The first thing you’ll need is an actual or hypothetical house sale price. To use the mortgage calculator you will need to prepare a bit. No partial payments are allowed and that’s an important consideration for those who need to save as much up front and out of pocket on the mortgage loan as possible.Īnd there are other variables including whether you choose a 15-year or 30-year loan term, and whether or not you choose to make a down payment. This choice can be a crucial one for some borrowers because you must either pay the entire funding fee up front in cash OR finance the entire funding fee. But a veteran who does not have the option to apply for an exemption from the VA loan funding fee can either pay that fee up front in cash or include that amount in the loan (assuming the participating lender permits this–VA loan rules do, but the lender is not obligated to do so).īy including the funding fee into the loan amount, the borrower will have to calculate monthly mortgage payments based on the higher loan amount due to rolling the funding fee into the mortgage. What does this mean?Ī veteran with a VA-rated disability may be exempt from having to pay the VA loan funding fee, for example. The problem is, not all VA borrowers are required to pay the same costs and not all the costs associated with your loan may affect your mortgage payment. In addition to what is mentioned above, the most important reason to use an online mortgage loan calculator to estimate your VA home loan payments has a lot to do with determining your ability to afford the loan.īuying a home is a complex process and there are up-front fees, costs that are paid by the seller (should you choose to negotiate to do that), and there are charges that are issued by the VA intended to offset the taxpayer burden of the VA loan program. Using an online VA loan calculator eliminates this problem as you will be required to enter all the specifics to arrive at your estimate–you won’t be able to overlook or forget key data. Some VA loan applicants, especially those who are new to buying a home, tend to overlook some crucial details when trying to calculate the monthly VA mortgage payment. That sounds fairly simple, but what isn’t so obvious are the things that go into that calculation. Why should you use a VA home loan calculator? The simplest answer is that you will want an estimate of your monthly mortgage payments before you commit to the purchase of property. Why Should I Use The VA Mortgage Calculator?
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