VA Loan Calculator

How VA Loans Work

VA loans are backed by the U.S. Department of Veterans Affairs and are available to eligible veterans, active-duty service members, and surviving spouses. They are famous for requiring $0 down payment and no monthly mortgage insurance.

What is the VA Funding Fee?

Instead of monthly mortgage insurance, VA loans charge a one-time VA funding fee. This fee is usually financed directly into the loan balance. The fee percentage depends on your down payment and whether it is your first time using the benefit:

• First Use: 2.15% (0-4.9% down) / 1.50% (5-9.9% down) / 1.25% (10%+ down)
• Subsequent Use: 3.30% (0-4.9% down) / 1.50% (5-9.9% down) / 1.25% (10%+ down)

Veterans receiving VA disability compensation are typically exempt from paying the funding fee entirely. If that applies to you, simply check the box above.