "use": "first",
        "finance": "loan"
      },
      "expect": {
        "fee": 7525,
        "feeRate": 2.15,
        "loan": 357525,
        "pi": 2143.5430150523944,
        "monthly": 2143.5430150523944
      },
      "source": "VA funding fee table (2.15% for a first use with less than 5% down); hand calculation in content.mdx (the same inputs as the WP-31 mortgage calculator’s VA example); Python 3 in docs/progress/WP-48/python/va.py"
    },
    {
      "given": {
        "price": 300000,
        "down": 15000,
        "rate": 6.5,
        "years": 30,
        "use": "subsequent",
        "finance": "cash",
        "tax": 1,
        "insurance": 1800
      },
      "expect": {
        "feeRate": 1.5,
        "fee": 4275,
        "loan": 285000,
        "pi": 1801.3938669549511,
        "monthly": 2201.393866954951
      },
      "source": "VA funding fee table (1.5% with 5% or more down); hand calculation in content.mdx; Python 3 in docs/progress/WP-48/python/va.py"
    },
    {
      "given": {
        "price": 300000,
        "down": 0,
        "rate": 6,
        "years": 30,
        "use": "subsequent",
        "finance": "loan"
      },
      "expect": {
        "feeRate": 3.3,
        "fee": 9900,
        "loan": 309900,
        "pi": 1858.0070774483938
      },
      "source": "38 U.S.C. 3729 and the VA funding fee table: 3.3% for a later use with less than 5% down"
    },
    {
      "given": {
        "price": 300000,
        "down": 0,
        "rate": 6,
        "years": 30,
        "use": "exempt",
        "finance": "loan"
      },
      "expect": {
        "feeRate": 0,
        "fee": 0,
        "loan": 300000,
        "pi": 1798.6515754582708
      },
      "source": "VA funding fee: veterans who receive VA disability compensation are exempt"
    },
    {
      "given": {
        "price": 300000,
        "down": 30000,
        "rate": 0,
        "years": 30,
        "use": "first",
        "finance": "loan"
      },
      "expect": {
        "feeRate": 1.25,
        "fee": 3375,
        "loan": 273375,
        "pi": 759.375,
        "interest": 0
      },
      "source": "VA funding fee table (1.25% with 10% or more down); hand calculation in content.mdx: at 0%, 273,375 ÷ 360"
    }
  ],
  "sources": [
    "U.S. Department of Veterans Affairs, VA funding fee and loan closing costs (rates for loans closed on or after April 7, 2023; exemptions). https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/",
    "38 U.S.C. 3729, Loan fee (the fee table and exemptions). https://www.law.cornell.edu/uscode/text/38/3729",
    "Amortized loan payment (annuity) formula: S. A. Broverman, Mathematics of Investment and Credit, chapter 3."
  ],
  "related": [
    "mortgage",
    "fha-loan",
    "home-affordability",
    "mortgage-preapproval"
  ],
  "changelog": []
}