Mortgage Calculator — Virginia
Pre-filled with Virginia's average home price of $385000, property tax rate of 0.75%, and average insurance of $1600/year. Adjust any value below.
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2 Monthly Costs (Virginia averages pre-filled)
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Required when down payment < 20%
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How your payment changes with different interest rates
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Full month-by-month payment breakdown
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Virginia Housing Market
Northern Virginia (Arlington, Alexandria, Fairfax) commands some of the highest prices in the state due to proximity to DC and federal employment. Central and Southwest Virginia offer significantly more affordable housing options.
Affordability in Virginia
Virginia's housing market is bifurcated: Northern Virginia competes with DC suburbs at $600,000+ medians, while Richmond and coastal markets offer homes in the $300,000–$400,000 range — well within reach for median-income households.
Key Markets
First-Time Buyer Programs in Virginia
VHDA Mortgage Loan
Virginia Housing Development Authority offers below-market 30-year fixed rates for first-time buyers. Statewide income and purchase price limits.
VHDA Down Payment Assistance Grant
Up to 2.5% of purchase price as a grant — no repayment required. Available with VHDA first mortgage.
SPARC (Sponsoring Partnerships)
City of Richmond and Northern Virginia jurisdictions offer additional local DPA for buyers in targeted areas.
Property Tax in Virginia
Virginia property taxes vary significantly by locality: Arlington 1.03%, Fairfax 1.09%, Richmond 1.20%, Virginia Beach 0.99%. No state property tax — all taxes are locally set. Veterans with 100% disability rating are fully exempt.
Virginia Conforming Loan Limit
$1,089,300 in Northern Virginia jurisdictions (Arlington, Alexandria, Fairfax, Loudoun). Standard $766,550 in Richmond, Virginia Beach, and elsewhere.
Closing Costs in Virginia
Virginia closing costs run 2–4% of purchase price. Key costs: grantor's tax ($0.50/$500 for Northern VA cities), title insurance, attorney/settlement fees, recording fees. Northern VA locality taxes can add $1,000–$2,000 on top of standard costs.
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