FHA / VA Loan Calculator

Name: FHA / VA Loan Calculator
Author: Jitendra Kumar

Estimate FHA or VA purchase-loan payments with upfront program fees, monthly FHA mortgage insurance, taxes, insurance, HOA dues, DTI, and schedule preview.

Last Updated: May 2026

FHA / VA Loan Estimate

This calculator uses current published FHA MIP and VA funding-fee tables for planning. It does not determine eligibility, county loan limits, entitlement, or lender approval.

Government Mortgage Planning

Compare FHA mortgage insurance and VA funding fees

Load a scenario or enter a purchase offer to estimate payment, upfront program fees, monthly FHA MIP, taxes, insurance, HOA dues, and DTI.

Loan Inputs

Loan Program

FHA mode includes upfront MIP and monthly annual MIP.

Home Price

Down Payment

Interest Rate

Loan Term

Finance Upfront Fee

Annual Property Tax

Annual Home Insurance

Monthly HOA

Gross Monthly Income

Other Monthly Debt

Enter FHA or VA purchase assumptions to calculate program fees, monthly payment, DTI, and schedule.

FHA / VA Loan Calculator Disclaimer

This calculator is an educational planning estimate, not mortgage, legal, tax, or VA benefits advice. FHA and VA eligibility, loan limits, entitlement, appraisal, seller credits, closing-cost treatment, residual income, and lender overlays can change the final loan terms.

Reviewed For Methodology, Labels, And Sources

Every CalculatorWallah calculator is published with visible update labeling, linked source references, and founder-led review of formula clarity on trust-sensitive topics. Use results as planning support, then verify institution-, policy-, or jurisdiction-specific rules where they apply.

Reviewed By

Jitendra Kumar, Founder & Editorial Standards Lead, oversees methodology standards and trust-sensitive publishing decisions.

Review editor profile

Topic Ownership

Sales tax and tax-sensitive estimate tools, Education and GPA planning calculators, Health, protein, and screening-formula pages, Platform-wide publishing standards and methodology

See ownership standards

Methodology & Updates

Page updated May 2026. Trust-critical pages are reviewed when official rates or rules change. Evergreen calculator guides are checked on a recurring quarterly or annual cycle depending on topic volatility.

Sources & methodology About the review process

How to Use This Calculator

Step 1: Choose FHA or VA
Select FHA when modeling mortgage insurance premiums, or VA when modeling the VA funding fee and no monthly mortgage insurance.
Step 2: Enter price, down payment, rate, and term
Use your purchase price, expected down payment, quoted interest rate, and loan term.
Step 3: Choose upfront fee treatment
Select whether the FHA UFMIP or VA funding fee is financed into the loan or paid in cash.
Step 4: Add tax, insurance, HOA, and income
Include housing costs and monthly income to estimate front-end and back-end debt-to-income ratios.
Step 5: Review monthly payment and fee details
Compare principal and interest, monthly FHA MIP if applicable, escrow costs, upfront fee, and schedule preview.

How This Calculator Works

The calculator starts with the purchase price and down payment to estimate the base loan amount. It then applies the selected government-loan fee: FHA upfront mortgage insurance premium or the VA funding fee.

If the upfront fee is financed, it is added to the loan balance before the fixed-rate principal-and-interest payment is calculated. If it is paid in cash, it is tracked as a closing cash item instead.

FHA mode adds monthly annual MIP using current HUD MIP tiers. VA mode sets monthly mortgage insurance to zero and applies the VA funding-fee tier based on use, down payment, and exemption status.

What You Need to Know

1) FHA vs VA Loan Cost Structure

FHA and VA loans can both help eligible borrowers buy with lower upfront cash than many conventional loans, but their cost structures are different. FHA relies on upfront and monthly mortgage insurance. VA relies on a funding fee for many borrowers and generally does not charge monthly mortgage insurance.

Feature	How it works	Planning note
Upfront program fee	FHA uses upfront mortgage insurance premium. VA uses the VA funding fee unless exempt.	Both may be financed in many purchase scenarios.
Monthly mortgage insurance	FHA usually has annual MIP paid monthly. VA does not have monthly mortgage insurance.	This can materially change the monthly payment comparison.
Down payment	FHA commonly uses 3.5% down as a planning benchmark. VA may allow 0% down with full entitlement.	Actual eligibility depends on underwriting, appraisal, and program rules.
Approval factors	Both programs still require lender review of credit, income, property, and documentation.	Calculator results are estimates, not approvals.

2) Formulas Used

Metric	Formula	Meaning
Base loan amount	Home price - down payment	Starting amount before financed program fee.
FHA UFMIP	Base loan amount x 1.75%	One-time FHA upfront mortgage insurance premium.
VA funding fee	Base loan amount x VA tier	One-time VA fee based on use, down payment, and exemption.
PITI + program cost	P&I + taxes + insurance + HOA + monthly MIP	Estimated full monthly housing payment.
Back-end DTI	(Housing payment + other monthly debt) / gross monthly income	Broad monthly debt burden estimate.

3) Program Limits and Approval

The calculator does not check county loan limits, VA entitlement, FHA case-number rules, minimum property requirements, residual income, manual underwriting, or lender overlays. Treat the output as a planning estimate before requesting a Loan Estimate from a lender.

4) Where to Go Next

Use the Mortgage Calculator for conventional PMI and extra-payment modeling. Use the Debt-to-Income Ratio Calculator when you want to isolate affordability ratios before talking with a lender.

Keep the research moving with Mortgage Calculator, Loan Amortization Calculator, Debt-to-Income Ratio Calculator, and Rent vs. Buy Calculator.

Frequently Asked Questions

It estimates principal and interest, FHA mortgage insurance or VA funding fee, taxes, insurance, HOA dues, total monthly payment, debt-to-income ratios, and a payment schedule for fixed-rate purchase loans.

FHA upfront mortgage insurance premium, or UFMIP, is a one-time charge on most FHA loans. It can usually be financed into the mortgage or paid in cash at closing.

Most FHA forward mortgages have annual mortgage insurance paid monthly. The rate and duration depend on the loan term, base loan amount, and loan-to-value ratio.

The VA funding fee is a one-time charge on many VA-backed or VA direct loans. It helps support the program because VA loans generally do not require a down payment or monthly mortgage insurance.

Some borrowers are exempt, including certain borrowers receiving or eligible for VA disability compensation, certain surviving spouses receiving DIC, and some active-duty Purple Heart recipients. Your lender and VA certificate details should confirm exemption.

No. Eligibility depends on loan limits, property type, occupancy, appraisal, service history for VA, credit, income, lender overlays, and other underwriting rules.

Rules differ by program and transaction. This calculator focuses on FHA UFMIP and VA funding fee financing, not all closing costs, seller credits, or lender-specific charges.