Calculate VA loan monthly payments with no down payment and no PMI. See VA funding fee and total cost. Free VA mortgage calculator, no signup.
VA loans are the most powerful mortgage benefit for eligible veterans, active-duty service members, and surviving spouses. Zero down payment, no PMI, and rates typically 0.25-0.5% below conventional. On a $400,000 home, a VA loan saves $80,000 in down payment and ~$250/month in PMI versus a conventional loan.
Instead of PMI, VA loans charge a one-time VA funding fee: 2.15% for first-time use with 0% down, 1.5% with 5-9.9% down, 1.25% with 10%+ down. On a $400k loan with no down, that's $8,600 — financed into the loan or paid at closing. Veterans with a service-connected disability rating of 10%+ are exempt from the funding fee.
$400,000 home, 7.0% rate, 30-year term. VA Loan (0% down): ~$2,661/month P&I, no PMI, $8,600 funding fee rolled in. Conventional (5% down): ~$2,546/month P&I + ~$200/month PMI until 20% equity. VA loan saves ~$85/month and $80,000 at closing.
Service requirements: 90 days active duty during wartime, 181 days during peacetime, 6 years National Guard/Reserves, or surviving spouse of a veteran who died in service. You need a Certificate of Eligibility (COE) — request one at VA.gov or let your lender pull it. Most VA lenders want a 620+ credit score and DTI under 41%.
Yes. You can use your VA loan benefit multiple times as long as you've paid off or sold the prior VA loan (restoring entitlement) or have remaining entitlement. Veterans with full entitlement have no loan limit — they can borrow up to what lenders approve with no down payment required.
Veterans with full entitlement have no VA loan limit — they can buy any price home with 0% down (subject to lender approval). Veterans with reduced entitlement face county-based limits: $806,500 in standard areas, up to $1,209,750 in high-cost areas.
Yes. VA requires a VA-certified appraiser to assess the property's value and minimum property requirements (MPRs). MPRs ensure the home is safe, sound, and sanitary. Common issues: roof must have 2+ years of remaining life, no peeling paint on pre-1978 homes, working plumbing, heating, and electrical.
Yes. The VA IRRRL lets you refinance a current VA loan with minimal paperwork. The VA Cash-Out Refinance lets you pull equity up to 90-100% of your home's value. Both carry the VA funding fee (0.5% for IRRRL, 2.15% for cash-out if first use).
Not harder, but different. VA loans have looser DTI requirements and no VA minimum credit score (lenders typically require 620). The VA appraisal is stricter on property condition. Sellers occasionally prefer conventional offers — though this concern is mostly overblown in practice.
Yes — every FreeFixo tool, including the VA Loan Calculator 2026 — No Down Payment, No PMI for Veterans, is 100% free with no paywall, no premium tier, and no usage limits. You do not need to create an account, enter a credit card, or share an email.