VA Mortgage payments are calculated a little differently than a regular mortgage payment. The main difference is the VA funding fee has to be taken in to consideration as it is included in the amount.
Your VA funding fee will be based on several factors including:
- Whether or not it is your first VA Mortgage;
- Down payment amount, if any;
- Whether you we’re in the Reserves/National Guard;
- If it is a VA mortgage re-finance loan.
- Whether or not your are rated for Military disability
In order to accurately calculate your mortgage payment, you need to apply the correct funding fee. Most online mortgage calculators do not have a function that includes the VA funding fee. If you are trying to get an estimate of what the payment would be on a VA Loan, please feel free to contact us and we’ll help you estimate a payment for your specific scenario.