I haven't looked but I understand that HDMI to VGA converters can be pricy.
HDMI to DVI-D is cheap and easy, but to DVI-A or VGA actually is a conversion
from digital to analog process and requires additional circuitry.
http://www.bhphotovideo.com/bnh/controller/home?O=&sku=680189&Q=&is=REG&A=details
is $995.00
Startech HDMI2VGA HDMI to VGA Video Converter with Audio
at WMT web sit is $120.70
On a RaspberryPi email list, they are indicating it is often cheaper to buy
a new monitor than get a converter, since it's output is HDMI, not VGA.
The DVI-I seems to have both a digital and a separate analog component so
it might be possible to hook 2 monitors to a single DVI-I port.