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Zero down, zero monthly insurance — but the funding fee deserves math too.
The VA loan is the strongest mortgage benefit in the country: no down payment, no monthly mortgage insurance at any LTV, and typically the lowest rates. The one cost is the funding fee — 2.15% for first use with nothing down — and most calculators ignore it. This one finances it properly, checks your exemption, and compares the same house across VA, FHA, and conventional so the benefit shows up in dollars.
Veterans use it to see the benefit in dollars: funding fee financed, exemption checked, and the same house priced three ways so the FHA lifetime-MIP trap is visible next to the VA zero. The "should I put money down anyway" FAQ settles the most common mistake.
Yes — 0% down with full entitlement, and no monthly mortgage insurance regardless. There is also no VA loan limit with full entitlement since 2020; lenders will still cap you by income and DTI. Partial entitlement after a previous VA default can bring a down payment requirement back.
For purchase loans (schedule effective April 7, 2023, still current): first use with under 5% down is 2.15% of the loan; 5–9.99% down drops it to 1.5%; 10%+ to 1.25%. Subsequent use with under 5% down is 3.3%. It is almost always financed into the loan. Veterans with service-connected disability ratings, DIC recipients, and active-duty Purple Heart recipients pay nothing.
On a $400,000 home: VA at 0% down runs about $3,032/month all-in with $0 down. FHA at 3.5% down runs about $3,115/month AND needs $14,000 upfront — plus its MIP never expires, while the VA funding fee is a one-time cost. Over a 30-year hold, FHA's lifetime MIP alone adds roughly $40,000 the VA loan never charges.
Only for two reasons: 5% down cuts the funding fee from 2.15% to 1.5% (10% cuts it to 1.25%), and a down payment lowers the payment if your budget is tight. Otherwise the math usually favors keeping the cash — invest it or hold it as reserves rather than prepaying a loan with no insurance penalty.