Illinois Veterans Home Loan Calculator

US flagIllinois veterans can easily estimate the monthly mortgage payment for a VA home loan, including the property taxes and homeowner’s insurance. The VA calculator will also estimate the VA funding fee for Illinois active duty vets and reservists. The funding fee may be paid in cash at settlement or included in the mortgage. Reservists pay a slightly higher fee than active duty veterans do. The VA does not require a down payment with VA loans. Learn about Veteran Loans. Last updated 2/2018

  Illinois Veteran Loan Calculator
  Sales Price (or Appraisal whichever is less)
  Down Payment
  VA Eligibility
  Funding Fee  
  Used entitlement (not restored, if applicable)
  Interest Rate
  Monthly Payment
  Principal & Interest  
  Annual Real Estate Taxes /12 =  
  Annual Homeowners Insurance /12 =  
  Mortgage Amount
  Base Mortgage  
  VA Funding Fee  
  Full Mortgage  
  Required Down Payment  
  Guaranty Percentage  

Questions About VA Home Loans

► Does VA loan require mortgage insurance?

The VA requires a funding fee which is similar to the FHA mortgage insurance. The VA funding fee is paid in full at settlement or can be financed with the VA loan. However, unlike the FHA home loan program, there is no monthly mortgage insurance (MIP or PMI). Service related veterans who are 10% disabled are not required to pay the VA mortgage insurance.

► How much can the seller pay for closing costs on a VA loan?

The seller is permitted to pay ALL reasonable and customary closing costs on behalf of the Illinois veteran. The VA also permits the seller to pay up to 4% for tax escrows, the payment of the VA funding fee, pre-paid interest, etc.

► How much down payment is needed for a VA loan?

No down payment is required for a VA home loan.