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Loan Types
Estimate your VA payment with zero down and no monthly mortgage insurance, including the one-time funding fee and the disabled-veteran exemption.
VA Loan Details
VA Payment Breakdown
Principal & Interest
$2,583
Taxes + Insurance
$700
Monthly PMI
$0
Total Loan
$408,600
Funding Fee (2.15%)
$8,600
Financed into loan
Down Payment
$0 (0%)
Using Your VA Benefit?
Get matched with a lender who closes VA loans on time and knows South Florida's condo approval rules.
VA Facts
Zero down, no PMI
Eligible buyers with full entitlement need no down payment and never pay monthly mortgage insurance.
Funding fee exemption
Veterans receiving VA disability compensation are exempt from the funding fee entirely.
Condos must be approved
A VA loan can only be used on a condo in a VA-approved building. Confirm status before you offer.
This tool estimates a VA loan payment. Because VA loans require no monthly mortgage insurance, the payment is principal and interest plus the taxes and insurance escrow, with no PMI line. It also adds the one-time VA funding fee to the loan when it applies, since most buyers finance it into the balance rather than paying it in cash at closing.
The funding fee depends on whether it is your first use of the benefit and your down payment. First-time use with zero down is commonly 2.15 percent of the loan, and it drops as your down payment rises. Veterans who receive VA disability compensation are exempt from the funding fee entirely, which the calculator lets you toggle so exempt buyers see their true payment.
For example, on a $400,000 home with zero down and a 2.15 percent funding fee financed in, the loan is about $408,600. With no monthly mortgage insurance, principal and interest near a 6.5 percent rate runs roughly $2,583 a month before taxes and insurance. A funding-fee-exempt disabled veteran on the same purchase finances only $400,000, lowering both the balance and the payment.
VA loans are a primary-residence benefit for eligible veterans, active-duty service members, and many surviving spouses. With full entitlement there is no VA loan limit, so your buying power is set by what a lender approves. In South Florida, remember that a VA loan can only be used on a condo in a VA-approved building, so confirm approval before you make an offer.