Calculator
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.
Estimated monthly payment
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- Principal & interest
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- Property tax
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- Insurance
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- Funding fee (financed)
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- Total loan amount
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No monthly mortgage insurance on VA loans. 30-year term assumed.
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.
If you have a service-connected disability rating, set the fee to 0% — you're exempt, making the VA loan cheaper still. Read the full VA loan guide and compare today's VA rates against other loan types.
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.