Virginia Mortgage Calculator

Virginia's housing market is heavily shaped by the Northern Virginia suburbs of Washington DC, where home prices routinely exceed $600,000 and competition is intense. Richmond, Virginia Beach, and Charlottesville offer more moderate prices with strong quality of life. Virginia also has one of the highest concentrations of VA loan eligible buyers in the country due to its large military population.

Major markets include Northern Virginia, Richmond, Virginia Beach, Charlottesville, Roanoke. Monthly P&I estimates at 7%, 30-year fixed with 20% down:

Assumes 20% down, 30-year fixed at 7%, P&I only. Add taxes and insurance for full payment.

Virginia's average effective property tax rate is 0.82%, below the national average of 1.1%. However, Northern Virginia localities like Fairfax and Arlington have higher effective rates due to high assessed home values, so actual tax costs vary significantly by location.

On a $390,000 home at 0.82%, that's roughly $267/month in property taxes, collected in escrow by your lender. At the national average of 1.1%, the same home would cost $358/month — a meaningful difference over the life of the loan.

The calculator above uses 0.82% as a starting point. Update it with your specific county rate for a more accurate estimate. Your lender will verify the exact rate during underwriting.

The calculator breaks your total monthly payment into four components:

• Principal & Interest — the base loan payment, calculated using the standard amortization formula.
• Property Tax — at Virginia's 0.82% average, collected monthly in escrow by your lender.
• Home Insurance — estimated at $1,100/year ($92/month) for Virginia. Your actual cost depends on location, coverage, and your insurer.
• PMI — required if your down payment is under 20%. Typically 0.5–1.5% of the loan per year, cancellable once you reach 20% equity.

Scroll below the payment summary to see the full amortization schedule — every monthly payment shown with principal, interest, and remaining balance.

Virginia offers first-time homebuyer support through the Virginia Housing Down Payment Assistance Grant. This program typically provides:

• Competitive fixed-rate mortgage financing
• Down payment assistance for eligible buyers
• Available for FHA, VA, USDA, and conventional loans (varies by program)
• Income and purchase price limits apply

For current eligibility requirements, income limits, and participating lenders, visit www.virginiahousing.com.

Use the calculator above to estimate your full monthly payment before applying. Knowing your number makes it easier to compare programs and evaluate affordability.

Virginia has one of the highest concentrations of VA loan-eligible buyers in the country, with a large active duty and veteran military population near bases like Quantico, Fort Belvoir, and Naval Station Norfolk. VA loans — backed by the U.S. Department of Veterans Affairs, not the state — are one of the most powerful homebuying tools available to eligible buyers.

Key VA loan features:

• No down payment required
• No PMI required — saving hundreds per month compared to conventional financing
• Competitive interest rates, typically at or below conventional rates
• Available to eligible veterans, active duty service members, and surviving spouses

Check VA loan eligibility at VA.gov

This calculator estimates conventional loan payments. VA loan payments will differ — particularly with no down payment and no PMI requirement.