Your Estimated
Monthly Payment:
The amounts that go toward your principal and interest will change over the life of the loan. As the loan progresses, your principal payments will increase while the interest portion decreases. Get a more personalized quote
As of August 2022
This chart breaks down each payment and shows how much is going toward the principal and interest. Get a more personalized quote
| Date | Principal | Interest | Remaining Balance |
|---|---|---|---|
| Date | Principal | Interest | Remaining Balance |
|---|---|---|---|
There are times in life when taking on large home loans makes sense. Whether buying a new home or renovating an old primary residence, the home value you generate from your home is worth every penny.
Thanks to your service in the U.S. Armed Forces, you may qualify for additional assistance when applying for home loan programs. VA loans exist to help eligible veterans and service members get home financing in areas with no private financing and purchase property with no down payment.
Applying for a VA home loan is a complex and lengthy process. If you aren’t sure what size of loan you can qualify for and monthly mortgage payment, using a VA loan calculator can give you realistic expectations going into the process.
Our VA Loan Calculator gives you your typical monthly payments through the duration of the loan. It also shows how much interest you can expect to pay and full monthly and yearly amortization schedules. Hence you get to estimate your monthly payment on a loan amount and the interest rate before applying for such a loan. The attached graph gives you a visual representation of your loan’s expected progress.
Our VA loan calculator takes your data and applies mathematical equations commonly used by financial institutions all over the United States. While this will give you a fair estimate of how much you’ll pay and the rate you’ll gain equity, other factors may change the results.
Factors such as VA eligibility, VA funding fee, loan type, property tax rates in your community, mortgage insurance, the loan term, and interest rates can all affect the final results. To get a specific quote, it’s helpful to speak with a VA-approved lender who can provide you with more detailed information about your state and county.
The VA one-time close construction loan is a home loan program that allows fully eligible veterans and active duty service members to carry out the construction financing and mortgage of a home with a single loan.
For lenders to understand how the VA construction loan is calculated, we will give an assumed analysis using the information below.
Rate of 7.125%,
Our admin fee on the VA and USDA loans has been reviewed to no longer include warehouse interest or hedge costs. Instead, we include principal and interest payments during the construction period. We will apply this monthly payment to the mortgage, meaning the veteran in this example will have only 29 years left on their mortgage and a lower payoff due when construction is completed in 12 months.
A $60,000 administration fee paid comprises:
Total is $60,488. AFR lowers the amount to the nearest $500, so in this case, our ADMIN fee is $60,000
Based on these assumptions, the total contract price is $688,500. Calculated by adding:
The base loan amount requested is $688,500 (obviously, this can go up or down depending on the veteran’s wishes).
Home value is the home's estimated purchase or refinance price, excluding a down payment.
The down payment is a percentage of the principal paid upfront. However, down payments are not required for VA loans, and most veterans go for a $0 down payment. But if you choose to make a down payment, it will reduce the funding fee and your total monthly payment amount.
The interest rate is the amount charged for borrowing. The interest rates embedded in the loan calculator include APR. Thus, it estimates the closing cost, fees, and actual cost of borrowing. The interest rate in the calculator may differ as it is only for educational purposes.
The loan duration is the years you estimate to repay the loan - usually 15 or 30 years fully.
Your credit score determines how much eligibility you have, and it's among the factor that influences the interest rate you receive.
You can get both purchase and refinance options with VA loans. Depending on the VA loan type you select, the calculations differ due to the VA funding fee.
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