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VA loan calculator
A VA loan needs no down payment and no monthly mortgage insurance — but the one-time funding fee changes the loan amount. This calculator folds it in, along with Michigan property taxes, for a true monthly payment.
How the funding fee changes your loan
Because the VA funding fee is almost always financed rather than paid in cash, it's added to your loan balance — so a zero-down purchase actually borrows slightly more than the price.
The upside is enormous: no monthly mortgage insurance for the life of the loan, which is where FHA and low-down conventional borrowers pay hundreds extra every month.
- First use, 0 down: 2.15% funding fee.
- With 5% down: drops to 1.5%; 1.25% at 10% down.
- Subsequent use: 3.3% of the loan amount.
- Disability exempt: 0% — no funding fee at all.
Read the full VA loan guide, check today's VA rates, or run the same purchase through the FHA loan calculator to see what the missing mortgage insurance saves you.
Frequently asked questions
How is the VA funding fee calculated?
It's a percentage of the loan amount — 2.15% for a first use with zero down, dropping to 1.5% with 5% down and 1.25% with 10% down, and higher on subsequent uses. Veterans with a service-connected disability rating pay no funding fee at all. It's usually financed into the loan rather than paid at closing.
Do VA loans have monthly mortgage insurance?
No — that's the VA loan's biggest cost advantage. In place of the monthly mortgage insurance FHA and low-down conventional loans charge, the VA charges only the one-time funding fee, which is why VA loans usually cost less over time even with the fee financed in.
Can I buy in Michigan with zero down on a VA loan?
Yes, with full entitlement there's no down payment and no VA loan limit — you can borrow what you qualify for. See our Michigan VA loan guide and today's VA rates.