Free VA Loan Calculator 2026
Calculate VA mortgage payments including funding fee, no PMI, zero down payment. Compare VA vs conventional. Updated June 2026.
What Is a VA Loan?
VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs — the most powerful home financing tool available to veterans, active-duty service members, and surviving spouses.
Key advantages that set VA loans apart:
- 0% down payment — Buy a home with nothing down
- No PMI — Save $100-400/month vs conventional with less than 20% down
- Lower interest rates — Typically 0.25-0.5% below conventional rates
- No prepayment penalty — Pay off early without fees
- Lenient credit requirements — No VA minimum; lenders typically require 620+
- Assumable — Future buyer can take over your low rate
VA Loan Eligibility (2026)
- Active duty: 90+ consecutive days during wartime, 181+ days during peacetime
- National Guard/Reserves: 6 years of service, or 90+ days activated under Title 10/32
- Surviving spouses: Unremarried spouse of veteran who died in service or from service-connected disability
- Service-connected disability: Veterans discharged for service-connected disability may qualify with less service time
- Get COE: Certificate of Eligibility required — apply online at va.gov or through your lender
VA Funding Fee (2026)
The VA funding fee is a one-time cost that funds the VA loan program. It can be paid cash at closing or rolled into the loan:
- First use, 0% down: 2.15% of loan ($8,600 on $400K)
- First use, 5-9.99% down: 1.50% ($6,000 on $400K)
- First use, 10%+ down: 1.25% ($5,000 on $400K)
- Subsequent use, 0% down: 3.30% ($13,200 on $400K)
- Subsequent use, 5-9.99% down: 1.50%
- Subsequent use, 10%+ down: 1.25%
- Disabled veterans (10%+ rating): 0% — completely exempt
VA vs Conventional Loan: Side-by-Side
On a $400,000 home with 0% down (VA) vs 5% down (Conventional):
- Down payment: VA $0 vs Conventional $20,000
- Interest rate: VA ~6.0% vs Conventional ~6.5%
- PMI: VA $0 vs Conventional ~$210/month
- Monthly P&I: VA $2,398 vs Conventional $2,429 (on $380K loan)
- Monthly total: VA $2,398 vs Conventional $2,639 (P&I + PMI)
- First year savings: VA saves ~$20,000+ (no down payment + no PMI)
VA Loan Entitlement Explained
- Full entitlement: Basic entitlement = $50,750 (25% of conforming limit). With full entitlement, you can borrow any amount with 0% down
- Bonus entitlement: Additional entitlement in high-cost areas
- Restoring entitlement: Sell your home and pay off the VA loan to restore full entitlement
- Two VA loans at once: Possible if remaining entitlement covers the new loan. Example: Used $200K of entitlement, have $200K+ remaining — can get another VA loan
- Partial entitlement: If you still own the home with a VA loan, you can use remaining entitlement for a second home
Common VA Loan Mistakes to Avoid
- Not getting COE first: Start with your Certificate of Eligibility — it tells you your entitlement status
- Not shopping lenders: VA rates and fees vary significantly. Get 3+ quotes
- Assuming VA is always cheapest: With 20% down and 780+ credit, conventional may beat VA (no funding fee)
- Overlooking funding fee exemption: If you're 10%+ disabled, you're exempt — always claim this
- Not using entitlement again: Many vets don't realize they can use VA loans multiple times
- Ignoring VA appraisal issues: VA appraisals are stricter (Minimum Property Requirements). Be prepared for repair requests
Frequently Asked Questions
What is a VA loan and who is eligible?
VA loans are mortgages guaranteed by the VA. Eligible: veterans with 90+ days active duty (wartime) or 181+ days (peacetime), 6 years Guard/Reserves, or surviving spouses. No down payment, no PMI, competitive rates.
What is the VA funding fee?
2.15% for first-time use with 0% down, 3.3% for subsequent use. Lower with down payment: 1.5% at 5% down, 1.25% at 10%+ down. Disabled veterans (10%+ rating) are completely exempt. Can be rolled into the loan.
VA loan vs conventional — which is better?
VA wins for eligible borrowers: 0% down, no PMI, lower rates, no prepayment penalty. Conventional only wins with 20%+ down and excellent credit where the VA funding fee costs more than rate differences.
Can I use a VA loan more than once?
Yes. Entitlement restores after selling and paying off the loan. You can have multiple VA loans with enough remaining entitlement. Funding fee increases to 3.3% for subsequent use with 0% down.
What are the VA loan limits in 2026?
With full entitlement, there is NO loan limit — 0% down on any price. With partial entitlement, limits align with conforming limits: $766,550 most areas, up to $1,149,825 in high-cost areas.