How to Use a VA Mortgage Calculator to Estimate Your Monthly Mortgage Payment
6 minute read
December 8, 2022


With GO Mortgage, building or purchasing your dream home can actually be accessible and affordable.

If you’re a veteran, active duty service member or surviving spouse then you are eligible for various VA loans.

Let’s review a few VA loans that were designed to help veterans achieve the dream of homeownership. We’ll also touch on the requirements of these loans and how you can benefit from them.

Lastly, let’s review how to use a VA mortgage calculator to estimate your monthly payment. Our online mortgage tool can provide a valuable estimate of what type of home you can afford and how much you can expect to pay in your monthly mortgage payment.

Types of VA loans

There are two types of VA loans that are extremely beneficial to enable many to achieve homeownership.

VA loans

VA loans are backed by the government and through the US Department of Veterans Affairs. Because of this, these types of loans are made to benefit veterans by offering flexible requirements and advantageous terms.

This can include:

  • Qualification with lower credit scores
  • Flexible loan lengths
  • Competitive interest rates
  • Low, or no down-payments
  • No mortgage insurance

It’s important to note that these loans and their benefits can be accessed more than once, depending on various factors. 

A VA loan provides simple and flexible options, whether you’re buying your first home or buying your next home and looking for a loan solution.

It’s also possible to qualify for no down payment and lower-than-average interest rates, as well as a lower minimum credit requirement than conventional loans.

Get started on your VA loan

VA single close construction loan

VA single close construction loans are great if you’re looking to build your dream home. 

This process is streamlined as you bundle together financing the construction and the subsequent mortgage loans into one solution. This means you’ll only need to provide any required information, qualify for the loan, and pay closing costs once. 

This also means you’ll save an abundance of time and money, rather than having to obtain multiple loans for each unique phase.

Once the construction phase is over, the loan converts over to what will be your permanent home mortgage, thus closing on the loan and beginning your monthly mortgage payments. 

Since the single close construction loan is also backed by the government, you can expect the same benefits as the VA Loan, including similar requirements.

The VA funding fee

With a VA loan, you’ll avoid private mortgage insurance, but with either loan you may have to pay a VA funding fee. 

The VA funding fee helps to keep the VA loan program running. The typical fee is .5% to 3% of your loan amount, however this can sometimes be waived depending on specific factors.

Who is eligible for a VA loan?

There are specific requirements for both VA mortgages. One main requirement is that you work with a VA-approved lender who is qualified to offer these types of mortgages. 

It can be difficult to narrow down a trusted provider. Thankfully, GO Mortgage offers VA loans and has a proven track record of fantastic service. 

Other requirements to be aware of depend on which type of loan you choose.

For VA loans, you must: 

  • Prove your VA status by providing a certificate of eligibility (CoE)
  • Have a qualifying credit score around 580 or higher
  • Have a low debt to income ratio, proving that you can maintain your finances
  • Provide proof of consistent and long-term monthly income 
  • Be able to afford the VA funding fee

For single close construction loans, you can expect to meet the same standard requirements for a VA loan, plus the following:

  • Credit score around 640, or higher
  • Builder must be lender-approved
  • Appraisal must be done on your home
  • Contractors are registered with the VA
  • Meet VA construction requirements 

VA home loans are extremely beneficial for service members and if you’re interested in finding out exactly what these benefits look like, then a VA loan calculator is a great tool.

Use the VA mortgage loan calculator

Using a VA loan calculator is easy and provides you with a sound expectation of the type of home you can afford and what your VA loan payment will be each month.

You simply:

  1. Choose your loan term (length)
  2. Input the estimated home value
  3. Input your ideal interest rate percentage
  4. Select if you’ve been disabled
  5. Select if you’ve used a VA loan before
  6. And finally, select your service status
(Select the option that best describe the majority of your military service.)

Easy enough, right? To change your results, enter a different amount for the loan length, home value or interest rate percentage.

Typical loan terms range anywhere between 15-30 years; and if you have a home in mind, you can enter the estimated home value as is. 

However, if you’re thinking of building, you should consider various factors for construction costs and unforeseen situations.

Keep in mind that the loan term and interest rate that you’re offered will also depend on other factors, such as your credit score, income and debt histories.

Furthermore, depending on your disability and service duty status, you may have to provide more documentation, such as your VA disability awards letter or a statement of service.

A VA loan calculator not only provides a starting point for the price range of your home, but also helps you gain insight into your future expenditures. 

Having this knowledge will be extremely beneficial when you meet with a GO Mortgage advisor.

If you’re ready to take the next step, then you’ll need to choose the right VA lender.

Choosing a VA approved lender

Since VA loans are backed by the Veterans Affairs, you must choose a lender who is registered and qualified to provide these mortgages with the VA, like GO Mortgage.

Approval status means that the VA has agreed to work with the lender and in doing such, they require a small percentage, or fee, back. But remember, this fee can be waived for different circumstances.

Before you meet with a lender, you should take a look at your financial situation and have your information as well as any questions ready, that way you get the most out of your meeting. 

Contact Go Mortgage for VA loan needs 

Ideally, you want to choose a lender who offers competitive interest rates and flexible loan terms. GO Mortgage has a history of doing exactly that.

​​No matter what type of home loan you choose, the Go Mortgage team is ready to answer all of your questions, and guide you a path simply and easily to achieve homeownership.

Want to get GO-ing?Fill out our short questionnaire to get started with us today.