VA Loan worksheet

1. Total monthly payment: $3,034.36

1. Find the one-time VA funding fee. For a cash-out refinance, first use, the VA's table sets it at 2.15% of the loan

   $\mathrm{\$340,000.00}\times \mathrm{2.15\%}$$=\mathrm{\$7,310.00}$

2. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$340,000.00}+\mathrm{\$7,310.00}$$=\mathrm{\$347,310.00}$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 240 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$347,310.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-240}}}$$=\mathrm{\$2,692.69}$

4. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$2,692.69}+\mathrm{\$250.00}+\mathrm{\$91.67}+\mathrm{\$0.00}$$=\mathrm{\$3,034.36}$

2. Total monthly payment: $1,762.69

1. Find the one-time VA funding fee. For an IRRRL, first use, the VA's table sets it at 0.5% of the loan

   $\mathrm{\$180,000.00}\times \mathrm{0.5\%}$$=\mathrm{\$900.00}$

2. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$180,000.00}+\mathrm{\$900.00}$$=\mathrm{\$180,900.00}$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 240 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$180,900.00}\times 0.005}{1-{\left(1+0.005\right)}^{\mathrm{-240}}}$$=\mathrm{\$1,296.02}$

4. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$1,296.02}+\mathrm{\$316.67}+\mathrm{\$150.00}+\mathrm{\$0.00}$$=\mathrm{\$1,762.69}$

3. Total monthly payment: $1,770.12

1. Find how much you borrow: the home price minus your down payment (5% down)

   $\mathrm{\$275,000.00}-\mathrm{\$13,750.00}$$=\mathrm{\$261,250.00}$

2. Find the one-time VA funding fee. For a purchase, first use, 5% to under 10% down, the VA's table sets it at 1.5% of the loan

   $\mathrm{\$261,250.00}\times \mathrm{1.5\%}$$=\mathrm{\$3,918.75}$

3. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$261,250.00}+\mathrm{\$3,918.75}$$=\mathrm{\$265,168.75}$

4. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$265,168.75}\times 0.00333333}{1-{\left(1+0.00333333\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,265.96}$

5. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$1,265.96}+\mathrm{\$354.17}+\mathrm{\$150.00}+\mathrm{\$0.00}$$=\mathrm{\$1,770.12}$

4. Total monthly payment: $2,368.19

1. Find the one-time VA funding fee. For an IRRRL, later use, the VA's table sets it at 0.5% of the loan

   $\mathrm{\$290,000.00}\times \mathrm{0.5\%}$$=\mathrm{\$1,450.00}$

2. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$290,000.00}+\mathrm{\$1,450.00}$$=\mathrm{\$291,450.00}$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$291,450.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,939.02}$

4. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$1,939.02}+\mathrm{\$312.50}+\mathrm{\$116.67}+\mathrm{\$0.00}$$=\mathrm{\$2,368.19}$

5. Total monthly payment: $3,517.55

1. With no down payment, you borrow the full price

   $\text{loan amount}$$=\mathrm{\$340,000.00}$

2. Find the one-time VA funding fee. For a purchase, first use, under 5% down, the VA's table sets it at 2.15% of the loan

   $\mathrm{\$340,000.00}\times \mathrm{2.15\%}$$=\mathrm{\$7,310.00}$

3. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$340,000.00}+\mathrm{\$7,310.00}$$=\mathrm{\$347,310.00}$

4. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 180 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$347,310.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-180}}}$$=\mathrm{\$3,121.72}$

5. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$3,121.72}+\mathrm{\$291.67}+\mathrm{\$104.17}+\mathrm{\$0.00}$$=\mathrm{\$3,517.55}$

6. Total monthly payment: $2,369.76

1. Find how much you borrow: the home price minus your down payment (5% down)

   $\mathrm{\$340,000.00}-\mathrm{\$17,000.00}$$=\mathrm{\$323,000.00}$

2. Find the one-time VA funding fee. For a purchase, first use, 5% to under 10% down, the VA's table sets it at 1.5% of the loan

   $\mathrm{\$323,000.00}\times \mathrm{1.5\%}$$=\mathrm{\$4,845.00}$

3. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$323,000.00}+\mathrm{\$4,845.00}$$=\mathrm{\$327,845.00}$

4. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$327,845.00}\times 0.005}{1-{\left(1+0.005\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,965.60}$

5. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$1,965.60}+\mathrm{\$254.17}+\mathrm{\$150.00}+\mathrm{\$0.00}$$=\mathrm{\$2,369.76}$

7. Total monthly payment: $3,123.81

1. With no down payment, you borrow the full price

   $\text{loan amount}$$=\mathrm{\$480,000.00}$

2. Find the one-time VA funding fee. For a purchase, first use, under 5% down, the VA's table sets it at 2.15% of the loan

   $\mathrm{\$480,000.00}\times \mathrm{2.15\%}$$=\mathrm{\$10,320.00}$

3. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$480,000.00}+\mathrm{\$10,320.00}$$=\mathrm{\$490,320.00}$

4. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$490,320.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-360}}}$$=\mathrm{\$2,632.14}$

5. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$2,632.14}+\mathrm{\$375.00}+\mathrm{\$116.67}+\mathrm{\$0.00}$$=\mathrm{\$3,123.81}$

8. Total monthly payment: $3,910.22

1. With no down payment, you borrow the full price

   $\text{loan amount}$$=\mathrm{\$425,000.00}$

2. Find the one-time VA funding fee. For a purchase, first use, under 5% down, the VA's table sets it at 2.15% of the loan

   $\mathrm{\$425,000.00}\times \mathrm{2.15\%}$$=\mathrm{\$9,137.50}$

3. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$425,000.00}+\mathrm{\$9,137.50}$$=\mathrm{\$434,137.50}$

4. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 180 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$434,137.50}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-180}}}$$=\mathrm{\$3,433.13}$

5. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$3,433.13}+\mathrm{\$354.17}+\mathrm{\$122.92}+\mathrm{\$0.00}$$=\mathrm{\$3,910.22}$

9. Total monthly payment: $1,664.37

1. Find the one-time VA funding fee. For a cash-out refinance, later use, the VA's table sets it at 3.3% of the loan

   $\mathrm{\$225,000.00}\times \mathrm{3.3\%}$$=\mathrm{\$7,425.00}$

2. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$225,000.00}+\mathrm{\$7,425.00}$$=\mathrm{\$232,425.00}$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$232,425.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,247.71}$

4. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$1,247.71}+\mathrm{\$291.67}+\mathrm{\$125.00}+\mathrm{\$0.00}$$=\mathrm{\$1,664.37}$

10. Total monthly payment: $1,384.23

1. Find the one-time VA funding fee. For a cash-out refinance, first use, the VA's table sets it at 2.15% of the loan

   $\mathrm{\$200,000.00}\times \mathrm{2.15\%}$$=\mathrm{\$4,300.00}$

2. You chose to add the fee to the loan, so it becomes part of what you borrow

   $\mathrm{\$200,000.00}+\mathrm{\$4,300.00}$$=\mathrm{\$204,300.00}$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months. It uses the yearly rate ÷ 12, because interest is charged monthly

   $\frac{\mathrm{\$204,300.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,096.73}$

4. Add monthly property tax, insurance and any HOA dues to get what you pay each month. VA loans have no monthly mortgage insurance to add

   $\mathrm{\$1,096.73}+\mathrm{\$187.50}+\mathrm{\$100.00}+\mathrm{\$0.00}$$=\mathrm{\$1,384.23}$