VA Funding Fee Calculator

VA Loan Funding Fee Calculator

Funding Fee Rate: —

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Disclaimer: Estimates are meant to be illustrative and used for reference purposes only. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. No legal, tax, financial or accounting advice provided.

Glossary

What’s the VA Funding Fee?

The VA funding fee is a one-time charge that helps keep the VA loan program running—and protects taxpayers if a borrower defaults. You can pay this in cash at closing or you can opt to roll this fee into your mortgage balance at closing (i.e. add this fee to your VA mortgage loan balance).

How Much Is the Fee?
Your fee rate depends on:

  • Down payment amount (see chart below)

  • Whether it’s your first VA loan or a later use

  • Type of property (e.g. single-family home, condo)

  • Loan purpose (purchase, refinance, assumption)

Exemption:
If you have a service-related disability of 10% or more (or you’re the surviving spouse of someone who did), the funding fee is completely waived.

Financing vs. Cash at Closing:

  • VA funding fee: Can be financed into your loan

  • All other fees: Must be paid in cash at closing (buyer and seller negotiate who pays what)

Standard VA Funding Fee Rates

Down Payment First-Time Use Second & Subsequent Use
Less than 5% 2.15% 3.30%
5% – 10% 1.50% 1.50%
10% or more 1.25% 1.25%

Other VA Funding Fee Scenarios

  • IRRRL (Interest Rate Reduction Refinance Loan): 0.50%
    Refinance an existing VA loan or convert an ARM to a fixed rate VA loan.

  • Loan Assumption: 0.50%
    When someone else takes over (i.e. “assumes) your VA loan—veteran status not required, but lender approval is.

  • Manufactured Homes: 1.00%
    For mobile or manufactured homes that aren’t set on a permanent foundation (i.e. not permanently affixed).

Closing Costs

Buyer closing costs in NYC are approximately ~4% for condos and houses. Co-op buyer closing costs are closer to 2%. Your buyer costs will be higher if you are financing the purchase of a condo or a house because of the Mortgage Recording Tax. As a result, all-cash buyers have the lowest buyer closing costs. The MRT (Mortgage Recording Tax) only applies to ‘real property’ which means it does not apply to co-op apartments.

Property Taxes

Monthly property taxes are customarily listed on condo and single or multifamily property listings online. The input to this field is $0 for a co-op since co-op corporations pay property taxes directly to the municipality on behalf of all unit owners. Co-op owners make one single, monthly ‘co-op maintenance payment’ which essentially includes common charges and property taxes. You can also search for property tax bills in NYC using this tool.

Common Charges or HoA Fees

Both condos and co-ops have an operating budget which is paid for collectively by all the owners through a monthly fee charged to each unit owner. This maintenance fee will usually be split proportionally and fairly among the condo owners and coop shareholders, typically dependent on the amount of square footage their apartment has and other factors such as floor and outdoor space.

Condo common charges are different from co-op maintenance charges in that property taxes are not included. Because condominium owners are holders of real property, they are taxed individually by the NYC Department of Finance. As a result, they receive a property tax bill by mail and pay directly or via their mortgage lender. Co-ops make property tax payments on behalf of the entire building, and this means individual co-op owners do not pay property taxes directly.

Thinking of buying in NYC? Estimate your buyer closing costs using Hauseit’s Interactive Closing Cost Calculator for Buyers.

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