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The Complete Guide to VA Loans

House with american flag theme.

Planning to settle down and purchase a house is a milestone. You must be ready to take on the financial responsibility of paying a long-term mortgage. And while building savings is challenging for everyone, it can be a lot tougher when you’re serving in the military.

Once they return from service, many military members and veterans struggle with less than perfect credit scores. This makes it hard for them to get approved for conventional loans. However, the government provides special VA loans which offer affordable housing programs with flexible terms.

Read on to learn more about VA loans and how they work. We’ll compare them with conventional loans and discuss their benefits and drawbacks. With our guide, qualified borrowers can understand VA loans and maximize their savings.

What are VA loans?

VA loans are mortgages guaranteed by the U.S. Department of Veterans Affairs. These are special loans issued to active-duty service members, veterans, and qualified military spouses. As an incentive, active military members and veterans are offered a zero downpayment option. These loans also do not charge mortgage insurance premium (MIP) like other government-backed mortgages such as FHA loans. But to offset taxpayer’s costs, VA loans require a VA funding fee.

The government created the VA loan program to support returning service members. It’s a low-cost, flexible option for active military and veterans who have low credit ratings. VA loans function as a lifeline for qualified borrowers faced with high downpayment requirements and stringent credit qualifications.

 

VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs. While the VA Loan is a federal program, the government usually does not offer direct loans to qualified borrowers. These loans are issued by authorized VA lenders such as banks, credit unions, and non-bank mortgage companies to borrowers.

In recent years, VA loans have become a popular financing option buyers. According to the U.S. Census Bureau, around 9.1 percent of new home sales were obtained with VA loans in Q1 of 2020. This loan purchase option is often used to buy existing homes or build a home. It’s also used to renovate old property and perform home improvements.

A Brief Background on VA Loans

The VA home financing program was first introduced in 1944 under the Servicemen Readjustment Act which is popularly called the GI Bill. According to the Military Times, it was signed by President Franklin Roosevelt to boost the financial standing of returning military members without granting bonus checks. Roosevelt stated:

“With the signing of this bill a well-rounded program of special veterans’ benefits is nearly completed. It gives emphatic notice to the men and women in our armed forces that the American people do not intend to let them down”

President Franklin Roosevelt

A legislation in 1950 extended the benefit to widows of military members who died in the line of duty. The benefit was given as long as the bereaved wives did not remarry. By 1952, close to 2.4 million World War II veterans took advantage of VA loans.

Since its inception, over 24 million VA loans have been issued to assist active military members and veterans throughout the county. The program has helped their families purchase homes or refinance their mortgage.

Other Common Types of VA Loans

Happy carpenter.

Aside from VA purchase loans, there are other types of VA financing programs offered to service members. These include the following loan options:

VA Cash Out Refinance Loans

VA cash out refinance loans allow qualified veterans and service members to refinance their conventional loan into a VA loan with a lower rate. This is done while accessing cash from your home’s equity. Refinancing replaces your existing mortgage instead of integrating with it.

With the VA cash out refinance loan, you are allowed to use up to 90 percent of your home’s equity. If you need to fund important expenses, consider taking advantage of this loan. You can use it for major home renovation or to send your child to college. Some borrowers use it to pay off large credit card debts.

Compared to other government-backed loans, it provides more borrowing leverage. FHA cash out refinance loans only allow you to access 85 percent of your home’s value. Conventional loans, on the other hand, limits your access to 80 percent home equity.

VA IRRRL

VA interest rate reduction refinance loans (IRRRL) are for borrowers with an existing VA loan who want to decrease their monthly payment. Taking this option helps stabilize your budget, making sure you can afford your mortgage. Since it’s a type of refinancing, it will replace your current loan with a new loan with different terms.

The VA IRRRL is also referred to as a VA streamline refinance loan. Unlike traditional refinancing, this option does not require documentation of your income. You also do not need to get your home appraised. You only need to have a VA-backed home loan or certification that you currently live in or used to live in a house covered by the loan.

VA Renovation and Home Improvement Loans

This type of loan comes with the benefits of a VA purchase loan such as zero downpayment and low closing costs. The advantage is you can include renovation and home improvement costs into the same loan.

In 2018, the VA announced updated guidelines allowing veterans to buy or refinance a house that needs repairs. This can be done with the VA renovation and home improvement loan. With this option, you can choose older property and renovate it using your VA loan benefit.

This option can be issued at the same time as a VA purchase loan. But take note: the alterations and repairs should be fixes that are ordinarily found in similar properties of comparable value in the area. VA loan guidelines leave it to the lender’s assessment to qualify what is meant by “ordinary repairs.”

How VA Loans Differ from Conventional Loans

VA loans come with benefits that are not offered in conventional loans. Likewise, conventional loans provide favorable arrangements that are not granted by VA loans. We’ll discuss each type of financing and how they diverge from each another.

How VA Loans Work

Soldier coming back home.

VA loans do not require a downpayment and provide relaxed credit qualifying standards for borrowers. This is helpful for applicants who have small funds and have yet to increase their credit score. You can obtain a VA loan with a credit score of 620, which is a lot lower compared to conventional loans. If you are not approved for a conventional loan, this is a viable option. Some applicants may also be approved even with a credit score lower than 620.

Federal backing makes VA loan rates lower compared to conventional loans. With government guaranty, lenders are protected against default risk in case borrowers cannot pay back. This provides an incentive to offer competitive rates at favorable terms.

Furthermore, VA loans offer flexible arrangements. Qualified borrowers are allowed to have two VA loans at once. You are also eligible for a new VA loan even if you’ve defaulted years ago on a loan. Veterans can also refinancing their loans to a lower rate, or to shift to an adjustable loan or fixed-rate loan. This is possible through the streamlined interest rate reduction refinancing loan (IRRRL) program.

When it comes to loan limits, you can borrow as much as your lender is willing to grant, even without downpayment. VA loan limits apply if you have another active VA loan or if you’ve lost a previous VA-backed home to foreclosure. But even then, VA loans are not ideally used for buying very expensive homes.

VA Liability Limits

While there are no loan caps, the VA imposes liability limits. This means they may only guarantee loans to a certain amount. The liability limit may affect how much money your lender will be willing to approve. Thus, it may keep you from purchasing the home you want.

Another important qualifying factor is debt-to-income (DTI) ratio, which is the percentage of your earnings that goes toward your debts. Lenders favor lower DTI ratios to make sure you can pay back your loan. There are two main types of DTI:

  • Front-end DTI ratio – The percentage of your income that goes to paying mortgage-related debts such as monthly payments, mortgage insurance, property taxes, etc.
  • Back-end DTI ratio – The percentage of your income that goes to paying mortgage-related costs along with all your other debts such as your car loan, credit card payments, student loan, etc.

For VA loans, the primary basis for DTI ratio is the back-end DTI. It’s best to keep back-end DTI no higher than 41 percent. However, borrowers with residual income can qualify with a higher DTI ratio.

VA Funding Fee

VA funding fees are required to lower the cost of the loan for U.S. tax payers. It’s the trade-off for not being required to make a downpayment or paying monthly mortgage insurance. This amount ranges between 1.4% to 3.6% of your loan amount.

VA funding fees depend on the amount of your loan, the type of VA financing you obtained, and whether you’ve used your VA loan benefit before. The fee increases if you’ve used your benefit in the past. The VA funding fee is often included in your outstanding principal balance, which automatically increases your monthly payments. This makes your interest charges higher.

 

For example, if you have a $320,000 home loan, your VA funding fee can range between $4,000 to $10,560. Now, if we add the funding fee to your home loan, your outstanding balance will increase to $324,000 up to $330,560. This is a huge sum, which should make you think twice about not making a downpayment. In this regard, high funding fees can make VA loans more costly compared to a conventional loan.

How to Reduce the VA Funding Fee

Making a downpayment of at least 5 percent can help lower your funding fee. You stand to save more if you make an effort to gather downpayment funds.

Understanding Conventional Loans

Nice urban neighborhood for kids.

The U.S. Census Bureau reported that conventional loans accounted for around 68 percent of new home originations in Q1 of 2020. For many years, it remains the leading type of home financing used by majority of consumers.

Conventional loans are not backed by government funding. They are offer by private lenders such as banks, non-bank mortgage companies, and credit unions. Since it receives no federal backing, conventional loan lenders shoulder the financing. For this reason, they require stricter credit checks and qualifying measures. And if your credit score is low, you’re likely to get a higher rate. Conventional loans are appropriate for borrowers with high incomes, large savings, and a reliable source of funds.

To obtain a conventional loan, your credit score must be at the 700 range. Other borrowers can get approved with a credit score of 680, but they are usually assigned a higher rate. If you have limited funds and a low credit score (620 – 679), it’s worth exploring VA loans.

Conforming Conventional Loans

A conventional loan is classified as a conforming conventional loan when it follows the loan limits set by the Federal Housing Finance Agency. Every year, financing limits are adjusted to adequately reflect changes in housing prices.

For example, the 2020 conforming limit for a 2-unit housing in the U.S. continental baseline is $653,550. If your loan is $450,000, your mortgage is considered a conforming conventional loan. If you intend to borrow a larger amount that exceeds the conforming limit, you need to obtain a non-conforming conventional loan or jumbo mortgage.

When it comes to debt-to-income (DTI) ratio, the prescribed front-end DTI for conventional loans is 29 percent. As for back-end DTI, the maximum limit is 43 percent. To be on the safe side, aim for a back-end DTI ratio no higher than 36 percent. The less your total debts, the more manageable your mortgage payments should be.

Furthermore, conventional loan borrowers often give 10 percent of the home’s price as downpayment. Those who make 20 percent downpayment eliminate private mortgage insurance costs.

Private Mortgage Insurance (PMI)

Conventional loans require a private mortgage insurance when you make a downpayment less than 20 percent of the home price. It’s commonly rolled into your monthly payments, making your mortgage expenses higher. Sometimes, it can also be paid as a one-time premium upon closing.

PMI is not added to your principal balance unlike the VA funding fee. This cost is also automatically removed once your mortgage balance reaches 78 percent of your home’s value. Borrowers who have paid half of their amortization schedule are not require to pay PMI.

 

If we consider all these factors, VA loans certainly have advantages over conventional loans. The easy qualifying standards make it favorable for most active military and veterans. However, without making a downpayment, the VA funding fee can significantly increase your monthly payments. In certain cases, this may be more costly than conventional loans.

For example, if you take a 30-year fixed-rate VA loan with a high funding fee rate, the long term will make your interest charges higher. On the other hand, if you take a conventional loan with a much lower rate, your PMI will eventually be canceled. Thus, the payments will also be lower compared to a 30-year fixed-rate VA loan.

To summarize, the table below highlights the key differences between VA loans and conventional loans.

RequirementsVA LoansConventional Loans
Credit ScoreAt least 620
Flexible with credit scores
Ideal credit score is 700
Lenders usually approve 680
RatesWith federal backing, VA loans have lower rates compared to conventional loansLow credit score means a higher rate
Low downpayment means a higher rate
Front-end DTIThe primary basis is the back-end DTINo higher than 28%
Back-end DTIShould ideally be 41%
DTI can be higher if you have residual income
Should ideally be 36%
Must not be higher than 43%
Up to 50% if you have a student loan
DownpaymentNo downpayment required
Making a 5% downpayment upon closing reduces the VA funding fee
10% – average downpayment
20% downpayment removes PMI requirement
3% – minimum requirement for a 97-3 loan
CostNo private mortgage insurance needed
Requires VA Funding Fee – ranges between 1.4% and 3.6% of the loan amount
PMI is 0.5%-1% of the loan amount per year
PMI is canceled once your balance reaches 78% of the home’s value
Average closing cost is between 2%-5% of the loan
Prepayment penaltyNo prepayment penaltyMay come with prepayment penalty

VA Loan Qualifications and Document Requirements

Soldiers doing salute.

To be eligible for a VA loan, you must meet the following criteria assigned by the U.S. Department of Veterans Affairs:

  • Must be an active-duty service member
  • Must be honorably discharged member with 90 consecutive days of active service during wartime, or 181 days of active service during peacetime
  • Must have served for over 6 years in the National Guard or Reserves
  • You’re the widow of a service member who died during service or who had a service-connected disability

Next, you must satisfy the following financial qualifications to make sure you can afford the loan:

  • Credit score – aim for at least 620
  • Proof of employment and source of income
  • Debt-to-income ratio – back-end DTI must not be over 41 percent unless you have significant residual income

Note that the VA does not impose strict standards for income or employment. They exercise as much flexibility possible because they know returning service staff cannot gather steady income right away. However, the ideal borrower must have at least 2 standard years of full-time employment. For self-employed applicants or part-time employees, the VA may ask for additional documentation. Aim to have minimal work gaps and consistent sources of income.

Prepare the following documents for documents to apply for VA loan:

  • Certificate of Eligibility (COE)
  • Recent pay stubs – 1 month’s worth
  • W-2 forms – last two years of federal tax returns
  • Copy of driver’s license / military ID
  • Copy of your social security card

The COE serves are proof that you are an active military member or veteran. You can apply for a COE online by going to eBenefits.va.gov or obtain one through your lender. To request for a copy, you may also fill out VA Form 26-1880 and send it to your area’s regional VA loan center.

Every borrower is unique and may require additional paperwork. Other documents may be needed depending on your situation:

  • IRS 1099 form – for retirement income and a recent retirement statement
  • Child support orders and/or divorce decree to document received child support or alimony
  • All schedules and discharge paperwork for any bankruptcies filed in the past 7 years
  • Social Security Awards Letter

VA Funding Fee Rates

The following tables are based on U.S. Department of Veterans Affairs funding fee and closing costs page. As of January 1, 2020, rates for active-duty members, veterans, and members of the National Guard and Reserves are as follows:

VA-backed Purchase and Construction Loans

If your downpayment is…Your VA funding fee will be…
First useLess than 5%2.3%
5% or more1.65%
10% or more1.4%
After first useLess than 5%3.6%
5% or more1.65%
10% or more1.4%

Note: You’ll still pay the first-time funding fee even if you’ve only used a VA-backed or VA direct home loan to buy a manufactured home in the past.

VA-backed Cash Out Refinancing Loans

First useAfter first use
2.3%3.6%

Note: VA funding fee rates for refinancing loans do not change based on the downpayment amount. You only need to pay the first-time use funding fee if you used a VA-backed or VA direct home loan to buy a manufactured home.

Native American Direct Loan (NADL)

Type of useVA funding fee
Purchase1.25%
Refinance0.5%

Note: The VA funding fee rate for this loan does not change based on the downpayment amount. It also does not change whether you’ve used the VA home loan program before.

Other VA Home Loan Types

Loan typeVA funding fee
Interest Rate Reduction Refinancing Loans (IRRRLs)0.5%
Manufactured home loans (not permanently affixed)1%
Loan assumptions0.5%
Vendee loan, for purchasing VA-acquired property2.25%

Note: The VA funding fee rates for these loans do not change based on the downpayment amount. It also does not change if you’ve used the VA home loan program before.

VA Funding Fee Exceptions

There are certain exceptions to paying VA funding fees. Generally, VA funding fees are waived for members who receive VA disability compensation. Veterans and active members can also remove funding fees under the following circumstances:

  • If you’re qualified to get VA compensation for a service related to disability, but currently getting retirement or active-duty payments instead.
  • If you’re a widow of a veteran who died in the line duty from a service related to disability, or if your spouse was completely disabled, and you are getting a Dependency and Indemnity Compensation (DIC).
  • If you’re a service member with a proposed memorandum rating before the loan closing date, who is qualified to receive compensation due to a pre-discharge claim.

For the complete list of VA funding fee exceptions, visit the U.S. Department of Veterans Affairs funding fees page.

The Advantages and Drawbacks of VA Loans

man dreams of buying a new home.

VA loans offer active military and retired service members the opportunity to buy a home. With lenient qualifying standards, you can get financing with a low credit score and zero downpayment. However, despite these advantages, VA mortgages can still be costly in the long run. Depending on how you use your VA benefit, you might end up paying more over the life of your loan.

A major drawback to consider is the VA funding fee. If you don’t make a downpayment, the VA funding rate will not be reduced. Plus, it’s added to your outstanding principal balance, which effectively makes monthly mortgage payments more costly. And when you use your VA benefit again, expect the VA funding fee rate to increase.

VA appraisals also do not come with thorough property inspection. If you want to make sure a house does not have any serious damages, you must spend for additional home inspection.

VA Loans are Only for Primary Residences

VA loans are only allowed for primary homes. It cannot be used to buy vacation houses or rental property. However, the exception is when a house (still backed by a VA loan) used to be a primary home but is now a rental or vacation house.

Finally VA liability limits may influence the amount lenders are willing to finance. If they decide on a much lower amount, you might not be able to buy the house you want. When this happens, you might have to settle for a cheaper home, or look for another lender who can grant a larger loan.

The following table lists the pros and cons of taking a VA loan. Weigh in these factors to determine if a VA loan might suit your needs.

ProsCons
No downpayment requiredNo downpayment means a higher funding fee rate
You can qualify with a low credit scoreVA funding fee is added to your outstanding balance, which increases your mortgage payments
Interest rates are lower than conventional loansVA funding fees get higher whenever you reuse the benefits
No imposed loan limits unlike FHA or USDA loansVA liability limits may keep you from purchasing a home you want
History of bankruptcy or foreclosure does not permanently affect chances of getting a VA loanVA appraisals do not come with property inspection
No mortgage insurance premium requiredOnly available for primary residences

Estimating Your Mortgage Payments

happy old military couple.

USDA loans are typically taken as 15 or 30-year fixed-rate terms. Longer terms are more popular with buyers because it allows them to qualify for a larger loan. However, on the downside, you must make consistent monthly payment for three decades. That’s a long time, so make sure you can manage those payments even during retirement.

One way to stay on top of your payments is by reviewing the amortization schedule. An amortization schedule details how many payments you need to make to pay off your mortgage within 30 years. It’s a complete table that shows how much of your payments go toward your principal and interest charges.

  • Principal – The loan amount your lender approves for the loan. It is also referred to as the outstanding balance, showing how much you still need to pay off. A larger principal balance accrues higher interest charges.
  • Interest – This is the amount your lender charges to service your loan. Interest payments increase when it takes you longer to pay down a loan. For example, between a 15-year fixed term and a 30-year fixed term, the 15-year fixed term accrues less interest charges.

Check Your PITI Cost

Other than the principal and interest payments, you must also factor in your property taxes and mortgage insurance. Insurance usually applies to conventional loans and other government-sponsored mortgages such as FHA and USDA loans. But for VA loans, you don’t have to worry about mortgage insurance costs. However, you must factor in the VA funding fee.

Taken collectively, Principal, Interest, Taxes and Insurance is known as the PITI costs. Once you know your PITI expenses, you’ll be able to estimate your monthly mortgage payments.

 

In a traditional amortization schedule, a bigger portion of your monthly payments are applied to the interest during the first years of a loan. Eventually, towards the latter half of the loan, this ratio shifts. More of your payment is applied to the principal rather than the interest. And as long as you make consistent, on-time payments, you should pay off your mortgage in 30 years.

Can you reduce your principal faster? To effectively decrease your principal, you can make extra payments. If you do this consistently from the start of your loan, you can cut years off your loan term. You can also request to make extra payments toward your principal. It will save you thousands on interest charges. And since VA loans do not impose penalty fees, you don’t have to worry about expensive penalty costs.

To generate a 30-year fixed-rate amortization schedule, you may use our calculator on top of this page.

The following table shows the amortization on a 30-year $250,000 home loan at 4.8% APR for a loan that begins next year. On this example loan, payments being on August 31, 2021 for a loan originated on July 31, 2021.

You can generate a similar printable table using the above calculator by clicking on the [Inline Schedule] button. If you would like to print out your amortization schedule please click on the [Printable Schedule] button.

Payment # Date Payment Principal Interest Balance
1 8/31/2021 $1,311.66 $311.66 $1,000.00 $249,688.34
2 9/30/2021 $1,311.66 $312.91 $998.75 $249,375.43
3 10/31/2021 $1,311.66 $314.16 $997.50 $249,061.27
4 11/30/2021 $1,311.66 $315.41 $996.25 $248,745.86
5 12/31/2021 $1,311.66 $316.68 $994.98 $248,429.18
Year 2021 $6,558.30 $1,570.82 $4,987.48 $248,429.18
6 1/31/2022 $1,311.66 $317.94 $993.72 $248,111.24
7 2/28/2022 $1,311.66 $319.22 $992.44 $247,792.02
8 3/31/2022 $1,311.66 $320.49 $991.17 $247,471.53
9 4/30/2022 $1,311.66 $321.77 $989.89 $247,149.76
10 5/31/2022 $1,311.66 $323.06 $988.60 $246,826.70
11 6/30/2022 $1,311.66 $324.35 $987.31 $246,502.35
12 7/31/2022 $1,311.66 $325.65 $986.01 $246,176.70
13 8/31/2022 $1,311.66 $326.95 $984.71 $245,849.75
14 9/30/2022 $1,311.66 $328.26 $983.40 $245,521.49
15 10/31/2022 $1,311.66 $329.57 $982.09 $245,191.92
16 11/30/2022 $1,311.66 $330.89 $980.77 $244,861.03
17 12/31/2022 $1,311.66 $332.22 $979.44 $244,528.81
Year 2022 $15,739.92 $3,900.37 $11,839.55 $244,528.81
18 1/31/2023 $1,311.66 $333.54 $978.12 $244,195.27
19 2/28/2023 $1,311.66 $334.88 $976.78 $243,860.39
20 3/31/2023 $1,311.66 $336.22 $975.44 $243,524.17
21 4/30/2023 $1,311.66 $337.56 $974.10 $243,186.61
22 5/31/2023 $1,311.66 $338.91 $972.75 $242,847.70
23 6/30/2023 $1,311.66 $340.27 $971.39 $242,507.43
24 7/31/2023 $1,311.66 $341.63 $970.03 $242,165.80
25 8/31/2023 $1,311.66 $343.00 $968.66 $241,822.80
26 9/30/2023 $1,311.66 $344.37 $967.29 $241,478.43
27 10/31/2023 $1,311.66 $345.75 $965.91 $241,132.68
28 11/30/2023 $1,311.66 $347.13 $964.53 $240,785.55
29 12/31/2023 $1,311.66 $348.52 $963.14 $240,437.03
Year 2023 $15,739.92 $4,091.78 $11,648.14 $240,437.03
30 1/31/2024 $1,311.66 $349.91 $961.75 $240,087.12
31 2/28/2024 $1,311.66 $351.31 $960.35 $239,735.81
32 3/31/2024 $1,311.66 $352.72 $958.94 $239,383.09
33 4/30/2024 $1,311.66 $354.13 $957.53 $239,028.96
34 5/31/2024 $1,311.66 $355.54 $956.12 $238,673.42
35 6/30/2024 $1,311.66 $356.97 $954.69 $238,316.45
36 7/31/2024 $1,311.66 $358.39 $953.27 $237,958.06
37 8/31/2024 $1,311.66 $359.83 $951.83 $237,598.23
38 9/30/2024 $1,311.66 $361.27 $950.39 $237,236.96
39 10/31/2024 $1,311.66 $362.71 $948.95 $236,874.25
40 11/30/2024 $1,311.66 $364.16 $947.50 $236,510.09
41 12/31/2024 $1,311.66 $365.62 $946.04 $236,144.47
Year 2024 $15,739.92 $4,292.56 $11,447.36 $236,144.47
42 1/31/2025 $1,311.66 $367.08 $944.58 $235,777.39
43 2/28/2025 $1,311.66 $368.55 $943.11 $235,408.84
44 3/31/2025 $1,311.66 $370.02 $941.64 $235,038.82
45 4/30/2025 $1,311.66 $371.50 $940.16 $234,667.32
46 5/31/2025 $1,311.66 $372.99 $938.67 $234,294.33
47 6/30/2025 $1,311.66 $374.48 $937.18 $233,919.85
48 7/31/2025 $1,311.66 $375.98 $935.68 $233,543.87
49 8/31/2025 $1,311.66 $377.48 $934.18 $233,166.39
50 9/30/2025 $1,311.66 $378.99 $932.67 $232,787.40
51 10/31/2025 $1,311.66 $380.51 $931.15 $232,406.89
52 11/30/2025 $1,311.66 $382.03 $929.63 $232,024.86
53 12/31/2025 $1,311.66 $383.56 $928.10 $231,641.30
Year 2025 $15,739.92 $4,503.17 $11,236.75 $231,641.30
54 1/31/2026 $1,311.66 $385.09 $926.57 $231,256.21
55 2/28/2026 $1,311.66 $386.64 $925.02 $230,869.57
56 3/31/2026 $1,311.66 $388.18 $923.48 $230,481.39
57 4/30/2026 $1,311.66 $389.73 $921.93 $230,091.66
58 5/31/2026 $1,311.66 $391.29 $920.37 $229,700.37
59 6/30/2026 $1,311.66 $392.86 $918.80 $229,307.51
60 7/31/2026 $1,311.66 $394.43 $917.23 $228,913.08
61 8/31/2026 $1,311.66 $396.01 $915.65 $228,517.07
62 9/30/2026 $1,311.66 $397.59 $914.07 $228,119.48
63 10/31/2026 $1,311.66 $399.18 $912.48 $227,720.30
64 11/30/2026 $1,311.66 $400.78 $910.88 $227,319.52
65 12/31/2026 $1,311.66 $402.38 $909.28 $226,917.14
Year 2026 $15,739.92 $4,724.16 $11,015.76 $226,917.14
66 1/31/2027 $1,311.66 $403.99 $907.67 $226,513.15
67 2/28/2027 $1,311.66 $405.61 $906.05 $226,107.54
68 3/31/2027 $1,311.66 $407.23 $904.43 $225,700.31
69 4/30/2027 $1,311.66 $408.86 $902.80 $225,291.45
70 5/31/2027 $1,311.66 $410.49 $901.17 $224,880.96
71 6/30/2027 $1,311.66 $412.14 $899.52 $224,468.82
72 7/31/2027 $1,311.66 $413.78 $897.88 $224,055.04
73 8/31/2027 $1,311.66 $415.44 $896.22 $223,639.60
74 9/30/2027 $1,311.66 $417.10 $894.56 $223,222.50
75 10/31/2027 $1,311.66 $418.77 $892.89 $222,803.73
76 11/30/2027 $1,311.66 $420.45 $891.21 $222,383.28
77 12/31/2027 $1,311.66 $422.13 $889.53 $221,961.15
Year 2027 $15,739.92 $4,955.99 $10,783.93 $221,961.15
78 1/31/2028 $1,311.66 $423.82 $887.84 $221,537.33
79 2/28/2028 $1,311.66 $425.51 $886.15 $221,111.82
80 3/31/2028 $1,311.66 $427.21 $884.45 $220,684.61
81 4/30/2028 $1,311.66 $428.92 $882.74 $220,255.69
82 5/31/2028 $1,311.66 $430.64 $881.02 $219,825.05
83 6/30/2028 $1,311.66 $432.36 $879.30 $219,392.69
84 7/31/2028 $1,311.66 $434.09 $877.57 $218,958.60
85 8/31/2028 $1,311.66 $435.83 $875.83 $218,522.77
86 9/30/2028 $1,311.66 $437.57 $874.09 $218,085.20
87 10/31/2028 $1,311.66 $439.32 $872.34 $217,645.88
88 11/30/2028 $1,311.66 $441.08 $870.58 $217,204.80
89 12/31/2028 $1,311.66 $442.84 $868.82 $216,761.96
Year 2028 $15,739.92 $5,199.19 $10,540.73 $216,761.96
90 1/31/2029 $1,311.66 $444.61 $867.05 $216,317.35
91 2/28/2029 $1,311.66 $446.39 $865.27 $215,870.96
92 3/31/2029 $1,311.66 $448.18 $863.48 $215,422.78
93 4/30/2029 $1,311.66 $449.97 $861.69 $214,972.81
94 5/31/2029 $1,311.66 $451.77 $859.89 $214,521.04
95 6/30/2029 $1,311.66 $453.58 $858.08 $214,067.46
96 7/31/2029 $1,311.66 $455.39 $856.27 $213,612.07
97 8/31/2029 $1,311.66 $457.21 $854.45 $213,154.86
98 9/30/2029 $1,311.66 $459.04 $852.62 $212,695.82
99 10/31/2029 $1,311.66 $460.88 $850.78 $212,234.94
100 11/30/2029 $1,311.66 $462.72 $848.94 $211,772.22
101 12/31/2029 $1,311.66 $464.57 $847.09 $211,307.65
Year 2029 $15,739.92 $5,454.31 $10,285.61 $211,307.65
102 1/31/2030 $1,311.66 $466.43 $845.23 $210,841.22
103 2/28/2030 $1,311.66 $468.30 $843.36 $210,372.92
104 3/31/2030 $1,311.66 $470.17 $841.49 $209,902.75
105 4/30/2030 $1,311.66 $472.05 $839.61 $209,430.70
106 5/31/2030 $1,311.66 $473.94 $837.72 $208,956.76
107 6/30/2030 $1,311.66 $475.83 $835.83 $208,480.93
108 7/31/2030 $1,311.66 $477.74 $833.92 $208,003.19
109 8/31/2030 $1,311.66 $479.65 $832.01 $207,523.54
110 9/30/2030 $1,311.66 $481.57 $830.09 $207,041.97
111 10/31/2030 $1,311.66 $483.49 $828.17 $206,558.48
112 11/30/2030 $1,311.66 $485.43 $826.23 $206,073.05
113 12/31/2030 $1,311.66 $487.37 $824.29 $205,585.68
Year 2030 $15,739.92 $5,721.97 $10,017.95 $205,585.68
114 1/31/2031 $1,311.66 $489.32 $822.34 $205,096.36
115 2/28/2031 $1,311.66 $491.27 $820.39 $204,605.09
116 3/31/2031 $1,311.66 $493.24 $818.42 $204,111.85
117 4/30/2031 $1,311.66 $495.21 $816.45 $203,616.64
118 5/31/2031 $1,311.66 $497.19 $814.47 $203,119.45
119 6/30/2031 $1,311.66 $499.18 $812.48 $202,620.27
120 7/31/2031 $1,311.66 $501.18 $810.48 $202,119.09
121 8/31/2031 $1,311.66 $503.18 $808.48 $201,615.91
122 9/30/2031 $1,311.66 $505.20 $806.46 $201,110.71
123 10/31/2031 $1,311.66 $507.22 $804.44 $200,603.49
124 11/30/2031 $1,311.66 $509.25 $802.41 $200,094.24
125 12/31/2031 $1,311.66 $511.28 $800.38 $199,582.96
Year 2031 $15,739.92 $6,002.72 $9,737.20 $199,582.96
126 1/31/2032 $1,311.66 $513.33 $798.33 $199,069.63
127 2/28/2032 $1,311.66 $515.38 $796.28 $198,554.25
128 3/31/2032 $1,311.66 $517.44 $794.22 $198,036.81
129 4/30/2032 $1,311.66 $519.51 $792.15 $197,517.30
130 5/31/2032 $1,311.66 $521.59 $790.07 $196,995.71
131 6/30/2032 $1,311.66 $523.68 $787.98 $196,472.03
132 7/31/2032 $1,311.66 $525.77 $785.89 $195,946.26
133 8/31/2032 $1,311.66 $527.87 $783.79 $195,418.39
134 9/30/2032 $1,311.66 $529.99 $781.67 $194,888.40
135 10/31/2032 $1,311.66 $532.11 $779.55 $194,356.29
136 11/30/2032 $1,311.66 $534.23 $777.43 $193,822.06
137 12/31/2032 $1,311.66 $536.37 $775.29 $193,285.69
Year 2032 $15,739.92 $6,297.27 $9,442.65 $193,285.69
138 1/31/2033 $1,311.66 $538.52 $773.14 $192,747.17
139 2/28/2033 $1,311.66 $540.67 $770.99 $192,206.50
140 3/31/2033 $1,311.66 $542.83 $768.83 $191,663.67
141 4/30/2033 $1,311.66 $545.01 $766.65 $191,118.66
142 5/31/2033 $1,311.66 $547.19 $764.47 $190,571.47
143 6/30/2033 $1,311.66 $549.37 $762.29 $190,022.10
144 7/31/2033 $1,311.66 $551.57 $760.09 $189,470.53
145 8/31/2033 $1,311.66 $553.78 $757.88 $188,916.75
146 9/30/2033 $1,311.66 $555.99 $755.67 $188,360.76
147 10/31/2033 $1,311.66 $558.22 $753.44 $187,802.54
148 11/30/2033 $1,311.66 $560.45 $751.21 $187,242.09
149 12/31/2033 $1,311.66 $562.69 $748.97 $186,679.40
Year 2033 $15,739.92 $6,606.29 $9,133.63 $186,679.40
150 1/31/2034 $1,311.66 $564.94 $746.72 $186,114.46
151 2/28/2034 $1,311.66 $567.20 $744.46 $185,547.26
152 3/31/2034 $1,311.66 $569.47 $742.19 $184,977.79
153 4/30/2034 $1,311.66 $571.75 $739.91 $184,406.04
154 5/31/2034 $1,311.66 $574.04 $737.62 $183,832.00
155 6/30/2034 $1,311.66 $576.33 $735.33 $183,255.67
156 7/31/2034 $1,311.66 $578.64 $733.02 $182,677.03
157 8/31/2034 $1,311.66 $580.95 $730.71 $182,096.08
158 9/30/2034 $1,311.66 $583.28 $728.38 $181,512.80
159 10/31/2034 $1,311.66 $585.61 $726.05 $180,927.19
160 11/30/2034 $1,311.66 $587.95 $723.71 $180,339.24
161 12/31/2034 $1,311.66 $590.30 $721.36 $179,748.94
Year 2034 $15,739.92 $6,930.46 $8,809.46 $179,748.94
162 1/31/2035 $1,311.66 $592.66 $719.00 $179,156.28
163 2/28/2035 $1,311.66 $595.03 $716.63 $178,561.25
164 3/31/2035 $1,311.66 $597.41 $714.25 $177,963.84
165 4/30/2035 $1,311.66 $599.80 $711.86 $177,364.04
166 5/31/2035 $1,311.66 $602.20 $709.46 $176,761.84
167 6/30/2035 $1,311.66 $604.61 $707.05 $176,157.23
168 7/31/2035 $1,311.66 $607.03 $704.63 $175,550.20
169 8/31/2035 $1,311.66 $609.46 $702.20 $174,940.74
170 9/30/2035 $1,311.66 $611.90 $699.76 $174,328.84
171 10/31/2035 $1,311.66 $614.34 $697.32 $173,714.50
172 11/30/2035 $1,311.66 $616.80 $694.86 $173,097.70
173 12/31/2035 $1,311.66 $619.27 $692.39 $172,478.43
Year 2035 $15,739.92 $7,270.51 $8,469.41 $172,478.43
174 1/31/2036 $1,311.66 $621.75 $689.91 $171,856.68
175 2/28/2036 $1,311.66 $624.23 $687.43 $171,232.45
176 3/31/2036 $1,311.66 $626.73 $684.93 $170,605.72
177 4/30/2036 $1,311.66 $629.24 $682.42 $169,976.48
178 5/31/2036 $1,311.66 $631.75 $679.91 $169,344.73
179 6/30/2036 $1,311.66 $634.28 $677.38 $168,710.45
180 7/31/2036 $1,311.66 $636.82 $674.84 $168,073.63
181 8/31/2036 $1,311.66 $639.37 $672.29 $167,434.26
182 9/30/2036 $1,311.66 $641.92 $669.74 $166,792.34
183 10/31/2036 $1,311.66 $644.49 $667.17 $166,147.85
184 11/30/2036 $1,311.66 $647.07 $664.59 $165,500.78
185 12/31/2036 $1,311.66 $649.66 $662.00 $164,851.12
Year 2036 $15,739.92 $7,627.31 $8,112.61 $164,851.12
186 1/31/2037 $1,311.66 $652.26 $659.40 $164,198.86
187 2/28/2037 $1,311.66 $654.86 $656.80 $163,544.00
188 3/31/2037 $1,311.66 $657.48 $654.18 $162,886.52
189 4/30/2037 $1,311.66 $660.11 $651.55 $162,226.41
190 5/31/2037 $1,311.66 $662.75 $648.91 $161,563.66
191 6/30/2037 $1,311.66 $665.41 $646.25 $160,898.25
192 7/31/2037 $1,311.66 $668.07 $643.59 $160,230.18
193 8/31/2037 $1,311.66 $670.74 $640.92 $159,559.44
194 9/30/2037 $1,311.66 $673.42 $638.24 $158,886.02
195 10/31/2037 $1,311.66 $676.12 $635.54 $158,209.90
196 11/30/2037 $1,311.66 $678.82 $632.84 $157,531.08
197 12/31/2037 $1,311.66 $681.54 $630.12 $156,849.54
Year 2037 $15,739.92 $8,001.58 $7,738.34 $156,849.54
198 1/31/2038 $1,311.66 $684.26 $627.40 $156,165.28
199 2/28/2038 $1,311.66 $687.00 $624.66 $155,478.28
200 3/31/2038 $1,311.66 $689.75 $621.91 $154,788.53
201 4/30/2038 $1,311.66 $692.51 $619.15 $154,096.02
202 5/31/2038 $1,311.66 $695.28 $616.38 $153,400.74
203 6/30/2038 $1,311.66 $698.06 $613.60 $152,702.68
204 7/31/2038 $1,311.66 $700.85 $610.81 $152,001.83
205 8/31/2038 $1,311.66 $703.65 $608.01 $151,298.18
206 9/30/2038 $1,311.66 $706.47 $605.19 $150,591.71
207 10/31/2038 $1,311.66 $709.29 $602.37 $149,882.42
208 11/30/2038 $1,311.66 $712.13 $599.53 $149,170.29
209 12/31/2038 $1,311.66 $714.98 $596.68 $148,455.31
Year 2038 $15,739.92 $8,394.23 $7,345.69 $148,455.31
210 1/31/2039 $1,311.66 $717.84 $593.82 $147,737.47
211 2/28/2039 $1,311.66 $720.71 $590.95 $147,016.76
212 3/31/2039 $1,311.66 $723.59 $588.07 $146,293.17
213 4/30/2039 $1,311.66 $726.49 $585.17 $145,566.68
214 5/31/2039 $1,311.66 $729.39 $582.27 $144,837.29
215 6/30/2039 $1,311.66 $732.31 $579.35 $144,104.98
216 7/31/2039 $1,311.66 $735.24 $576.42 $143,369.74
217 8/31/2039 $1,311.66 $738.18 $573.48 $142,631.56
218 9/30/2039 $1,311.66 $741.13 $570.53 $141,890.43
219 10/31/2039 $1,311.66 $744.10 $567.56 $141,146.33
220 11/30/2039 $1,311.66 $747.07 $564.59 $140,399.26
221 12/31/2039 $1,311.66 $750.06 $561.60 $139,649.20
Year 2039 $15,739.92 $8,806.11 $6,933.81 $139,649.20
222 1/31/2040 $1,311.66 $753.06 $558.60 $138,896.14
223 2/28/2040 $1,311.66 $756.08 $555.58 $138,140.06
224 3/31/2040 $1,311.66 $759.10 $552.56 $137,380.96
225 4/30/2040 $1,311.66 $762.14 $549.52 $136,618.82
226 5/31/2040 $1,311.66 $765.18 $546.48 $135,853.64
227 6/30/2040 $1,311.66 $768.25 $543.41 $135,085.39
228 7/31/2040 $1,311.66 $771.32 $540.34 $134,314.07
229 8/31/2040 $1,311.66 $774.40 $537.26 $133,539.67
230 9/30/2040 $1,311.66 $777.50 $534.16 $132,762.17
231 10/31/2040 $1,311.66 $780.61 $531.05 $131,981.56
232 11/30/2040 $1,311.66 $783.73 $527.93 $131,197.83
233 12/31/2040 $1,311.66 $786.87 $524.79 $130,410.96
Year 2040 $15,739.92 $9,238.24 $6,501.68 $130,410.96
234 1/31/2041 $1,311.66 $790.02 $521.64 $129,620.94
235 2/28/2041 $1,311.66 $793.18 $518.48 $128,827.76
236 3/31/2041 $1,311.66 $796.35 $515.31 $128,031.41
237 4/30/2041 $1,311.66 $799.53 $512.13 $127,231.88
238 5/31/2041 $1,311.66 $802.73 $508.93 $126,429.15
239 6/30/2041 $1,311.66 $805.94 $505.72 $125,623.21
240 7/31/2041 $1,311.66 $809.17 $502.49 $124,814.04
241 8/31/2041 $1,311.66 $812.40 $499.26 $124,001.64
242 9/30/2041 $1,311.66 $815.65 $496.01 $123,185.99
243 10/31/2041 $1,311.66 $818.92 $492.74 $122,367.07
244 11/30/2041 $1,311.66 $822.19 $489.47 $121,544.88
245 12/31/2041 $1,311.66 $825.48 $486.18 $120,719.40
Year 2041 $15,739.92 $9,691.56 $6,048.36 $120,719.40
246 1/31/2042 $1,311.66 $828.78 $482.88 $119,890.62
247 2/28/2042 $1,311.66 $832.10 $479.56 $119,058.52
248 3/31/2042 $1,311.66 $835.43 $476.23 $118,223.09
249 4/30/2042 $1,311.66 $838.77 $472.89 $117,384.32
250 5/31/2042 $1,311.66 $842.12 $469.54 $116,542.20
251 6/30/2042 $1,311.66 $845.49 $466.17 $115,696.71
252 7/31/2042 $1,311.66 $848.87 $462.79 $114,847.84
253 8/31/2042 $1,311.66 $852.27 $459.39 $113,995.57
254 9/30/2042 $1,311.66 $855.68 $455.98 $113,139.89
255 10/31/2042 $1,311.66 $859.10 $452.56 $112,280.79
256 11/30/2042 $1,311.66 $862.54 $449.12 $111,418.25
257 12/31/2042 $1,311.66 $865.99 $445.67 $110,552.26
Year 2042 $15,739.92 $10,167.14 $5,572.78 $110,552.26
258 1/31/2043 $1,311.66 $869.45 $442.21 $109,682.81
259 2/28/2043 $1,311.66 $872.93 $438.73 $108,809.88
260 3/31/2043 $1,311.66 $876.42 $435.24 $107,933.46
261 4/30/2043 $1,311.66 $879.93 $431.73 $107,053.53
262 5/31/2043 $1,311.66 $883.45 $428.21 $106,170.08
263 6/30/2043 $1,311.66 $886.98 $424.68 $105,283.10
264 7/31/2043 $1,311.66 $890.53 $421.13 $104,392.57
265 8/31/2043 $1,311.66 $894.09 $417.57 $103,498.48
266 9/30/2043 $1,311.66 $897.67 $413.99 $102,600.81
267 10/31/2043 $1,311.66 $901.26 $410.40 $101,699.55
268 11/30/2043 $1,311.66 $904.86 $406.80 $100,794.69
269 12/31/2043 $1,311.66 $908.48 $403.18 $99,886.21
Year 2043 $15,739.92 $10,666.05 $5,073.87 $99,886.21
270 1/31/2044 $1,311.66 $912.12 $399.54 $98,974.09
271 2/28/2044 $1,311.66 $915.76 $395.90 $98,058.33
272 3/31/2044 $1,311.66 $919.43 $392.23 $97,138.90
273 4/30/2044 $1,311.66 $923.10 $388.56 $96,215.80
274 5/31/2044 $1,311.66 $926.80 $384.86 $95,289.00
275 6/30/2044 $1,311.66 $930.50 $381.16 $94,358.50
276 7/31/2044 $1,311.66 $934.23 $377.43 $93,424.27
277 8/31/2044 $1,311.66 $937.96 $373.70 $92,486.31
278 9/30/2044 $1,311.66 $941.71 $369.95 $91,544.60
279 10/31/2044 $1,311.66 $945.48 $366.18 $90,599.12
280 11/30/2044 $1,311.66 $949.26 $362.40 $89,649.86
281 12/31/2044 $1,311.66 $953.06 $358.60 $88,696.80
Year 2044 $15,739.92 $11,189.41 $4,550.51 $88,696.80
282 1/31/2045 $1,311.66 $956.87 $354.79 $87,739.93
283 2/28/2045 $1,311.66 $960.70 $350.96 $86,779.23
284 3/31/2045 $1,311.66 $964.54 $347.12 $85,814.69
285 4/30/2045 $1,311.66 $968.40 $343.26 $84,846.29
286 5/31/2045 $1,311.66 $972.27 $339.39 $83,874.02
287 6/30/2045 $1,311.66 $976.16 $335.50 $82,897.86
288 7/31/2045 $1,311.66 $980.07 $331.59 $81,917.79
289 8/31/2045 $1,311.66 $983.99 $327.67 $80,933.80
290 9/30/2045 $1,311.66 $987.92 $323.74 $79,945.88
291 10/31/2045 $1,311.66 $991.88 $319.78 $78,954.00
292 11/30/2045 $1,311.66 $995.84 $315.82 $77,958.16
293 12/31/2045 $1,311.66 $999.83 $311.83 $76,958.33
Year 2045 $15,739.92 $11,738.47 $4,001.45 $76,958.33
294 1/31/2046 $1,311.66 $1,003.83 $307.83 $75,954.50
295 2/28/2046 $1,311.66 $1,007.84 $303.82 $74,946.66
296 3/31/2046 $1,311.66 $1,011.87 $299.79 $73,934.79
297 4/30/2046 $1,311.66 $1,015.92 $295.74 $72,918.87
298 5/31/2046 $1,311.66 $1,019.98 $291.68 $71,898.89
299 6/30/2046 $1,311.66 $1,024.06 $287.60 $70,874.83
300 7/31/2046 $1,311.66 $1,028.16 $283.50 $69,846.67
301 8/31/2046 $1,311.66 $1,032.27 $279.39 $68,814.40
302 9/30/2046 $1,311.66 $1,036.40 $275.26 $67,778.00
303 10/31/2046 $1,311.66 $1,040.55 $271.11 $66,737.45
304 11/30/2046 $1,311.66 $1,044.71 $266.95 $65,692.74
305 12/31/2046 $1,311.66 $1,048.89 $262.77 $64,643.85
Year 2046 $15,739.92 $12,314.48 $3,425.44 $64,643.85
306 1/31/2047 $1,311.66 $1,053.08 $258.58 $63,590.77
307 2/28/2047 $1,311.66 $1,057.30 $254.36 $62,533.47
308 3/31/2047 $1,311.66 $1,061.53 $250.13 $61,471.94
309 4/30/2047 $1,311.66 $1,065.77 $245.89 $60,406.17
310 5/31/2047 $1,311.66 $1,070.04 $241.62 $59,336.13
311 6/30/2047 $1,311.66 $1,074.32 $237.34 $58,261.81
312 7/31/2047 $1,311.66 $1,078.61 $233.05 $57,183.20
313 8/31/2047 $1,311.66 $1,082.93 $228.73 $56,100.27
314 9/30/2047 $1,311.66 $1,087.26 $224.40 $55,013.01
315 10/31/2047 $1,311.66 $1,091.61 $220.05 $53,921.40
316 11/30/2047 $1,311.66 $1,095.97 $215.69 $52,825.43
317 12/31/2047 $1,311.66 $1,100.36 $211.30 $51,725.07
Year 2047 $15,739.92 $12,918.78 $2,821.14 $51,725.07
318 1/31/2048 $1,311.66 $1,104.76 $206.90 $50,620.31
319 2/28/2048 $1,311.66 $1,109.18 $202.48 $49,511.13
320 3/31/2048 $1,311.66 $1,113.62 $198.04 $48,397.51
321 4/30/2048 $1,311.66 $1,118.07 $193.59 $47,279.44
322 5/31/2048 $1,311.66 $1,122.54 $189.12 $46,156.90
323 6/30/2048 $1,311.66 $1,127.03 $184.63 $45,029.87
324 7/31/2048 $1,311.66 $1,131.54 $180.12 $43,898.33
325 8/31/2048 $1,311.66 $1,136.07 $175.59 $42,762.26
326 9/30/2048 $1,311.66 $1,140.61 $171.05 $41,621.65
327 10/31/2048 $1,311.66 $1,145.17 $166.49 $40,476.48
328 11/30/2048 $1,311.66 $1,149.75 $161.91 $39,326.73
329 12/31/2048 $1,311.66 $1,154.35 $157.31 $38,172.38
Year 2048 $15,739.92 $13,552.69 $2,187.23 $38,172.38
330 1/31/2049 $1,311.66 $1,158.97 $152.69 $37,013.41
331 2/28/2049 $1,311.66 $1,163.61 $148.05 $35,849.80
332 3/31/2049 $1,311.66 $1,168.26 $143.40 $34,681.54
333 4/30/2049 $1,311.66 $1,172.93 $138.73 $33,508.61
334 5/31/2049 $1,311.66 $1,177.63 $134.03 $32,330.98
335 6/30/2049 $1,311.66 $1,182.34 $129.32 $31,148.64
336 7/31/2049 $1,311.66 $1,187.07 $124.59 $29,961.57
337 8/31/2049 $1,311.66 $1,191.81 $119.85 $28,769.76
338 9/30/2049 $1,311.66 $1,196.58 $115.08 $27,573.18
339 10/31/2049 $1,311.66 $1,201.37 $110.29 $26,371.81
340 11/30/2049 $1,311.66 $1,206.17 $105.49 $25,165.64
341 12/31/2049 $1,311.66 $1,211.00 $100.66 $23,954.64
Year 2049 $15,739.92 $14,217.74 $1,522.18 $23,954.64
342 1/31/2050 $1,311.66 $1,215.84 $95.82 $22,738.80
343 2/28/2050 $1,311.66 $1,220.70 $90.96 $21,518.10
344 3/31/2050 $1,311.66 $1,225.59 $86.07 $20,292.51
345 4/30/2050 $1,311.66 $1,230.49 $81.17 $19,062.02
346 5/31/2050 $1,311.66 $1,235.41 $76.25 $17,826.61
347 6/30/2050 $1,311.66 $1,240.35 $71.31 $16,586.26
348 7/31/2050 $1,311.66 $1,245.31 $66.35 $15,340.95
349 8/31/2050 $1,311.66 $1,250.30 $61.36 $14,090.65
350 9/30/2050 $1,311.66 $1,255.30 $56.36 $12,835.35
351 10/31/2050 $1,311.66 $1,260.32 $51.34 $11,575.03
352 11/30/2050 $1,311.66 $1,265.36 $46.30 $10,309.67
353 12/31/2050 $1,311.66 $1,270.42 $41.24 $9,039.25
Year 2050 $15,739.92 $14,915.39 $824.53 $9,039.25
354 1/31/2051 $1,311.66 $1,275.50 $36.16 $7,763.75
355 2/28/2051 $1,311.66 $1,280.60 $31.06 $6,483.15
356 3/31/2051 $1,311.66 $1,285.73 $25.93 $5,197.42
357 4/30/2051 $1,311.66 $1,290.87 $20.79 $3,906.55
358 5/31/2051 $1,311.66 $1,296.03 $15.63 $2,610.52
359 6/30/2051 $1,311.66 $1,301.22 $10.44 $1,309.30
360 7/31/2051 $1,314.54 $1,309.30 $5.24 $0.00
Year 2051 $9,184.50 $9,039.25 $145.25 $0.00

In Conclusion

The VA program is specially designed to aid veterans and active military members have access to affordable home financing. VA loans are a appropriate for qualified homebuyers looking for flexible financing and relaxed credit qualifying standards.

However, it comes with several disadvantages. One of the most costly factors to consider is the VA funding fee. The VA funding fee rate is based on the loan amount, downpayment, and if you’ve used your VA benefit before. The funding fee is added on top of your principal loan, making your monthly mortgage payments more expensive. Next, using the VA benefit again effectively increases the funding fee rate. This means adding thousands of dollars on top of your principal balance.

If you have a good credit score and ample funds, consider taking a conventional loan. However, if you have less than perfect credit score and limited funds, it’s worth taking a VA loan. If you can, at least make a 5 percent downpayment to reduce the VA funding fee rate. A higher downpayment will make the VA funding fee lower.