Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Virginia

Virginia Mortgage Calculator

Set to Virginia’s own property tax rate of 0.71% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($80,800)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$2,417
Monthly payment
$2,060
Principal & interest
$239
Taxes
$118
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $323,200 Interest paid $418,356
20262056
Total of 360 payments$870,016
Principal$323,200
Interest$418,356
Taxes$86,040
Insurance$42,420
HOA fees$0
P&I 85.2% Taxes 9.9% Insurance 4.9%
15- vs 30-year term at 6.58%
15-year
$2,830/mo P&I
$186,137 total interest
30-year · current
$2,060/mo P&I
$418,356 total interest
The 15-year term saves $232,219 in interest. Which term is right for you?

What these numbers come from

Median home value
$403,500
Median tax bill
$2,872
Effective tax rate
0.71%
Rank of 51
32nd highest

Virginia taxes property at about 0.71% of value against 0.89% nationally. On a $404,000 home that is $61 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Virginia home prices

20% down, 30-year fixed at 6.58%, with Virginia property tax of 0.71% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$242,000 $193,600 $1,234 $143 $1,448
$323,000 $258,400 $1,647 $191 $1,932
$404,000 median $323,200 $2,060 $239 $2,417
$504,000 $403,200 $2,570 $298 $3,015
$605,000 $484,000 $3,085 $358 $3,619

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Virginia taxes alone add $239 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $288 $1,772 $357 $322,912
Sep $289 $1,771 $357 $322,623
Oct $291 $1,769 $357 $322,332
Nov $292 $1,767 $357 $322,040
Dec $294 $1,766 $357 $321,746
2026 $1,454 $8,845 $1,784 $321,746
Jan $296 $1,764 $357 $321,450
Feb $297 $1,763 $357 $321,153
Mar $299 $1,761 $357 $320,854
Apr $301 $1,759 $357 $320,554
May $302 $1,758 $357 $320,251
Jun $304 $1,756 $357 $319,947

Refinancing in Virginia

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Virginia home loans in detail

Virginia Mortgage Overview

Virginia homes are always in high demand because of the close proximity to the government and the many jobs they offer. Despite its popularity, homes are still affordable in the area with a median cost of $273,000 in the area.

If you're thinking of moving to the Virginia area, here are your loan options:

Virginia conventional loans

If you have at least a 660 credit score and low debt ratio (around 36 percent), you may qualify for conventional financing. You don't need the traditional 20 percent down

  • lenders accept as little as 3 percent down for first-time buyers and 5 percent for subsequent buyers. You will pay PMI for the time you owe over 80 percent of the home's value, but that doesn't last forever.

Virginia FHA loans

If you have less than perfect credit, the FHA loan may be a good alternative. You need just a 580 credit score and 3.5 percent down. Most borrowers can use down payment assistance and/or gift funds for the FHA loan. If you have a score between 500

  • 579, you'll need a 10 percent down payment and 3.5 percent should be from your funds. FHA loans have mortgage insurance for the life of the loan in exchange for the flexible guidelines.

Virginia VA loans

VA loans are for veterans of the military. You may also qualify if you are currently serving if you served at least 181 days in peacetime or 90 days during wartime. Veterans don't need a down payment and you can get approved with a credit score as low as 620. VA loans allow debt ratios of as high as 50 percent. VA loans don't charge mortgage insurance but most veterans pay a funding fee.

Virginia USDA loans

USDA loans are for borrowers who don't qualify for other financing options. It's for low to moderate-income families. If you're eligible, you need a 640 credit score and a max 41 percent debt ratio. You must live within the USDA boundaries, but they aren't as 'isolated' as you think.

First-Time Homebuyer

Programs in Virginia

Mortgage Credit Certificate

First-time homebuyers can secure an MCC that's equal to up to 10 percent of the mortgage interest you pay for the year. The tax credit reduces your tax liability and puts more money in your pocket. This makes it easier to afford a home loan and the expenses that homeownership creates.

Virginia Housing Plus Second Mortgage

The Housing Plus Second Mortgage helps you meet the down payment requirements of a first mortgage. You can borrow up to 1.5 percent more than the sales price and if your credit score is high enough (680) you may include the closing costs in the loan too.

Down Payment Assistance Grant

This grant helps with the down payment. You may borrow up to 1.5 percent more than the sales price. You may use the funds for the down payment and/or any closing costs associated with a loan including funding fees. No repayment is required.

Closing Cost Assistance Grant

The Closing Cost Assistance Grant provides funds to cover the closing costs on your loan. It's a non-repayable grant that helps offset the cost of closing on a loan.

Mortgage Credit Certificate

The MCC provides you with a dollar-for-dollar tax credit on the mortgage interest you pay for the year. This decreases your total tax liability and enables you to have more money to afford housing payments.

Virginia mortgage FAQ

How much is property tax on a home in Virginia?
Virginia homeowners pay an effective property tax rate of about 0.71 percent of home value — the 32nd highest of the 50 states and DC. On the state's median home value of $403,500 that works out to roughly $2,868 a year, or $239 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Virginia home?
At $404,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $2,060 a month. Adding Virginia property tax of roughly $239 a month and an estimated $118 of homeowner insurance brings the full payment to around $2,417.
What types of mortgages can homebuyers get in Virginia?
Virginia offers conventional loans requiring a 660 credit score, a debt ratio around 36 percent, and as little as 3 percent down for first-time buyers, FHA loans with a 580 score and 3.5 percent down, VA loans with no down payment and credit scores as low as 620, and USDA loans for low to moderate-income families with a 640 score.
What first-time homebuyer assistance does Virginia provide?
Virginia first-time buyers can use a Mortgage Credit Certificate worth up to 10 percent of yearly mortgage interest as a tax credit, the Virginia Housing Plus Second Mortgage to meet down payment requirements, a Down Payment Assistance Grant allowing up to 1.5 percent above the sales price with no repayment, and a Closing Cost Assistance Grant that offsets closing costs.
How much do you need to put down on a house in Virginia?
First-time buyers can put as little as 3 percent down on a conventional loan or 3.5 percent with FHA financing and a 580 credit score. Eligible veterans need no down payment with a VA loan, and USDA loans serve buyers who don't qualify elsewhere. Putting less than 20 percent down on a conventional loan means paying PMI until you owe under 80 percent of the home's value.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.