Mortgage Refinance Calculator for Virginia

Refinancing a Mortgage in Virginia

With a median home value of $365,000 in Virginia, many homeowners have accumulated significant equity since 2020. 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.

Refinance Closing Costs in Virginia

Refinancing costs approximately $3,900 in Virginia. 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. Your break-even is when cumulative monthly savings equal these upfront costs.

Conforming Refinance Limits

To qualify for a conventional rate-and-term refinance in Virginia, your balance must stay under $1,089,300. Northern Virginia counties — Arlington, Fairfax, Loudoun — and the City of Alexandria qualify for high-cost conforming limits of $1,089,300.

Property Taxes After Refinancing

Refinancing doesn't trigger a property reassessment in Virginia. Your 0.82% effective rate stays constant — only the principal and interest portion of your payment changes. Northern Virginia's housing market is among the nation's most expensive and most stable, underpinned by federal government employment and defense contracting. Amazon's HQ2 in Arlington has accelerated appreciation in the immediate vicinity.

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