Mortgage Payment Calculator for Virginia

Mortgage Payments in Virginia

The median home value in Virginia is $365,000. Northern Virginia (Fairfax, Loudoun, Arlington, Alexandria) carries among the highest median prices on the East Coast. Richmond and Hampton Roads are significantly more affordable. Rural Southwestern Virginia is very low cost.

Conforming Loan Limits in Virginia

The conforming loan limit is $1,089,300. Northern Virginia counties — Arlington, Fairfax, Loudoun — and the City of Alexandria qualify for high-cost conforming limits of $1,089,300. Loans up to this amount qualify for standard Fannie Mae/Freddie Mac rates. Above this is jumbo territory with stricter requirements.

Sample Monthly Payments in Virginia

At the median home value of $365,000 with a 20% down payment ($73,000), you'd borrow $292,000. At 7% for 30 years, principal and interest runs approximately $1,943/month. Add property taxes (~$249/mo) and insurance (~$150/mo) for a total PITI estimate.

Property Taxes in Virginia

Budget for Virginia's effective property tax rate of 0.82% (avg. bill: $2,972/year). Lenders include taxes in your PITI calculation and collect them monthly in escrow.

Closing Costs

First-time buyers in Virginia should budget for closing costs of approximately $3,900. Virginia charges a Grantor's Tax of $0.50/$500 of sale price plus a state recordation tax. Localities may add additional recordation taxes. Northern Virginia and the Northern Virginia Transportation Authority also add levies on real property transactions.

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