FHA & VA Loan Calculator
Estimate your monthly payment for government-backed mortgages.
VA Loan Specifics
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Understanding FHA Loans
What is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). They are a popular choice for first-time homebuyers because they have less stringent credit requirements and allow for a very low down payment (as little as 3.5%). Our FHA Loan Calculator is designed to accurately model these specific loans.
FHA Mortgage Insurance Premiums (MIP)
The main feature of an FHA loan is its mortgage insurance. This protects the lender if you default on the loan. It comes in two parts:
- Upfront MIP (UFMIP): A one-time premium (currently 1.75% of the loan amount) that is typically rolled into your total loan amount.
- Annual MIP: A monthly premium that is part of your PITI payment. For most borrowers, this is paid for the life of the loan.
Understanding VA Loans
What is a VA Loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA). They are available to eligible veterans, active-duty service members, and surviving spouses. Our VA Loan Calculator helps you estimate the payments for this powerful homebuying benefit.
Key Benefits of VA Loans
- No Down Payment: Most eligible borrowers can purchase a home with 0% down.
- No Monthly Mortgage Insurance: Unlike FHA or conventional loans with low down payments, VA loans do not have a monthly mortgage insurance premium, which can save you a significant amount each month.
- The VA Funding Fee: Instead of mortgage insurance, VA loans have a one-time “funding fee.” This fee varies based on your down payment, military status, and whether it’s your first time using the benefit. Our calculator helps determine this fee, which is usually financed into the loan.