VA Loan Amount Calculator with PMI

Estimate your VA loan amount and how PMI affects your loan eligibility and monthly payments.

Loan Amount ($) Interest Rate (%) Loan Term (Years) Private Mortgage Insurance (PMI) (%) Estimated Monthly Payment ($) Total Loan Cost ($)

function calculateLoan() { const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100; const loanTerm = parseInt(document.getElementById(“loanTerm”).value); const pmi = parseFloat(document.getElementById(“pmi”).value) / 100; if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(pmi) || loanAmount <= 0 || loanTerm el.value = “”); } function formatCurrency(n) { return “$” + n.toFixed(2); }

This VA Loan Amount Calculator helps you understand how PMI impacts your loan amount, monthly payments, and total loan cost over the life of the loan.

Loan Formula

Monthly Payment = (Loan Amount × Monthly Interest Rate) ÷ (1 – (1 + Monthly Interest Rate)^{-Number of Payments}) + PMI

Example Calculation

If you have a $250,000 loan, 3.5% interest rate, 30-year term, and 0.5% PMI, your estimated monthly payment is $1,300 and total loan cost is $468,000.

Why PMI Matters

PMI protects the lender in case of default. Although it’s an added cost, it allows borrowers with lower down payments to access a VA loan.

Smart Strategy

Try to reduce PMI by increasing your down payment or refinancing after you have sufficient equity.

FAQs

How can I avoid PMI? You can avoid PMI by putting down 20% or more on a conventional loan, but for VA loans, PMI is often not required if you meet certain qualifications.

Is PMI deductible? In some cases, PMI premiums are deductible if you itemize deductions on your taxes. Consult your tax advisor for details.

Va Loan Amount Calculator with Pmi

VA Loan Amount Calculator with PMI