Virginia Mortgage Calculator
The median home price in Virginia is $390,000. With a 20% down payment at the state's average 30-year fixed rate of 7%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $2,451. Virginia's property tax rate of 0.82% annually is below the U.S. national average of 1.07%.
A buyer earning Virginia's median household income of $87,000 would dedicate roughly 34% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$390,000
Avg 30-yr Rate
7%
Property Tax Rate
0.82%/yr
Est. Monthly PITI
$2,451
Mortgage Calculator
Total Monthly Payment
$2,450.58
Loan Amount
$312,000
Total Paid
$747,268
Total Interest
$435,268
How to Get a Mortgage in Virginia
- 1 Check your credit score. In Virginia, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $390,000 Virginia home, 20% down is $78,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Virginia average 7%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $9,360–$15,600 on a median Virginia purchase.
- 5 Budget for ongoing costs: Virginia property taxes average 0.82%/yr ($3,198/yr on the median home), plus homeowner's insurance averaging $1.300/yr.
Monthly Cost Breakdown — Median Virginia Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Virginia Mortgage FAQs
What is the average home price in Virginia?
The median home price in Virginia is $390,000 (2024 estimate). With a typical 20% down payment of $78,000, a buyer would finance $312,000 at a 30-year fixed rate.
What are property taxes like in Virginia?
Virginia has an average effective property tax rate of 0.82% of assessed home value. On a $390,000 home, that's approximately $3,198 per year ($267/month) — below the national average of 1.07%.
How much income do I need to buy a home in Virginia?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Virginia home, you'd need to earn roughly $105,025 per year. The state's median household income is $87,000, meaning the typical household allocates about 34% of gross income to housing — moderately stretched.
What is the average mortgage rate in Virginia?
The average 30-year fixed mortgage rate in Virginia is approximately 7% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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