VA loan calculator
This VA loan calculator shows the payment on a VA home loan with zero down, the VA funding fee added to the loan and no monthly mortgage insurance.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,189.43 | $22,226.65 | $353,335.57 |
| 2 | $4,458.88 | $21,957.20 | $348,876.69 |
| 3 | $4,745.70 | $21,670.38 | $344,130.99 |
| 4 | $5,050.95 | $21,365.13 | $339,080.04 |
| 5 | $5,375.85 | $21,040.23 | $333,704.19 |
| 6 | $5,721.63 | $20,694.45 | $327,982.56 |
| 7 | $6,089.66 | $20,326.42 | $321,892.90 |
| 8 | $6,481.34 | $19,934.74 | $315,411.56 |
| 9 | $6,898.25 | $19,517.83 | $308,513.31 |
| 10 | $7,341.95 | $19,074.13 | $301,171.36 |
| 11 | $7,814.19 | $18,601.89 | $293,357.17 |
| 12 | $8,316.83 | $18,099.25 | $285,040.34 |
| 13 | $8,851.77 | $17,564.31 | $276,188.57 |
| 14 | $9,421.13 | $16,994.95 | $266,767.44 |
| 15 | $10,027.12 | $16,388.96 | $256,740.32 |
| 16 | $10,672.08 | $15,744.00 | $246,068.24 |
| 17 | $11,358.53 | $15,057.55 | $234,709.71 |
| 18 | $12,089.13 | $14,326.95 | $222,620.58 |
| 19 | $12,866.71 | $13,549.37 | $209,753.87 |
| 20 | $13,694.34 | $12,721.74 | $196,059.53 |
| 21 | $14,575.17 | $11,840.91 | $181,484.36 |
| 22 | $15,512.69 | $10,903.39 | $165,971.67 |
| 23 | $16,510.46 | $9,905.62 | $149,461.21 |
| 24 | $17,572.48 | $8,843.60 | $131,888.73 |
| 25 | $18,702.78 | $7,713.30 | $113,185.95 |
| 26 | $19,905.75 | $6,510.33 | $93,280.20 |
| 27 | $21,186.15 | $5,229.93 | $72,094.05 |
| 28 | $22,548.88 | $3,867.20 | $49,545.17 |
| 29 | $23,999.23 | $2,416.85 | $25,545.94 |
| 30 | $25,545.94 | $873.17 | $0.00 |
The VA funding fee
VA loans for eligible service members, veterans and some surviving spouses can be had with no down payment and no monthly mortgage insurance. Instead there is a one-time funding fee, a percentage of the loan that depends on your down payment and whether it is your first use. It can be financed into the loan, and veterans with certain service-connected disabilities are exempt.
Check your eligibility
You need a Certificate of Eligibility and must meet the lender’s credit and income requirements. Funding fee rates and loan limits change, so confirm current figures with a VA-approved lender. This calculator uses 2.15%, a common first-use rate with no down payment, and you can edit it.
$350,000 loan: 15-year vs 30-year
On a $350,000 mortgage, a 30-year loan at 6.25% costs $2,155.01 a month in principal and interest and $425,804 in total interest. A 15-year loan at a rate about 0.6 points lower costs $2,887.73 a month, $732.72 more, but cuts the interest to $169,791, saving $256,013. The right choice depends on whether the higher payment fits your budget with room to spare.
| Loan | Principal & interest | Total interest | Total paid |
|---|---|---|---|
| 10-year at 5.65% | $3,824.49 | $108,938 | $458,938 |
| 15-year at 5.65% | $2,887.73 | $169,791 | $519,791 |
| 20-year at 5.65% | $2,437.35 | $234,966 | $584,966 |
| 30-year at 6.25% | $2,155.01 | $425,804 | $775,804 |
What each 6.25% ± 1 point does to the payment
A one-point change in your mortgage rate moves the payment on $350,000 by roughly $232.61 a month and the lifetime interest by about $83,735 over 30 years. That is why it pays to compare several lenders on the same day.
| Rate | Principal & interest | Total interest | Difference vs 6.25% |
|---|---|---|---|
| 5.25% | $1,932.71 | $345,778 | −$80,026 |
| 5.75% | $2,042.50 | $385,305 | −$40,499 |
| 6.25% | $2,155.01 | $425,804 | +$0 |
| 6.75% | $2,270.09 | $467,236 | +$41,433 |
| 7.25% | $2,387.62 | $509,539 | +$83,735 |
Down payment and PMI on a $350,000 home
With less than 20% down, lenders charge private mortgage insurance (PMI), commonly 0.3% to 1.5% of the loan per year. This page assumes 0%. PMI usually ends when you reach 80% of the home's original value, which you can reach sooner with extra payments.
| Down payment | Loan amount | PMI / month | Total monthly payment |
|---|---|---|---|
| 5% ($17,500) | $332,500 | $0.00 | $2,493.09 |
| 10% ($35,000) | $315,000 | $0.00 | $2,385.34 |
| 20% ($70,000) | $280,000 | $0.00 | $2,169.84 |
What income does a $350,000 home need?
Lenders often look at a front-end ratio of about 28% of gross income for housing costs. A total payment of $2,600.84 implies a gross income near $111,000 a year, and lenders also weigh your other debts, which usually must keep total payments under about 36% to 43% of income.
Year one is interest-heavy: $21,759 of interest against $4,101 of principal repaid, which is why extra payments early on have the most effect.
How fast you build equity
Equity here is the home price minus the loan balance, assuming the price stays flat. Appreciation, if any, would add to it.
| After | Loan balance | Principal repaid | Equity (flat value) |
|---|---|---|---|
| 5 years | $326,680 | $23,320 | $23,320 |
| 10 years | $294,832 | $55,168 | $55,168 |
| 15 years | $251,336 | $98,664 | $98,664 |
| 20 years | $191,932 | $158,068 | $158,068 |
Frequently asked questions
Does a VA loan require a down payment?
Not usually for eligible borrowers with enough entitlement, though a down payment lowers the funding fee and the loan amount.
Is there PMI on a VA loan?
No. The funding fee replaces it.
What is the monthly payment on a $350,000 mortgage?
At 6.25% over 30 years, principal and interest on $350,000 is $2,155.01. With the estimated tax, insurance, HOA and PMI above, the total comes to about $2,600.84 a month.
What is included in a monthly mortgage payment?
Principal and interest are the loan itself. Many lenders also collect property tax and homeowners insurance in escrow, and charge PMI if your down payment is under 20%. HOA dues are paid separately.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.