VA loan payment calculator

By Allstate

Last updated: January 1

Are you a veteran or service member looking to take out a VA loan? The Allstate® Veterans Affair (VA) loan calculator gives you an idea of how much monthly payments on your new house will be, including property taxes and homeowners insurance.

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VA loan calculator inputs

The Allstate VA loan calculator comes with inputs that you can adjust. It crunches those numbers to give you an estimated picture of your monthly payments, payment schedule and more. Here’s a breakdown of the inputs.

  • The purchase price is the amount you and your seller agree you’ll pay for the house. This isn’t the same as the loan amount, which typically is at least 80% of the total cost, plus interest.
  • Your down payment is the amount you pay – or put down – when you get a loan.
  • Your term is how long it’ll take to pay off your loan – typically 15 or 30 years.
  • U.S. military experience describes your current military status – whether you’re active or discharged.
  • Prior VA loan use is if you’ve taken out a VA loan before.

Remember, the VA loan calculator only provides an estimate. Each lender may have their own requirements, so monthly payments can vary.

Types of VA loans

The VA provides different loan programs, depending on your needs and situation. Three of them are backed by the VA and one is a direct loan from the VA. Here’s an overview.

VA purchase loans

A VA purchase loan is the most common type of VA loan. It’s when the U.S. Department of Veteran Affairs (VA) guarantees a private lender will be reimbursed if a home gets foreclosed on. Because the VA is taking on risk, qualified homeowners are able to put little to no money down on a home without having to pay for additional private mortgage insurance (PMI).

Interest rate reduction refinance loan (IRRRL)

An IRRRL allows you to refinance an existing VA home loan to lower your rate, according to the VA. There are two ways you can lower your rate. Either by getting a lower interest rate or changing from an adjustable interest rate to one that’s fixed and won’t change over time.

VA cash-out refinance loan

This also lets you replace your current loan with better terms, according to Bankrate. In this case, you could tap into your home equity and take cash out to pay for other debts – for instance, credit cards, home renovations and more. You can even cash-out refinance if your current home is a non-VA loan, so long as you qualify.

Native American Direct Loan (NADL)

The NADL is when the VA itself acts as a mortgage lender, rather than through a private lender. It’s available to eligible Native American veterans, and veterans with Native American spouses, who want to build, buy or renovate a home on Federal Trust land, according to

A Native American organization has to participate in the NADL program. They’ll also have to sign a Memorandum of Understanding, which is an agreement between the organization and VA on the conditions of the loan.

Do I qualify for a VA mortgage loan?

To qualify for a VA loan, you first need to request a Certificate of Eligibility (COE). You might be able to request one through your lender or have one mailed to you.

There are also minimum service requirements for both honorably discharged veterans and active-duty service members. VA loan applicants need to have 90 or 181 consecutive days of active service, during war or peace time, respectively, according to Bankrate. National Guard or Selective Reserve members need to have served more than six years.

Additionally, you may qualify for a loan if your spouse died in active duty.

Benefits & drawbacks of VA loans

Finding your new home is a momentous occasion, and one of the largest investments you’ll ever make. Deciding to take out a VA loan is a huge decision, so it’s important to weigh the pros and cons. Consider these in mind as you navigate buying a house.


Here are the benefits of VA loans:

  • There are little to no down payments, depending on your lender.
  • PMI is not required.
  • You’ll enjoy lower interest rates.
  • Closing costs are typically lower.
  • There are no prepayment penalties.


Here are some of the drawbacks:

  • You can’t purchase investment or vacation properties with a VA loan, according to Bankrate.
  • VA loans come with a one-time funding fee, according to It’s typically about 2.15% of your total loan but may be lower if you put money down. Some service members may, however, not have to pay funding fees if they meet certain requirements.
  • Some sellers may be apprehensive about VA loans, since they don’t allow buyers to forego home inspections and appraisals, says Bankrate.

Closing Remarks

VA loans can be very beneficial to service members interested in purchasing a home. The Allstate calculator can be a useful place to start to help determine the type of loan that suits you and your wallet.

If you do decide to purchase a home with a VA loan, there are reputable homeowners insurance companies, like Allstate, who offer protection.

There are even ways to help lower your home insurance rate – and your monthly installments as a result. For instance, a new construction home could land you a discount. Set up automatic payments, and that might land you another discount. Be sure to shop around for quotes and compare coverages.