Virginia Mortgage Calculator
Estimate your monthly mortgage payment in Virginia with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Virginia is $400,000 with an effective property tax rate of 0.81%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
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| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $24,271.44 | $3,576.76 | $20,694.68 | $316,423.24 |
| 1 | $2,022.62 | $289.29 | $1,733.33 | $319,710.71 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | $319,127.43 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | $318,833.42 |
| 5 | $2,022.62 | $295.61 | $1,727.01 | $318,537.81 |
| 6 | $2,022.62 | $297.21 | $1,725.41 | $318,240.60 |
| 7 | $2,022.62 | $298.82 | $1,723.80 | $317,941.78 |
| 8 | $2,022.62 | $300.44 | $1,722.18 | $317,641.34 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | $317,339.28 |
| 10 | $2,022.62 | $303.70 | $1,718.92 | $317,035.58 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | $316,730.24 |
| 12 | $2,022.62 | $307.00 | $1,715.62 | $316,423.24 |
Year 2 | $24,271.44 | $3,816.28 | $20,455.16 | $312,606.96 |
Year 3 | $24,271.44 | $4,071.88 | $20,199.56 | $308,535.08 |
Year 4 | $24,271.44 | $4,344.57 | $19,926.87 | $304,190.51 |
Year 5 | $24,271.44 | $4,635.54 | $19,635.90 | $299,554.97 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Virginia Housing Snapshot
| Median Home Value | $400,000 |
| Effective Property Tax Rate | 0.81% |
| Estimated Annual Property Tax | $3,240 |
| State Income Tax | Up to 5.75% |
| Homestead Exemption | $5,000 personal property exemption; disabled veterans 100% real estate exemption |
| Avg Homeowners Insurance | $1,295/yr |
| Transfer & Recording Taxes | Grantor tax $0.50 per $500 plus recordation tax $0.25 per $100 (state); buyer typically pays recordation |
What Makes Buying in Virginia Different
Virginia's housing market is highly varied. Northern Virginia (Arlington, Alexandria, Fairfax County) functions as part of the Washington DC commuter shed with prices to match: Arlington's median exceeds $815,000 and inner Fairfax communities push higher. Richmond and Hampton Roads (Norfolk, Virginia Beach, Newport News) are far more affordable at $285,000-$365,000 median. The statewide effective property tax rate is moderate at 0.81%. State income tax tops at 5.75%, modest for an East Coast state. Virginia's most generous property tax benefit is for disabled veterans rated 100% by the VA: their primary residence is fully exempt from real estate property tax (one of the most generous benefits in the country, drawing many military retirees to Virginia). The state's transaction costs include grantor tax (seller, 0.10%) and recordation tax (buyer, 0.25% state plus local rates that vary). Insurance averages $1,295, with coastal Virginia (Hampton Roads, Eastern Shore) seeing hurricane exposure and higher premiums than inland.
Top Cities in Virginia
| City | Median Home Value |
|---|---|
| Virginia Beach | $365,000 |
| Norfolk | $285,000 |
| Arlington | $815,000 |
| Richmond | $335,000 |
| Alexandria | $695,000 |
Virginia provides a 100% real estate property tax exemption on the primary residence of veterans rated 100% disabled by the VA, or surviving spouses of veterans who died from service-connected disabilities. This is one of the most generous veteran property tax benefits in the country and has made Virginia a destination for disabled military retirees. Apply through your local Commissioner of the Revenue.
Northern Virginia is part of the Washington DC commuter shed and benefits from federal government, defense contractor (Lockheed Martin, Booz Allen Hamilton, Northrop Grumman), and tech (Amazon HQ2 in Arlington, multiple Microsoft offices) employment. Arlington's median home value above $815,000 reflects this concentration. Loudoun County (Ashburn, Leesburg) and Prince William County (Manassas, Woodbridge) offer somewhat more affordable suburban options.
Virginia charges grantor tax of $0.50 per $500 (0.10%) paid by the seller, and recordation tax of $0.25 per $100 (0.25%) typically paid by the buyer along with local recordation tax. The buyer-paid portion is the more significant amount. On a $400,000 home in Fairfax County, recordation tax for the buyer is approximately $1,400 state plus county recordation.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.