VA loans for eligible veterans and service members need no down payment and no monthly mortgage insurance, but most borrowers pay a one-time funding fee, usually added to the loan.
Monthly payment: $2,655.51
Your answer
Monthly payment$2,655.51$2,201.34 principal and interest
Loan with funding fee
$357,525.00
Funding fee
$7,525.00
Property tax
$320.83
Insurance
$133.33
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How we worked it out
Updated as you change the numbers.
Base loan $350,000.00 + 2.15% funding fee = $357,525.00.
Principal and interest = $2,201.34; with tax and insurance $2,655.51.
Method and assumptions
The funding fee is a percentage of the loan that falls as the down payment rises and is higher for later uses of the benefit. It is usually financed. The VA publishes the current chart; enter the rate that applies to you.
Questions
Do VA loans have PMI?
No. VA loans have no monthly mortgage insurance; the funding fee takes its place.