Estimated monthly payment
$3,267.50
$2,726.66 principal & interest on a $408,600 loan (funding fee included) at 7.03% for 30 years
- Principal & interest
- $2,726.66
- Property tax
- $333.33
- Home insurance
- $207.50
- Total monthly payment
- $3,267.50
No monthly mortgage insurance is included: the VA home loan program doesn't require PMI or mortgage insurance premiums.
With 0% down and first use of the benefit, the VA funding fee is 2.15% of the $400,000 base loan, or $8,600.00. Financing it raises the loan to $408,600, which adds $57.39 a month and $12,060 of interest over 30 years.
- Home price
- $400,000
- Down payment
- $0 (0%)
- Base loan amount
- $400,000
- VA funding fee (2.15%)
- $8,600.00 (financed)
- Total loan amount
- $408,600
- Total interest
- $572,999
- Total of principal & interest payments
- $981,599
- Cash needed for the down payment
- $0
Cash needed covers only the down payment and, if you pay it in cash, the funding fee. Other closing costs, prepaid items and escrow deposits are extra.
No down payment vs. 5% vs. 10% down
| Scenario | Funding fee | Total loan | Principal & interest | Total monthly | Cash at closing |
|---|---|---|---|---|---|
| No down payment ($0) | 2.15% ($8,600) | $408,600 | $2,727 | $3,267 | $0 |
| 5% down ($20,000) | 1.5% ($5,700) | $385,700 | $2,574 | $3,115 | $20,000 |
| 10% down ($40,000) | 1.25% ($4,500) | $364,500 | $2,432 | $2,973 | $40,000 |
Loan balance over time
- Loan balance
- Interest paid (cumulative)
Amortization schedule (yearly)
| Year | Interest | Principal | Ending balance |
|---|---|---|---|
| 1 | $28,593 | $4,127 | $404,473 |
| 2 | $28,294 | $4,426 | $400,047 |
| 3 | $27,972 | $4,748 | $395,299 |
| 4 | $27,628 | $5,092 | $390,207 |
| 5 | $27,258 | $5,462 | $384,745 |
| 6 | $26,861 | $5,859 | $378,886 |
| 7 | $26,436 | $6,284 | $372,602 |
| 8 | $25,979 | $6,740 | $365,861 |
| 9 | $25,490 | $7,230 | $358,631 |
| 10 | $24,965 | $7,755 | $350,876 |
| 11 | $24,402 | $8,318 | $342,558 |
| 12 | $23,798 | $8,922 | $333,637 |
| 13 | $23,150 | $9,570 | $324,067 |
| 14 | $22,455 | $10,265 | $313,802 |
| 15 | $21,710 | $11,010 | $302,792 |
| 16 | $20,911 | $11,809 | $290,983 |
| 17 | $20,053 | $12,667 | $278,316 |
| 18 | $19,133 | $13,587 | $264,729 |
| 19 | $18,147 | $14,573 | $250,156 |
| 20 | $17,089 | $15,631 | $234,525 |
| 21 | $15,954 | $16,766 | $217,759 |
| 22 | $14,736 | $17,984 | $199,775 |
| 23 | $13,431 | $19,289 | $180,486 |
| 24 | $12,030 | $20,690 | $159,796 |
| 25 | $10,528 | $22,192 | $137,604 |
| 26 | $8,916 | $23,804 | $113,800 |
| 27 | $7,188 | $25,532 | $88,268 |
| 28 | $5,334 | $27,386 | $60,882 |
| 29 | $3,345 | $29,374 | $31,507 |
| 30 | $1,213 | $31,507 | $0 |