Financial glossary
VA Loan
In plain English
A VA-backed mortgage for eligible borrowers that generally has no monthly mortgage insurance and may include a one-time funding fee.
A VA loan is a mortgage backed by the Department of Veterans Affairs for eligible veterans, service members, and some surviving spouses. VA loans generally do not require monthly mortgage insurance, but many borrowers pay a one-time funding fee. Eligibility and lender underwriting still matter; use the VA loan calculator for a payment estimate.
Related calculators
- VA Loan CalculatorEstimate a VA home-loan payment with an optional financed funding fee, down payment, rate, and term. No monthly mortgage insurance is modeled.
- Mortgage CalculatorEstimate a complete monthly mortgage payment with principal, interest, property tax, insurance, PMI, and HOA dues. See total interest and loan cost.
- Buyer Closing Costs CalculatorEstimate buyer closing costs and cash to close from the down payment, lender fees, points, title costs, inspections, prepaids, credits, and deposits.