VA Loan Calculator
Learn More About How to Use the VA Loan Calculator
There are times in life when taking on a large loan makes sense. Whether you’re buying a new home or renovating an old one, the 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 a home loan. VA loans exist help eligible veterans get home financing in areas with no private financing and purchase property with no down payment.
Why Should I Use the VA Loan Calculator?
Applying for a home loan is a complex and lengthy process. If you aren’t sure what size of loan you can qualify for, 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 tells you how much interest you can expect to pay and full monthly and yearly amortization schedules. The attached graph gives you a visual representation of your loan’s expected progress.
How Does a Loan Calculator Work?
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, property tax rates in your community and interest rates can all affect the final results. To get a specific quote, it’s helpful to speak with a VA loan specialist who can provide you with more detailed information specific to your state and county.
How Do I Use the VA Loan Calculator?
Here are the variables you can enter into the loan calculator to get an estimate:
- Purchase Price – This can be the asking price or your offer for a property.
- Down Payment – This is how much you’ll have to put down. As a veteran or spouse of a deceased veteran, you may qualify to skip the down payment.
- Term – This is the duration of your loan payments.
- Interest Rate – The interest rate charged for your home loan. Your specific rate can vary depending on your state and credit score, but 5 to 6 percent is common for VA loans.
- Property Tax – Property tax rates vary by municipality, so you should contact your local city or county tax board for your area’s current rate.
- PMI – Down payments of less than 20 percent typically require private mortgage insurance (PMI). A VA loan specialist can help you understand if this applies to you and typical rates.
- Property Insurance – This is what you’ll expect to pay insuring your property. You can often find helpful information about rates in your area on the websites of insurers.
- Start Date – This is the date you expect your loan to be finalized and the property title delivered into your name.
You can tweak the information to give you estimates for a wide range of loan terms and property prices. That’s just the start, however. For more specific information you should speak with a VA loan specialist.
VA Loan Guide
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