62525 VA Mortgage Calculator

The VA funding fee for a first-time purchase with 0% down in ZIP Code 62525, IL is 2.15% of the loan amount, typically financed. The fee is reduced for larger down payments (1.50% for 5–10% down; 1.25% for 10%+ down) and waived entirely for disabled veterans.

VA loans carry no monthly mortgage insurance — zero. This is the primary cost advantage over FHA and conventional loans with less than 20% down. In ZIP Code 62525, IL, a comparable conventional buyer putting 5% down on a median $400,000 home would pay approximately several hundred dollars per month in PMI until reaching 20% equity. VA borrowers avoid this cost entirely for the life of the loan, regardless of LTV.

VA funding fee rates depend on down payment size and whether it is a first or subsequent VA loan use. For first-time use: 0–5% down = 2.15%, 5–10% down = 1.50%, 10% or more down = 1.25%. For subsequent use: 0–5% down = 3.30%, 5–10% down = 1.50%, 10% or more down = 1.25%. The fee is completely waived for veterans with a service-connected disability rating of 10% or greater, surviving spouses, and Purple Heart recipients. For a $400,000 home in ZIP Code 62525, IL, the 2.15% first-use fee equals N/A.

VA buyers in ZIP Code 62525, IL have no monthly mortgage insurance, but still owe property taxes, homeowners insurance, and utilities. For a median $400,000 home: approximately $4,800/yr in property taxes, $1,200/yr for homeowners insurance, and $2,261/yr in energy utilities — adding approximately $688/month to P&I. The VA funding fee of N/A is paid once (usually financed) rather than monthly.