FHA vs VA Mortgage Calculator
Side-by-side comparison
California Mortgage Finder’s FHA vs VA mortgage calculator helps VA-eligible borrowers compare FHA and VA loans for both home purchases and refinances.
Using the toggle at the top of the calculator, you can switch between Purchase and Refinance scenarios to see how monthly payments, mortgage insurance, funding fees, and total costs differ between FHA and VA loan programs.
This calculator is designed for veterans, active-duty service members, and eligible surviving spouses who qualify for VA benefits and want to understand whether an FHA or VA loan better fits their current goal.
Questions? Contact KevinInputs
Scenario
Refinance defaults: rolling closing costs into the loan is on, and VA switches to IRRRL when you toggle into Refi (unless you change it).
Home and Loan Basics
Loan limits (optional)
VA Assumptions
VA usually has no monthly mortgage insurance. Funding fee is treated as a one-time cost that can be paid in cash or financed.
FHA Assumptions
Annual FHA MIP shown as: base loan x MIP% / 12. Exact FHA MIP depends on term, LTV, loan size, and case details.
Results
VA breakdown-
| Principal and interest | - |
| Property taxes | - |
| Insurance | - |
| HOA | - |
| Total | - |
FHA breakdown-
| Principal and interest | - |
| Monthly MIP | - |
| Property taxes | - |
| Insurance | - |
| HOA | - |
| Total | - |
Out-of-pocket comparison Horizon
| VA out-of-pocket | - |
| FHA out-of-pocket | - |
| Difference | - |
Payment composition
Quick note
How This Calculator Works
FHA vs VA mortgage calculator inputs explained
This calculator compares FHA and VA loan scenarios for both purchase and refinance situations using standard mortgage formulas and the following inputs:
- Scenario Toggle – Choose between Purchase or Refinance
- Home Price / Home Value – Purchase price or current property value
- Down Payment (Purchase) – Required for FHA, optional for VA
- Current Loan Balance (Refinance) – Remaining mortgage balance
- Interest Rate (FHA) – Estimated FHA loan rate
- Interest Rate (VA) – Estimated VA loan rate
- Loan Term – Typically 30 years
- FHA Mortgage Insurance (MIP) – Upfront and annual FHA insurance
- VA Funding Fee – One-time VA fee (may be financed or waived)
- Property Taxes – Estimated annual property taxes
- Homeowners Insurance – Estimated annual insurance cost
- HOA Fees (if applicable) – Monthly association dues
Results update automatically as inputs change, allowing you to compare both programs in real time.
Understanding Your Results
What the FHA vs VA mortgage calculator results mean
After entering your information, the calculator provides estimates for:
- Monthly Principal & Interest – Base loan payment
- Mortgage Insurance or Funding Fee Impact – FHA MIP vs VA funding fee
- Property Taxes & Insurance – Monthly escrow estimates
- Total Monthly Payment – Estimated all-in housing cost
VA loans do not require monthly mortgage insurance, which can significantly reduce the total monthly payment compared to FHA loans. These results are estimates intended for planning and comparison purposes.
When Should You Use an FHA vs. VA Mortgage Calculator?
When this calculator is useful
This FHA vs VA calculator is especially helpful if you are:
- VA-eligible and deciding between FHA and VA loans
- Buying a home with a smaller down payment (FHA) vs no down payment (VA)
- Refinancing and comparing FHA vs VA options
- Evaluating mortgage insurance versus funding fees
- Evaluating mortgage insurance versus funding fees
Purchase and Refinance Comparison Scenarios
Example of a purchase comparison
Home price: $800,000
Down payment: FHA 3.5%, VA 0%
FHA rate: 5.25%
VA rate: 5.00%
Loan term: 30 years
In purchase mode, the calculator shows how VA loans may offer lower monthly payments due to no ongoing mortgage insurance, while FHA loans include mortgage insurance that affects total monthly cost.
Refinance Scenario
Example of a refinance comparison
Home value: $800,000
Current loan balance: $610,000
FHA refinance rate: 5.375%
VA refinance rate: 5.125%
Loan term: 30 years
In refinance mode, the calculator compares payment changes and long-term costs for each program based on differences in interest rates and fees between the two loans.
Important Assumptions & Limitations
FHA vs VA mortgage calculator assumptions and what this calculator does not include
This FHA vs VA calculator provides estimates based on common California assumptions. It does not account for:
- VA eligibility verification or remaining entitlement
- Funding fee exemptions due to service-connected disability
- FHA and VA loan limits by county
- Credit score or debt-to-income requirements
- Closing costs or prepaid expenses
For an exact loan quote, VA-eligible homebuyers and homeowners should consult directly with a licensed mortgage professional.
Frequently Asked Questions
FHA vs VA mortgage calculator FAQs.
Can someone qualify for both FHA and VA loans at the same time?
Yes. Many VA-eligible borrowers can technically qualify for both FHA and VA loans. This calculator is designed to help those borrowers compare costs and payments between the two programs before choosing one.
Why does the VA loan usually show a lower monthly payment?
VA loans typically do not require monthly mortgage insurance, while FHA loans include ongoing mortgage insurance. Over time, that difference can significantly impact the total monthly payment.
Does the calculator assume the VA funding fee is financed or paid upfront?
Unless adjusted, the calculator assumes the VA funding fee is financed into the loan, which is the most common scenario. Borrowers who are exempt from the funding fee can adjust the inputs accordingly.
Can this calculator help decide whether refinancing from FHA to VA makes sense?
Yes. In refinance mode, the calculator can help illustrate how switching from an FHA loan to a VA loan may affect monthly payments by removing ongoing FHA mortgage insurance.
Does this calculator determine whether I am eligible for a VA loan?
No. VA eligibility depends on military service history and entitlement. This calculator assumes the user is VA-eligible and focuses on cost comparison only.
Why might someone choose an FHA loan even if they qualify for a VA loan?
Why might someone choose an FHA loan even if they qualify for a VA loan?
Are closing costs included in the comparison?
No. The calculator focuses on differences in monthly payments and loan structures. Closing costs and prepaid items vary by lender and are not included unless manually estimated elsewhere.
How should I use this calculator alongside other tools?
This calculator is best used as a decision comparison tool. For deeper modeling, use the standalone FHA or VA mortgage calculators after identifying which program may better fit your goals.
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