VA
Calculator

About this calculator

Factor in your unique situation and use this calculator to provide an estimate of your monthly mortgage payments.

To help you use this calculator effectively, we’ve explained each input and output below:

Type of Service

Many of our active and retired militaries can enjoy the benefits of a VA Loan. Please distinguish between the type of service you have offered our country.

Loan Type

VA Loans offer a few different loan types for purchasing or refinancing a home. If you are planning to refinance, you will have to specify between an Interest Rate Reduction Refinance Loan (IRRRL) or a cash-out refinance.

Are You VA Disabled?

Select yes if you are a disabled veteran.

Have You Used A VA Loan Before?

Select yes if you have ever used a VA Loan to purchase or refinance a home.

Home Price

This number refers to the purchase price, or the anticipated purchase price of the home you are looking to buy.

Annual Property Tax

As a homeowner, you will need to pay property taxes yearly. The local government collects this tax as a percentage of your property’s value. We’ve estimated property taxes to be 1.5% of the value of your home, but property taxes vary between counties. You can find the current property tax required in your area on local government websites.

Down Payment

Your down payment is the amount you pay at closing towards your home and is represented by a percentage of the total value of your home. Typically, a lender will require a 20% down payment of your home. However, many programs offer low down payment options.

Interest Rate.

Your interest rate is the annual percentage of interest you will be on the outstanding balance of your loan. The interest rate will fluctuate based on many outside factors, including the stock market, the housing market, and other economic conditions.

Annual Homeowner Insurance

Homeowners insurance refers to the premium you pay to protect your home’s value. We’ve estimated annual homeowner’s insurance to cost roughly .35% of the home’s value, though this can change based on location and the insurer. In some areas, local governments may not require homeowner’s insurance at all. Learn more by contacting an On Q Mortgage Consultant today.

Mortgage Term

Your mortgage term is the length of time you will be making payments. Typically, mortgages have a 15 or 30-year term. A longer-term has the benefit of lower monthly payments and the downside of more interest paid overtime.