VA Loan Monthly Payment Calculator

Calculator Functionality Overview

Dropdown Menu - Loan Type Selection

The calculator includes 8 different VA loan types in the dropdown:

1. VA-backed Purchase - Standard home purchase
2. VA-backed Cash-out Refinancing - Cash-out refi with different funding fee
3. Native American Direct Loan (NADL) - Direct loans on Federal Trust Land
4. Interest Rate Reduction Refinance (IRRRL) - Streamline refinance
5. Manufactured Home Loan - Factory-built homes
6. Loan Assumption - Taking over existing VA loan
7. Vendee Loan (VA-acquired property) - REO properties

Built-in Funding Fee Percentages

The calculator automatically applies the correct VA funding fee based on:

• Loan type selected (each has different rates)
• Down payment amount (if applicable)
• First-time vs. subsequent use (typically built into the logic)
• Disability status (if you included that field)

Examples of funding fee rates:

• VA Purchase (first use, 0% down): 2.15%
• VA Purchase (10%+ down): 1.25%
• Cash-out Refinance: 2.15%
• IRRRL: 0.50%
• NADL: 1.25%

User Input Fields Required

Users must manually enter:

1. Home Price/Loan Amount
2. Down Payment (if any)
3. Interest Rate
4. Loan Term (15 or 30 years typically)
5. Annual Property Taxes ← User enters
6. Annual Homeowners Insurance ← User enters

How It Calculates

The calculator:

1. Takes the loan amount
2. Adds the appropriate funding fee based on loan type
3. Calculates monthly P&I (principal & interest)
4. Divides annual property taxes by 12
5. Divides annual homeowners insurance by 12
6. Total Monthly Payment = P&I + Taxes/12 + Insurance/12

No PMI is included because VA loans don't require mortgage insurance.

Is this the explanation you needed, or would you like me to detail specific calculation formulas?