Current VA mortgage rates: 15 year fixed

US flagCompare the 15 year VA mortgage rates & estimate the VA loan amount & monthly mortgage payment with taxes & insurance with the VA mortgage calculator. VA mortgages do not require a down payment (in most cases) & monthly mortgage insurance. VA interest rates tend to be lower then other other loans.

15 year VA loan calculator with taxes and insurance

This VA loan calculator will estimate the mortgage amount and monthly payment for a veteran loan for the following US states (AL, AR, AS, AZ, DE, GU, IA, IL, IN, KS, KY, LA, ME, MI, MN, MO, MP, MS, MT, ND, NM, NV, OH, OK, PR, SC, SD, TX, VI, VT, WI). This calculator will also estimate the jumbo VA loan.

  VA Entitlement Worksheet
  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  

Are the interest rates higher or lower compared to other loans?

The VA interest rates tend to be lower than other mortgages because of the government backing.

Are there points on a VA loan?

Years ago, the VA required home sellers to pay "points" on behalf of the veteran borrower. Fortunately, that requirement has been rescinded by the Veteran's Administration. The vet can obtain a lower interest rate from the lender by paying points if he or she chooses.
Read more about discount points

Are VA home loans worth it?

No other home loan can compare to the VA loan. There is no required down payment on a VA loan, however, the lender may require a down payment on jumbo VA mortgages. The seller is permitted to pay all closing costs on behalf of the veteran.

Can you add closing costs to a VA loan?

VA loan down payment explanation

The VA home loan does not require a down payment, provided that the guarantee percentage meets the VA guidelines. The Veteran's Administration "guarantees" that it will pay the lender a percentage of the loss if the vet defaults on the loan. For loan amounts greater than $144,000, the guarantee percentage must be 25% to obtain the VA backing. The Veteran's Administration uses a complicated formula to determine whether the loan meets the 25% guarantee percentage. If the guarantee percentage is less than 25%, the veteran will be required to make a down payment to meet the guarantee percentage.

Do veterans get better mortgage rates?

The VA home loan rates tend to be lower than other mortgage programs, not because of the veteran's service, but because the VA loan is guaranteed by the Veteran's Administration.

Does the VA have a maximum loan amount?

The VA home loan does not have a maximum loan limit, sort of. Technically, there is no maximum loan amount, however, if the loan amount exceeds the loan limit for the county where the house is located (the lending limit is set by Congress each year), then the veteran may need to make a down payment to meet the required guarantee percentage. Another constraint is the lender. The bank or mortgage company may also set a maximum lending limit for their company.

Read more about VA mortgages