Virginia Mortgage Calculator

Using this Virginia mortgage calculator

This free Virginia mortgage calculator is pre-set with a representative Virginia price of about $390,000 and the state's roughly 0.82% property-tax rate, so a realistic Virginia estimate appears the moment the page loads. Change the price to your target home, and the payment, principal-and-interest split, and escrow update instantly. Everything runs in your browser, so nothing you type about a Virginia Beach or Chesapeake purchase is sent anywhere.

Notice the rate field is not pre-filled with a Virginia average, because there is no single Virginia rate: it depends on your credit, loan type, down payment and lender. Drop in a rate from a real quote or preapproval and the $390,000-home estimate becomes one you can actually plan around, complete with the $267-a-month tax escrow that Virginia adds to principal and interest.

What a Virginia payment looks like (PITI)

A Virginia payment has four parts, together called PITI. Take the representative $390,000 Virginia home with 20% down: the loan is about $312,000, principal and interest at a sample 6.5% over 30 years runs roughly $1,972 a month, and Virginia's property tax adds about $267 more through escrow before homeowners insurance. Put together, that is the number your servicer collects.

The tax and insurance pieces are set by where in Virginia you buy, not by your lender, so two buyers with the same $312,000 loan can owe very different totals, Virginia Beach versus a rural county, for example. The calculator above separates the pieces so you can see how much of your Virginia payment builds equity versus covers carrying costs.

Home prices across Virginia

A typical Virginia home sits in the $370,000 to $410,000 range, but the state is not one market: Virginia Beach, Chesapeake and Arlington usually run above the midpoint while smaller Virginia counties fall below it. Virginia is a tale of two markets: expensive, high-limit Northern Virginia near Washington, D.C., and a far more affordable remainder, so where in the state you buy changes both the price and the loan limits that apply.

Because price sets your loan size, your down payment and your $3,198-a-year tax bill all at once, it pays to model your actual Virginia target rather than a statewide average. Try the calculator at a Virginia Beach price and again at a Norfolk or small-town price to see how far the same income stretches across Virginia, the monthly gap is often larger than buyers expect, and it compounds into real money over a 30-year loan.

Virginia property tax rates and your escrow

Virginia's effective property-tax rate is below the national average, set by counties and independent cities. Prices are driven upward by the Northern Virginia suburbs of Washington, D.C., while the rest of the state is considerably more affordable. At Virginia's roughly 0.82% effective rate, a $390,000 home carries about $3,198 a year in property tax, or $267 a month added to your Virginia payment through escrow.

No two Virginia counties tax exactly alike, so enter the rate for the specific Virginia jurisdiction you are buying in rather than the statewide figure. Two Virginia homes at the same $390,000 price in different districts can carry meaningfully different bills, and the lower-tax one is genuinely cheaper to own even at an identical sticker price. The calculator's tax field lets you test the real local number.

Virginia conforming and FHA loan limits (2026)

For 2026, Virginia's baseline one-unit conforming loan limit is $832,750, but because a number of Virginia counties are designated high-cost, their limits rise to as much as $1,249,125. FHA in Virginia spans the same range, from a $541,287 floor in lower-cost counties up to $1,249,125 in the priciest.

The Northern Virginia counties and cities in the Washington, D.C. metro, such as Arlington, Fairfax, Loudoun, Prince William and Alexandria, are high-cost and carry limits above the baseline, up to the ceiling. The rest of Virginia is generally at the baseline. With a representative Virginia price near $390,000, the typical buyer has roughly $442,750 of headroom under the conforming limit, so most Virginia purchases finance conventionally without touching jumbo rules.

A loan sized at or beneath $832,750 usually prices best on the conventional side in Virginia, while the FHA figure caps a low-down-payment loan. If your Virginia Beach or Chesapeake target pushes past these limits, compare a conventional, jumbo and FHA scenario before you commit.

Down payment and PMI in Virginia

On a conventional Virginia loan, putting less than 20% down means paying private mortgage insurance (PMI) until you reach 20% equity, while FHA carries its own premium. On the representative $390,000 Virginia home, 20% down is $78,000, 10% is $39,000, and the 3.5% FHA minimum is about $13,650.

A smaller down payment gets you into a Virginia home sooner but raises both the loan and the insurance: the FHA route here finances about $376,350 and runs roughly $2,379 a month in principal and interest before escrow, versus $1,972 on the 20%-down loan. The calculator's PMI field shows the true cost of a low down payment, so you can weigh buying now against saving longer, or using Virginia down-payment assistance to close the gap.

Jumbo loans in Virginia

A Virginia home financed above $832,750 (or above the high-cost limit where it applies) needs a jumbo loan. Jumbos are not backed by Fannie Mae or Freddie Mac, so Virginia lenders set stricter terms: a higher credit score, often 10% to 20%+ down, documented reserves and a lower DTI. At Virginia's price levels, most buyers stay under the limit, so jumbo loans mainly affect the state's higher-end purchases.

One bright spot: jumbo pricing is competitive now. In the calculator, compare a Virginia jumbo scenario against a "buy just under $832,750" scenario to see whether a larger down payment keeps you in conforming territory and lowers your cost.

New construction and condos in Virginia

Beyond existing homes, many Virginia buyers consider new construction or a condo, and each adds wrinkles to the $390,000 math above. New-build Virginia purchases may involve builder financing incentives, a longer closing, and property taxes that reset to the completed value, so the first full-year tax bill can exceed the estimate based on land alone.

Virginia condos add monthly HOA dues on top of PITI, and lenders check that the project is warrantable before approving a conventional or FHA loan. Both are common in Virginia Beach and Chesapeake. Use the calculator's HOA field to fold dues into the payment, and confirm the Virginia property-tax basis for a new build so the escrow you plan for matches what actually arrives.

Escrow and why your Virginia payment can change

Even a fixed-rate Virginia loan can see its payment move, because of escrow. Your servicer collects the $267-a-month property tax and your insurance into an escrow account settles those bills on your behalf and re-checks the math annually.

If Virginia reassesses your home higher or your premium rises, the escrow portion climbs to cover it even though your $1,972 principal and interest never change; if they fall, you may get a refund. That is why the Virginia payment at closing may not match year three. Budget a small cushion above the calculator's estimate, and claim every Virginia exemption to keep the tax side of escrow low.

A closer look at Virginia's major metros

Virginia's housing market is really the sum of its metros, and each shapes a payment differently:

• Virginia Beach anchors the top of the Virginia market and usually sets the pace on price and competition.
• Chesapeake offers a second major Virginia metro, often with a different price and tax profile than Virginia Beach.
• Arlington gives Virginia buyers another established market to weigh.
• Richmond and Norfolk round out the state's larger markets, frequently more affordable than Virginia Beach.

Because each Virginia metro carries its own tax rate and insurance cost, the $390,000 representative figure is only a starting point, price the specific Virginia city and neighborhood you are targeting to get a payment you can rely on.

Down payment assistance in Virginia

Virginia buyers do not have to save the whole $78,000 on their own. Virginia Housing (formerly VHDA) runs programs built to lower the cash you bring to closing. Virginia Housing offers a Down Payment Assistance Grant that does not have to be repaid, a Closing Cost Assistance Grant for eligible loan types, and the Plus Second Mortgage for additional help, along with a mortgage credit certificate. Programs target first-time buyers under income and price limits.

Most layer a down-payment or closing-cost loan on top of a standard first mortgage, targeting first-time Virginia buyers (typically those who have not owned in three years) under income and price caps. Price your first mortgage here, then ask a participating Virginia lender how a specific program changes your cash to close, on a $390,000 purchase, assistance can turn a $78,000 barrier into a few thousand dollars, and the income caps are often higher than buyers assume.

Timing and locking your Virginia rate

Once your Virginia offer is accepted, you will lock your rate for a set window, commonly 30 to 60 days, to protect the quote through closing. On the $312,000 Virginia loan, even a small rate move changes the $1,972 monthly figure, so locking removes that uncertainty while your file is underwritten.

Confirm the lock period fits your Virginia closing timeline, since a lock that expires before closing can mean re-locking at a worse rate. Use the calculator to re-check your Virginia payment at the locked rate and the real tax and insurance figures, so the number you commit to is the number you carry.

Discount points and buydowns on a Virginia loan

Most Virginia rate quotes offer discount points, an upfront fee, one point is 1% of the loan, that buys down your rate. On the representative $312,000 Virginia loan, a single point costs about $3,120, and it only pays off if you keep the loan past the break-even point where the monthly savings overtake that cost, usually several years out.

Some Virginia builders and sellers instead fund a temporary buydown (like a 2-1) that lowers the rate for the first year or two before it steps up. That eases the early months on a $390,000 Virginia purchase but does not cut the long-run cost. Run the calculator at the with-points and no-points rate, then weigh the $3,120 against how long you truly plan to stay in the home.

Virginia refinance and home-equity options

Owning in Virginia opens more moves as rates shift or equity grows. A refinance can cut your rate or payment; a cash-out refinance, home equity loan or HELOC turns Virginia equity into cash for improvements or debt payoff.

And if you put a lump sum toward the $312,000 balance, a recast can lower your Virginia payment while keeping the rate you locked, valuable if that rate is one you would not want to give up. Bookmark this page and revisit these tools as your Virginia situation changes; the same private, browser-only math powers each one.

Homeowners insurance in Virginia

Every Virginia lender requires homeowners insurance, and the premium is the second escrow add-on after the $267-a-month property tax. Homeowners-insurance costs in Virginia are moderate inland but higher in the Hampton Roads coastal region, where hurricane and flood exposure raises premiums and may require separate coverage.

Because Virginia premiums swing with local risk, get a quote for the specific property rather than a rule of thumb, two homes a few miles apart in Virginia can price very differently, and a home in a flood zone needs separate flood coverage. Enter your quoted annual premium into the calculator's insurance field so your $390,000-home estimate reflects full PITI, not just the $1,972 of principal and interest plus tax.

VA and USDA loans in Virginia

VA loans give eligible Virginia veterans, active-duty members and some surviving spouses no down payment, no monthly mortgage insurance and strong rates, so on the $390,000 home a qualifying buyer can skip the $78,000 down payment entirely, paying only the VA funding fee (waived with a service-connected disability).

USDA loans cover eligible rural and many suburban parts of Virginia with zero down and reduced fees under income limits, and large stretches of Virginia outside Virginia Beach and Chesapeake qualify. Either can beat conventional or FHA on total cost, so check eligibility, then compare the resulting Virginia payment here, keeping in mind that zero down cuts your upfront cash but enlarges the loan.

Closing costs and transfer taxes in Virginia

On top of the down payment, Virginia closing costs usually run 2% to 5% of the loan, about $6,240 to $15,600 on the representative $312,000 Virginia loan, covering lender fees, title insurance, appraisal and prepaids. The line that varies most by state is the transfer tax: Virginia's transfer costs are split between a state and local grantor tax and a recordation tax of about $0.25 per $100 on the buyer's side, together a relatively modest share of the purchase price.

Because these are paid up front, they raise the cash you need on day one in Virginia rather than your payment. Many Virginia buyers offset them with seller credits or an assistance program. Add a realistic figure to your down payment to know the true cash needed to close on a Virginia home.

Conventional, FHA, VA or ARM for Virginia buyers

The right loan for a Virginia purchase depends on your down payment, credit and how long you will stay:

• Conventional — best pricing at or under $832,750 with 5%+ down; PMI ends at 20% equity.
• FHA — 3.5% down (about $13,650 here) and flexible credit for first-time Virginia buyers.
• VA — zero down and no monthly mortgage insurance for eligible Virginia veterans and service members.
• ARM — a lower intro rate if you will move or refinance within a few years.

Run the numbers on each option: a headline-low rate on one product can lose to another once Virginia mortgage insurance or a shorter fixed period is counted.

Second homes and investment property in Virginia

A Virginia vacation home or rental comes with tougher terms than a primary residence: lenders want a bigger down payment (often 10% to 25%, so $97,500 or more on a $390,000 property), charge a higher rate, and expect stronger reserves, with investment loans priced strictest of all.

The offset for Virginia investors is that rental income can help you qualify and cover the payment, and the interest and $3,198-a-year property tax carry their own tax treatment worth reviewing with a professional. Model the Virginia purchase here with the larger down payment and higher rate you are quoted, then test it against realistic local rent before committing.

How Virginia compares with neighboring states

Buyers near Virginia's borders often weigh it against Maryland, North Carolina, Tennessee, West Virginia and Kentucky. What differs most is rarely the mortgage itself, it is the local carrying costs: Virginia's roughly 0.82% property-tax rate, its state income tax, and its transfer-tax treatment all shift the true cost of ownership versus a home just across the line in Maryland or North Carolina.

If you are choosing between Virginia Beach and a metro in Maryland, price both in the calculator with each state's own tax rate and an insurance quote, the $1,972-a-month principal and interest may be similar, but the escrow and closing costs can tip the decision. The same loan looks different once Virginia's local rules are applied.

Common mistakes Virginia buyers make

A handful of errors trip up Virginia buyers. Most common is budgeting on the $1,972 principal-and-interest figure alone and forgetting the $267-plus of monthly Virginia tax and insurance escrow. Next is shopping without a preapproval, which weakens Virginia offers, and chasing a headline rate loaded with hidden points.

Others: skipping Virginia down-payment assistance they would qualify for, waiving the inspection to win a bid, and opening new credit between preapproval and closing. Each is preventable, use the calculator and linked tools to test your full Virginia payment, confirm your DTI, and lock a quote you understand.

First-time buyer steps in Virginia

A first Virginia purchase goes smoothly in order: (1) check credit and trim high-interest debt to improve your DTI; (2) estimate a comfortable payment here, tax and insurance included; (3) look into Virginia Housing (formerly VHDA) assistance toward the $78,000 down payment; (4) get preapproved; and (5) compare loan types before you lock.

Do these in sequence and the payment you plan for in Virginia is the one you get. Skipping the preapproval is the most common misstep, with it, you shop Virginia Beach and Chesapeake listings from a position of strength instead of guessing.

Virginia's biggest housing markets

Most of Virginia's price data is driven by Virginia Beach, Chesapeake, Arlington, Richmond and Norfolk. Virginia Beach anchors the top of the Virginia market, Chesapeake and Arlington follow, and Richmond and Norfolk round out the major metros, each with its own tax rate, insurance cost and price level. A payment that works in one can be a stretch in another.

In any of these Virginia markets, the method is the same: a real rate quote, the local tax rate, and an insurance quote, entered into the calculator for the full monthly number. That is how you compare Virginia Beach against Norfolk on equal footing instead of trusting a single "average Virginia price."

The income you need to buy in Virginia

Lenders like your total housing payment near 28% of gross monthly income. On the representative $390,000 Virginia home, principal, interest and tax come to about $2,239 a month, which points to roughly $8,000 a year in income before adding insurance and other debts, useful as a Virginia baseline, not a hard rule.

Your own debts change the picture, so run our DTI calculator and get a preapproval estimate before shopping Virginia listings. Always include the $267 Virginia tax escrow and an insurance quote in the payment you test; leaving them out can overstate what you can safely afford by hundreds a month.

Property-tax relief in Virginia

Because tax is a big slice of a Virginia payment, roughly $267 a month on a $390,000 home, the relief programs that cut it matter. Many Virginia localities offer real-estate tax relief for seniors and people with disabilities, and disabled veterans may qualify for a full exemption on their primary residence under state law. Because independent cities set their own rates, relief programs vary by locality.

Beyond those, Virginia owners can challenge an over-assessment: when the assessed value exceeds what nearby comparable homes have sold for, an appeal can cut your taxable value and escrow. Claim every Virginia exemption as soon as you buy (some are not automatic) and recheck your assessment yearly, trimming the tax bill moves the only piece of a fixed-rate Virginia payment still in your control post-closing.

Improving the rate on your Virginia loan

The interest rate is the biggest lever on a Virginia payment, and it turns on two things: your credit score and your debt-to-income ratio. Moving from the mid-600s to 740-plus can drop you a full rate tier, and on the $312,000 Virginia loan even a quarter-point changes the $1,972 monthly figure and tens of thousands over 30 years.

Before locking a Virginia rate, pull your credit, fix errors, hold off on new accounts and pay down cards, then confirm your standing with our DTI calculator. A few weeks of prep is one of the highest-return moves in the whole Virginia buying process.

Assumable loans and seller financing in Virginia

A detail many Virginia buyers overlook: some existing mortgages are assumable. FHA, VA and USDA loans can often be taken over by a qualified buyer at the seller's original rate, which is powerful in Virginia if that rate is well below today's, since you keep the low rate on the remaining balance rather than financing the full $390,000 at current pricing.

The catch is that you must qualify and cover the gap between the sale price and the loan balance, often with cash or a second loan, so assumptions suit Virginia homes with a large low-rate loan and modest equity. Ask whether a Virginia listing's financing is assumable, then model the blended cost here against a standard new loan to see which wins.

Renting vs buying in Virginia

Before committing to the $1,972-a-month principal and interest on a $390,000 Virginia home, it is worth testing that against renting. In Virginia, the buy-versus-rent math turns on how long you will stay, how fast prices and rents move locally, and the full carrying cost, the $267 monthly tax escrow, insurance, and maintenance on top of the loan.

Buying in Virginia Beach or Chesapeake tends to favor those staying long enough to outrun the upfront costs, while a short Virginia stay can favor renting. Run both sides with our rent vs buy calculator, then bring the purchase figure back here to confirm the Virginia payment fits before you decide. Remember that buying also builds equity and locks your principal and interest, while Virginia rents can rise every year, a factor the raw monthly comparison alone can understate.

The full cost of owning a Virginia home

A mortgage is only part of what a Virginia home costs. Beyond the $1,972 principal and interest and the $267-a-month tax escrow, budget for maintenance, commonly estimated near 1% of the home's value a year, about $3,900 annually on a $390,000 Virginia home, plus utilities, homeowners insurance, and any HOA dues.

Planning for these keeps a Virginia purchase sustainable rather than stretched. The calculator gives you an accurate PITI baseline; add a realistic maintenance and utility figure on top to see the true monthly cost of owning in Virginia, and to be sure the home fits your budget with room left for savings and the unexpected. A useful rule for Virginia buyers is to hold back a reserve equal to a few months of the full $2,239-plus payment, so an escrow adjustment, a repair, or a gap between paychecks never puts the home at risk.

Fixed vs adjustable rates for Virginia buyers

A fixed-rate loan locks your Virginia principal and interest for the full term, the safe default if you plan to stay. An ARM carries a discounted rate for an intro period of five to ten years, then floats, which can suit a Virginia buyer who expects to move or refinance before the fixed period ends.

On the $312,000 Virginia loan, even a small rate difference moves the $1,972 monthly figure noticeably, so the ARM's early savings are real, but so is the risk if you stay past the adjustment. Use our ARM calculator to see both the intro and worst-case adjusted payment, then compare against a fixed quote here. For Virginia buyers it comes down to how long you hold the loan, not the state.

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