VA Loan Calculator
0% down, no PMI, but a funding fee replaces it. The full picture for veterans, active duty, and surviving spouses.
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Sam's Take
VA loans are the best mortgage product in America for those who qualify. 0% down, no PMI ever, and lower rates than conventional. The funding fee feels expensive (2.15% first time, 3.30% subsequent without down payment) but it's a one-time hit replacing decades of PMI. If you're a veteran or active duty and you're paying PMI on a conventional loan, you almost certainly should refinance into VA. The only catch: VA has property condition standards (the appraisal is stricter than conventional), so older / distressed properties may not qualify.
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What a VA loan actually is
A VA loan is a mortgage where the Department of Veterans Affairs guarantees the loan to the bank. The VA isn't lending you the money — a regular bank or lender is. The VA is just promising the bank that if you stop paying, they'll cover part of the loss. That guarantee is what lets the bank give you terms no civilian can get.
Eligible: most veterans, active duty service members, National Guard and Reserve members with qualifying service, and surviving spouses of service members who died in the line of duty or from a service-connected disability. If you served, check your eligibility — a lot of veterans don't realize they qualify.
Why this is the best mortgage in America (if you qualify)
- 0% down. No down payment required. You can buy a $400K house with zero dollars down, just closing costs. No other major loan program offers this.
- No PMI, ever. Conventional loans with less than 20% down charge PMI ($150-500/month depending on the loan). FHA loans charge MIP for life. VA charges neither. That's hundreds of dollars a month you keep.
- Lower rates. VA rates typically run 0.25-0.5% below conventional. On a $400K loan that's $60-120 a month for the entire 30-year term.
The VA funding fee — the one cost
VA replaces ongoing mortgage insurance with one upfront charge called the funding fee. It's paid at closing (usually rolled into the loan). On a $400K loan with 0% down and first-time use, the fee is 2.15% — about $8,600. Sounds like a lot, but it replaces 30 years of PMI that conventional borrowers would pay. Math wins on almost any timeline.
- First time use, < 5% down: 2.15% of the loan
- First time use, 5-10% down: 1.50%
- First time use, 10%+ down: 1.25%
- Subsequent use, < 5% down: 3.30%
- Subsequent use, 5%+ down: 1.50% to 1.25%
- Disabled veterans (10%+ disability rating): Exempt — pay $0 funding fee
- Purple Heart recipients: Exempt
- Eligible surviving spouses: Exempt
VA loan limits in 2026
For veterans with full entitlement (most are), there's no loan limit — you can borrow whatever the lender will approve based on income and credit. For veterans with partial entitlement (you already have an active VA loan on another property), county loan limits apply: $766,550 in most counties, up to $1,149,825 in high-cost areas like the Bay Area or NYC metro.
One thing to know going in: VA appraisals are stricter than conventional. The VA wants to confirm the house is safe, sound, and sanitary — peeling paint, exposed wiring, bad roofs can all flag a property and require repairs before closing. If you're targeting a fixer-upper, VA isn't the right tool.