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Virginia mortgage calculator

The median home in Virginia runs about $390,000. With 20% down that's a loan near $312,000 — the calculator is pre-filled with that figure. Virginia's property tax rate is near the national average and set at the county or city level, and it also levies an annual local car tax. The state gives no trade-in credit on vehicle sales tax.

$2,025.70 / month

Total interest
$417,252
Total paid
$729,252
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$78k$156k$234k$312k0612182430Year

How it works

A full Virginia payment is more than principal and interest. At the state's 0.87% effective property tax rate, a $390,000 home owes about $3,393 a year in tax, and homeowners insurance averages roughly $1,600 a year here. Together those add about $416 to the monthly payment before any HOA dues or PMI.

Virginia's median household income is about $89,000, or $7,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,077 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Virginia sell in about 30 days on average.

Frequently asked questions

What is a typical mortgage payment in Virginia?
On the state's roughly $390,000 median home with 20% down, the loan is about $312,000. Principal and interest depend on your rate; on top of that, Virginia's 0.87% effective property tax rate and about $1,600 a year in homeowners insurance add roughly $416 per month to the payment.
How much are property taxes on a home in Virginia?
Virginia's effective property tax rate averages about 0.87% of market value — roughly $3,393 a year on the $390,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Virginia?
The average Virginia homeowners policy runs about $1,600 a year. Virginia's property tax rate is near the national average and set at the county or city level, and it also levies an annual local car tax. The state gives no trade-in credit on vehicle sales tax.
Can I afford a home in Virginia on the median income?
Virginia's median household income is about $89,000 a year, or $7,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,077 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Virginia?
A for-sale home in Virginia spends about 30 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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