VA Mortgage Calculator — Estimate Your Monthly Payment

How Does a VA Mortgage Payment Work?

A VA mortgage payment is made up of several components. The two largest are principal (the amount going toward your loan balance) and interest (what the lender charges for the loan). Most lenders also escrow your property taxes and homeowners insurance into the monthly payment, so you pay one amount each month that covers everything.

Unlike conventional loans, VA loans never charge private mortgage insurance (PMI) — even with $0 down. This alone saves most borrowers $100 to $300 per month compared to a conventional mortgage with less than 20% down.

What Is the VA Funding Fee and How Does It Affect My Payment?

The VA funding fee is a one-time charge that helps sustain the VA loan program. For first-time VA loan users putting $0 down, the fee is currently 2.15% of the loan amount. If you put 5% or more down, it drops to 1.5%. With 10% or more down, it's just 1.25%.

For subsequent use (second or later VA loan), the $0-down fee increases to 3.3%, while the 5%+ and 10%+ tiers remain at 1.5% and 1.25% respectively.

Veterans with a service-connected disability are fully exempt from the funding fee. This calculator lets you toggle exemption status to see the impact on your payment.

Should You Choose a 15-Year or 30-Year VA Loan?

A 30-year term gives you the lowest monthly payment, which helps with cash flow — especially important for military families managing PCS moves and BAH budgets. A 15-year term means higher monthly payments but dramatically less interest paid over the life of the loan and faster equity building.

Use the toggle in the calculator above to compare both options side-by-side. Many veterans start with a 30-year loan and make extra principal payments when their budget allows — VA loans have no prepayment penalties.

How Do Property Taxes and Insurance Affect My VA Payment?

In Tampa Bay, property tax rates typically range from about 1.0% to 1.3% of assessed value, depending on the county and any applicable exemptions. Homeowners insurance in Florida can vary significantly — expect to budget $1,500 to $4,000+ per year depending on location, coverage, and the home's age.

Florida also offers a $50,000 homestead exemptionfor primary residences, which reduces your taxable property value. Veterans with a 100% permanent and total (P&T) disability rating qualify for a full property tax exemption on their homestead.