Nashville, TN(615) 555-0182hello@willowcreek.exampleDemonstration site — not a lender
Willow CreekHome Finance
Run the numbers

The bench

Nothing down, no monthly insurance, one fee

The VA funding fee changes with the down payment and with whether it is your first use of the entitlement. Exempt borrowers pay none of it.

VA purchaseIllustrative figures onlyShareable as a link

Your numbers

It recalculates as you type — there is no submit button, and nothing is sent anywhere.

Month one, all in

$3,082.63

$408,600 amortised, no monthly mortgage insurance

The weave of the payment

Principal & interest$2,582.63
Property tax$366.67
Home insurance$133.33
Mortgage insurance—
HOA dues—
Down payment
$0
Base loan
$400,000
Funding fee rate
2.15%
Funding fee
$8,600

Usually financed into the loan rather than paid at closing.

Amount amortised
$408,600
Principal & interest
$2,582.63
Monthly mortgage insurance
None
Total interest over the term
$521,147
A conventional loan on the same purchase
$3,211.61

Including PMI at 0.55% where the loan-to-value is above 80%.

Balance, and interest paid to date
$0$200k$400kyr 5yr 10yr 15yr 20yr 25yr 30
Balance owedInterest paid to date

The schedule

PeriodPaymentInterestPrincipalMortgage ins.BalanceInterest to date
Month 1$2,582.63$2,213.25$369.38—$408,231$2,213
Month 2$2,582.63$2,211.25$371.38—$407,859$4,424
Month 3$2,582.63$2,209.24$373.39—$407,486$6,634
Month 4$2,582.63$2,207.22$375.41—$407,110$8,841
Month 5$2,582.63$2,205.18$377.45—$406,733$11,046
Month 6$2,582.63$2,203.14$379.49—$406,353$13,249
Month 7$2,582.63$2,201.08$381.55—$405,972$15,450
Month 8$2,582.63$2,199.01$383.62—$405,588$17,649
Month 9$2,582.63$2,196.94$385.69—$405,203$19,846
Month 10$2,582.63$2,194.85$387.78—$404,815$22,041
Month 11$2,582.63$2,192.75$389.88—$404,425$24,234
Month 12$2,582.63$2,190.64$391.99—$404,033$26,425
Month 13$2,582.63$2,188.51$394.12—$403,639$28,613
Month 14$2,582.63$2,186.38$396.25—$403,243$30,799
Month 15$2,582.63$2,184.23$398.40—$402,844$32,984
Month 16$2,582.63$2,182.07$400.56—$402,444$35,166
Month 17$2,582.63$2,179.90$402.73—$402,041$37,346
Month 18$2,582.63$2,177.72$404.91—$401,636$39,523
Month 19$2,582.63$2,175.53$407.10—$401,229$41,699
Month 20$2,582.63$2,173.32$409.31—$400,820$43,872
Month 21$2,582.63$2,171.11$411.52—$400,408$46,043
Month 22$2,582.63$2,168.88$413.75—$399,994$48,212
Month 23$2,582.63$2,166.64$415.99—$399,578$50,379
Month 24$2,582.63$2,164.38$418.25—$399,160$52,543
Month 25$2,582.63$2,162.12$420.51—$398,740$54,705
Month 26$2,582.63$2,159.84$422.79—$398,317$56,865
Month 27$2,582.63$2,157.55$425.08—$397,892$59,023
Month 28$2,582.63$2,155.25$427.38—$397,464$61,178
Month 29$2,582.63$2,152.93$429.70—$397,035$63,331
Month 30$2,582.63$2,150.60$432.03—$396,603$65,481
Month 31$2,582.63$2,148.26$434.37—$396,168$67,630
Month 32$2,582.63$2,145.91$436.72—$395,732$69,776
Month 33$2,582.63$2,143.55$439.08—$395,292$71,919
Month 34$2,582.63$2,141.17$441.46—$394,851$74,060
Month 35$2,582.63$2,138.78$443.85—$394,407$76,199
Month 36$2,582.63$2,136.37$446.26—$393,961$78,336
Month 37$2,582.63$2,133.95$448.68—$393,512$80,469
Month 38$2,582.63$2,131.52$451.11—$393,061$82,601
Month 39$2,582.63$2,129.08$453.55—$392,608$84,730
Month 40$2,582.63$2,126.62$456.01—$392,152$86,857
Month 41$2,582.63$2,124.15$458.48—$391,693$88,981
Month 42$2,582.63$2,121.67$460.96—$391,232$91,103
Month 43$2,582.63$2,119.17$463.46—$390,769$93,222
Month 44$2,582.63$2,116.66$465.97—$390,303$95,338
Month 45$2,582.63$2,114.14$468.49—$389,834$97,453
Month 46$2,582.63$2,111.60$471.03—$389,363$99,564
Month 47$2,582.63$2,109.05$473.58—$388,890$101,673
Month 48$2,582.63$2,106.49$476.14—$388,413$103,780
Month 49$2,582.63$2,103.91$478.72—$387,935$105,884
Month 50$2,582.63$2,101.31$481.32—$387,453$107,985
Month 51$2,582.63$2,098.71$483.92—$386,969$110,084
Month 52$2,582.63$2,096.08$486.55—$386,483$112,180
Month 53$2,582.63$2,093.45$489.18—$385,994$114,273
Month 54$2,582.63$2,090.80$491.83—$385,502$116,364
Month 55$2,582.63$2,088.14$494.49—$385,007$118,452
Month 56$2,582.63$2,085.46$497.17—$384,510$120,538
Month 57$2,582.63$2,082.76$499.87—$384,010$122,620
Month 58$2,582.63$2,080.06$502.57—$383,508$124,700
Month 59$2,582.63$2,077.33$505.30—$383,002$126,778
Month 60$2,582.63$2,074.60$508.03—$382,494$128,852
Month 61$2,582.63$2,071.84$510.78—$381,984$130,924
Month 62$2,582.63$2,069.08$513.55—$381,470$132,993
Month 63$2,582.63$2,066.30$516.33—$380,954$135,059
Month 64$2,582.63$2,063.50$519.13—$380,435$137,123
Month 65$2,582.63$2,060.69$521.94—$379,913$139,184
Month 66$2,582.63$2,057.86$524.77—$379,388$141,242
Month 67$2,582.63$2,055.02$527.61—$378,860$143,297
Month 68$2,582.63$2,052.16$530.47—$378,330$145,349
Month 69$2,582.63$2,049.29$533.34—$377,797$147,398
Month 70$2,582.63$2,046.40$536.23—$377,260$149,444
Month 71$2,582.63$2,043.49$539.14—$376,721$151,488
Month 72$2,582.63$2,040.57$542.06—$376,179$153,528
Month 73$2,582.63$2,037.64$544.99—$375,634$155,566
Month 74$2,582.63$2,034.68$547.95—$375,086$157,601
Month 75$2,582.63$2,031.72$550.91—$374,535$159,632
Month 76$2,582.63$2,028.73$553.90—$373,981$161,661
Month 77$2,582.63$2,025.73$556.90—$373,424$163,687
Month 78$2,582.63$2,022.72$559.91—$372,865$165,710
Month 79$2,582.63$2,019.68$562.95—$372,302$167,729
Month 80$2,582.63$2,016.63$566.00—$371,736$169,746
Month 81$2,582.63$2,013.57$569.06—$371,167$171,760
Month 82$2,582.63$2,010.49$572.14—$370,594$173,770
Month 83$2,582.63$2,007.39$575.24—$370,019$175,777
Month 84$2,582.63$2,004.27$578.36—$369,441$177,782
Month 85$2,582.63$2,001.14$581.49—$368,859$179,783
Month 86$2,582.63$1,997.99$584.64—$368,275$181,781
Month 87$2,582.63$1,994.82$587.81—$367,687$183,776
Month 88$2,582.63$1,991.64$590.99—$367,096$185,767
Month 89$2,582.63$1,988.44$594.19—$366,502$187,756
Month 90$2,582.63$1,985.22$597.41—$365,904$189,741
Month 91$2,582.63$1,981.98$600.65—$365,304$191,723
Month 92$2,582.63$1,978.73$603.90—$364,700$193,702
Month 93$2,582.63$1,975.46$607.17—$364,093$195,677
Month 94$2,582.63$1,972.17$610.46—$363,482$197,649
Month 95$2,582.63$1,968.86$613.77—$362,868$199,618
Month 96$2,582.63$1,965.54$617.09—$362,251$201,584
Month 97$2,582.63$1,962.19$620.44—$361,631$203,546
Month 98$2,582.63$1,958.83$623.80—$361,007$205,505
Month 99$2,582.63$1,955.45$627.18—$360,380$207,460
Month 100$2,582.63$1,952.06$630.57—$359,749$209,412
Month 101$2,582.63$1,948.64$633.99—$359,115$211,361
Month 102$2,582.63$1,945.21$637.42—$358,478$213,306
Month 103$2,582.63$1,941.75$640.88—$357,837$215,248
Month 104$2,582.63$1,938.28$644.35—$357,193$217,186
Month 105$2,582.63$1,934.79$647.84—$356,545$219,121
Month 106$2,582.63$1,931.28$651.35—$355,893$221,052
Month 107$2,582.63$1,927.76$654.87—$355,239$222,980
Month 108$2,582.63$1,924.21$658.42—$354,580$224,904
Month 109$2,582.63$1,920.64$661.99—$353,918$226,825
Month 110$2,582.63$1,917.06$665.57—$353,253$228,742
Month 111$2,582.63$1,913.45$669.18—$352,583$230,655
Month 112$2,582.63$1,909.83$672.80—$351,911$232,565
Month 113$2,582.63$1,906.18$676.45—$351,234$234,471
Month 114$2,582.63$1,902.52$680.11—$350,554$236,374
Month 115$2,582.63$1,898.83$683.80—$349,870$238,273
Month 116$2,582.63$1,895.13$687.50—$349,183$240,168
Month 117$2,582.63$1,891.41$691.22—$348,491$242,059
Month 118$2,582.63$1,887.66$694.97—$347,797$243,947
Month 119$2,582.63$1,883.90$698.73—$347,098$245,831
Month 120$2,582.63$1,880.11$702.52—$346,395$247,711

First 120 payments shown without JavaScript. With JavaScript the table switches between month-wise and year-wise views and pages through the whole schedule.

What this is doing

  • Putting 5% down would drop the fee to 1.50%, and 10% down to 1.25%. That is often worth more than the interest saved on the smaller loan.
  • VA also sets no cap on debt-to-income. The real test is residual income — a regional dollar figure that must be left over after the mortgage, taxes, debts and maintenance. This calculator does not model it.
  • Every figure here is illustrative. It is generated from the numbers you typed using published rules, and it is not a rate quote, a pre-qualification, or an offer of credit.

The rule this page applies

Purchase funding fee: 2.15% first use with less than 5% down, 1.50% at 5% to 9.99%, 1.25% at 10% or more; 3.30% on a subsequent use with less than 5% down. Borrowers receiving compensation for a service-connected disability, certain Purple Heart recipients and some surviving spouses are exempt. VA loans have no monthly mortgage insurance at any loan-to-value.

Source: 38 U.S.C. §3729, at the rates set by the Blue Water Navy Vietnam Veterans Act of 2019

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Questions people ask about this one

Is the funding fee really once only?

Yes, per loan. It is charged again on the next VA loan, and at the higher subsequent-use rate if you put less than 5% down.

Can the fee be financed?

Almost always, and this calculator assumes it is. That means you pay interest on it for the life of the loan, which the total-interest figure reflects.

Do VA loans have mortgage insurance?

No. That is the central benefit. A conventional loan at the same nothing-down loan-to-value would carry PMI, and an FHA loan would carry MIP for the life of the loan.

Take this scenario to a person

Marked fields are required. Everything else is optional — a broker only needs enough to call you back and know what you are asking about.

This form does not send anything. It validates what you type and shows a confirmation. Nothing is stored in a database, nothing is emailed, and nobody will call you. Willow Creek Home Finance is a fictional company built to demonstrate a design system.

The rest of the bench

Monthly payment

Principal, interest, taxes, insurance, mortgage insurance and HOA — drawn as five separate threads, not folded into one number.

Amortisation

The full schedule, switchable month-wise and year-wise, with a running total and the crossover month called out.

Affordability

Income, debts and cash in, a defensible price out — and a plain statement of which of the three constraints is the one actually holding the number down.

Refinance

Costs divided by monthly saving is the answer most sites give, and it ignores the fact that a new 30-year term restarts the clock. Both numbers are shown here.

Extra payment

A recurring extra, a one-off lump sum, or both — against the interest they remove and the months they take off the end.

Rent vs buy

Both households start with the same cash. Whichever is cheaper in a given month invests the difference; whichever is dearer draws it down. That symmetry is the whole argument.

FHA MIP

The upfront premium, the annual premium, and the part almost every calculator gets wrong: whether it ever comes off.

VA refinance

An IRRRL carries a 0.50% funding fee; a VA cash-out carries 2.15% or 3.30%. Both are shown against a true break-even.

Points

One point is one percent of the loan, paid today, for a lower rate for as long as you keep it. The only question that matters is how long that is.

HELOC

Interest-only while you draw, then a fully amortising payment that can be several times larger. Both are shown, because the second one is the surprise.

DSCR

Debt-service coverage divides the rent the property brings in by what the property costs to carry. Most lenders want 1.20 or better.

Fix & flip

Acquisition, rehab, points, interest, holding costs and selling costs against the after-repair value — with the cash you actually have to put in.