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VA Loan Monthly Payment Calculator

Monthly VA mortgage payment calculator

Paying more principal on your home loan might help you save money on interest and accelerate the repayment of your loan.

Calculate the number of months required to repay your loan using the extra principal payment calculator, regardless of whether you make additional payments.

Q. Is it true that lowering the amount of principal owed lowers the amount of interest owed?
A. Contributing extra money to your mortgage does not result in a reduction in your monthly payment; but the additional payment(s) will decrease the total amount of interest paid to the lender.

Q. How fast would increased payments enable me to pay off my mortgage?
A. To get the answer to your question, use the additional principal payment calculator.

Q. Which is more important, increasing escrow or increasing principal payments?
A. The amount of interest owing on your loan is determined by the principle balance. By reducing the loan amount, you will pay less interest to the lender. Making an over payment to the escrow provider will not result in a savings.

Q. Does making an extra monthly mortgage payment result in a reduction in my monthly payments?
A. Making additional payments to your mortgage does not result in a decrease in your monthly payment; nevertheless, the overall interest paid is lowered.

Q. Can I make a mortgage payment on the sixteenth of the month?
A. Payments on the majority of mortgages are due on the first business day of each month. A 15-day grace period is standard on the majority of mortgages. If you are late with your monthly mortgage payment on the first, you have until the sixteenth to make it. Bear in mind, however, that postal delivery may be sluggish. Additionally, the servicer/lender is responsible for the opening the envelope and posting your payment to your account. A small delay might result in a late payment.

Q. What happens when you make extra principal payments on a mortgage?
A. The servicer/lender recalculates the interest owed.  

Read more about VA loans on the questions and answer page

Chapter 8. Borrower Fees and Charges and the VA
Funding Fee

Recommended Reading
Understanding the VA Amendatory Clause 
Understanding VA Loan Closing Costs in 2024 

VA Funding Fee: What It Is & How to Calculate It