VA Loan Calculator

The funding fee depends on three things: your down payment, whether you've used a VA loan before, and whether you're exempt. Here are the current rates for purchase loans:

Veterans with a VA disability rating of 10% or higher, Purple Heart recipients on active duty, and eligible surviving spouses are fully exempt from the funding fee.

• No down payment — conventional loans typically need 5-20%, FHA needs 3.5%. VA requires nothing.
• No PMI — conventional loans charge PMI below 20% down, FHA charges MIP for the life of the loan. VA has the one-time funding fee instead.
• Lower rates — VA loans consistently carry interest rates 0.25-0.5% below conventional averages because the government guarantee reduces lender risk.
• Easier qualifying — no minimum credit score from the VA (though lenders typically want 580-620), and DTI limits are more flexible.

• Make a down payment — even 5% drops the funding fee from 2.15% to 1.5% and reduces your loan balance.
• Check your disability rating — a 10%+ rating eliminates the funding fee entirely, saving thousands.
• Compare rates from multiple lenders — VA loan rates vary. A 0.25% difference on a $300K loan saves $45/month.
• Choose the right term — 30 years gives you a lower payment; 15 years saves more interest long-term.