Calculate your Hawaii mortgage rates & Oahu VA loan payments
Discover Low Mortgage Rates – Hawaii Calculator for VA Loans
Estimate your VA Purchase Loan monthly payments based on the best mortgage rates Hawaii has to offer. Our Oahu VA loan calculator is an excellent place to begin the journey of purchasing a home in Honolulu, Ewa Beach, Pearl City, Kailua, Kaneohe, and more.
Understanding the Oahu Loan Calculator Inputs
Property Value: Potential price of purchase for a residential property, mortgage down payment is not included with this value.
Interest Rates: Also referred to as the borrowing cost of a loan. The calculator interest rate includes the annual percentage rate. APR estimates loan fees and closing costs and determines the actual borrowing cost of a VA home mortgage. Interest rates displayed by our Hawaii VA mortgage payment calculator are for the purpose of education only. Actual interest rates may differ depending on a variety of factors.
Down Payment: Most VA loans in Hawaii do not have a down payment requirement for service members and veterans. Many homebuyers using a VA loan program chose the $0 down option. However, monthly mortgage payments and the VA funding fee can be greatly reduced with a down payment.
Loan Term: The length of time that a homebuyer chooses to borrow. Generally, borrowers can choose a 15-year term or a 30-year term.
VA Specific Inputs: These specifics pertain to the Veterans Affairs funding fee. Hawaii homebuyers that do not have a funding fee exemption and have previously used VA loans may be subject to paying an increased VA funding fee. Veterans and service members with either a Purple Heart or a minimum of a 10% disability rating are exempt from the fee.
Credit Score: Including your credit score will generate a more accurate estimate. Mortgage interest rates are dependent on a variety of factors, including but not limited to the credit score of a potential homebuyer. A high credit score can potentially result in low mortgage rates which can reduce monthly VA loan payments.
Information About The VA Funding Fee
What is the VA funding fee? This government fee was created as part of the effort to keep VA Loan Programs running for future generations of service members and military veterans. Moreover, the fee is paid directly to the Department of Veterans Affairs and can range anywhere from 0.5% to 3.6%. In addition, veterans who have a minimum of a military service disability rating of 10 percent or have received a Purple Heart are exempt from paying the VA funding fee.
Determining the Cost of Your VA Loan Payments
To calculate your home loan payment, a variety of factors need to be included. Generally, the most important factors that affect VA mortgage payments include the value of the home, VA funding fee percentage, mortgage interest rates, and the amount that is put forth as a down payment.
Hawaii Mortgage calculators are intended for educational purposes only. For more information, contact your local Hawaii VA Mortgage Broker today for exact details about current Hawaii mortgage rates for VA home loans on Oahu.
