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VA Mortgage Calculator Excel

VA Mortgage Calculator excel with Taxes and Insurance and PMI to calculate monthly VA mortgage payments with amortization schedule. The VA loan calculator with funding fees has options for property tax, home insurance, payment frequency (monthly & bi-weekly), monthly HOA fees, and extra payments. This will be the only veteran mortgage calculator you need to calculate VA loan payments.

VA Loan Calculator

Home Value
Down Payment
Base Mortgage Amount
Loan Terms
Interest Rate
VA Funding Fee
Final Mortgage Amount
Property Tax (Yearly)
Home Insurance (Yearly)
HOA Fees (Monthly)
Payment Frequency
First Payment Date

Amortization schedule
Extra Payments
One Time
$ On Date
Monthly or Biweekly
$ Starting Date
$ Starting Date
$ Starting Date

VA Loan Calculator with Funding Fee

VA loans have a funding fee that varies from 0% to 3.3% depending on different factors such as the type of home, veteran's military experience, down payment amount, and whether you had a VA loan in the past. The VA funding fee calculator will add your funding fee to the loan or the base mortgage amount.

VA Mortgage Calculator with Taxes

The VA amortization calculator with taxes and insurance and PMI is easy to use with breakdowns of every payment showing in the mortgage amortization schedule with monthly and biweekly payment options. The VA loan calculator with funding fee also offers extra payment options that show you how much faster you can pay off the mortgage if you are making regular extra payments. The extra payment can be a one time payment, yearly, quarterly, or every payment (monthly or biweekly). VA Loans are backed by the government and offer 0% down for qualified borrowers. Unlike conventional loans, VA loans don't require PMI. Private mortgage insurance or PMI is required for conventional loans when the down payment is less than 20%. Also, VA loans have more competitive interest rates than conventional loans.

What is a VA loan?

Veterans Affairs or VA Loans are backed by the government and offer 0% down for veterans and military families. Unlike conventional loans, VA loans don't require monthly mortgage insurance payments. For conventional mortgages, private mortgage insurance or PMI is required, which is a mortgage insurance payment that borrowers need to pay monthly when their down payment is less than 20%. Also, the credit score requirement for VA loans is much lower. VA loans are the only type of loans that allows you to finance 100% of a home.

How do VA loans work?

VA loans are issued by private lenders with authority from the VA and are guaranteed by the U.S. Department of Veterans Affairs. VA determines which lenders are qualified to issue VA loans. The VA loan is designed to help a veteran and his family to buy a house, therefore, the requirement is much lower than a conventional mortgage. Here are a few benefits that VA loans offer.

  • 0% Down Payment - Conventional mortgage requires a minimum 3% down payment, and FHA loans require a 3.5% down payment. VA loans are the only type of loans that allows you to finance 100%.

  • Lower Credit Score Requirement - To qualify for a conventional mortgage, the lender requires you to have at least a 620 credit score.

  • Lower Interest Rate - Competitive interest rates are offered for VA loans than conventional mortgages.

  • No Monthly Mortgage Insurance Payment - VA loan is the only loan type that doesn't require a monthly mortgage insurance payment when your down payment is less than 20%. Both conventional mortgage and FHA loans require borrowers to pay mortgage insurance when their equity in the house is less than 20%.

  • Easier to Qualify - Since VA loans have a much lower requirement, it is much easier to get once you provide proof that you are a veteran or service member.

How to apply for VA loans?

Not all VA who served in the military qualify for VA loans, there are specific requirements that a borrower needs to meet to be eligible for VA loans. Before you start applying for VA loans, make sure that you are qualified and have proof that you qualify.

Who qualifies for a VA loan?

To qualify, you need to meet at least one of the following requirements.
  • 90 total days on active duty - can be less if you were discharged because of a service-connected disability.

  • 181 continuous days in service - can be less if you were discharged because of a service-connected disability.

  • 6 years of service in the National Guard or Reserves

  • Spouse - You are the surviving spouse of a Veteran or the spouse of a Veteran who's missing in action or being held as a prisoner of war.

To see the full requirement, you can visit the government VA site to learn more about eligibility for VA loans.

What Is A Certificate of Eligibility?

A Certificate of Eligibility or COE is a document that proves you are qualified for VA loans based on your service history and duty status. Without the COE document, lenders are not able to give you a VA loan.

How to get a Certificate of Eligibility?

To get a Certificate of Eligibility, you must provide documents that prove that you are a veteran or service member.

  • Veteran - If you are a veteran, you'll need a copy of your discharge or separation papers (DD214).

  • Service Member - If you are an active duty service member, you will need a statement of service signed by your commander or personnel officer with your full name, social security number, date of birth, the date you entered duty, duration of any lost time, and the name of the command providing the information.

To see a full list of documents that you need, visit the government page on How to Apply For a VA Home, or if you already know what you need, you can apply for the COE online. After you get the COE, you may now go shop around and find a lender that can issue VA loans.

Minimum credit score for VA loan

There is no minimum credit score set by VA to insure mortgages. However, lenders have their own standard to issue VA loans. Most VA lenders approve VA loans if your credit score is in the range of 580-620. In some cases, lenders approve VA loans with credit scores even lower than 580, you will need to shop around to find out. Conventional mortgages usually require a minimum credit score of 620, and even with a credit score of 620, the borrower will not get a competitive interest rate. Therefore, if you qualify for VA loans, congratulations, as this is the best type of mortgage that you can get.

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