Virginia Mortgage Calculator

Calculate your monthly mortgage payment in Virginia. Pre-filled with Virginia's average property tax rate of 0.82%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$239
Homeowner's Insurance
$100
Total Monthly Payment
$2,109

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,109/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Virginia Housing Overview

Virginia has an average property tax rate of 0.82%. Virginia's cost of living is about 3% above the national average, with Northern Virginia being 30%+ above average.

Property Tax: 0.82%Progressive but effectively flat 5.75% for mostNorthern Virginia high-salary job marketNo tax on Social Security

Buying a Home in Virginia

If you're considering buying a home in Virginia, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Virginia's average property tax rate of 0.82% to give you a more accurate estimate.

Virginia Property Taxes

Virginia has an average effective property tax rate of 0.82%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.82% rate means approximately $2870 per year, or $239 per month in property taxes alone.

Cost of Living in Virginia

Virginia's cost of living is about 3% above the national average, with Northern Virginia being 30%+ above average. When evaluating whether to buy a home in Virginia, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Virginia Homebuyers

  • Virginia's top rate applies at just $17,000 — most workers effectively pay a flat 5.75%
  • Northern Virginia's proximity to D.C. offers some of the highest salaries in the country
  • Virginia does not tax Social Security benefits
  • Virginia's diverse economy spans government, defense, tech, and agriculture

Key Virginia Features

  • Progressive but effectively flat 5.75% for most
  • Northern Virginia high-salary job market
  • No tax on Social Security
  • Diverse economy

See How Your Virginia Mortgage Fits Your Financial Plan

This calculator shows your Virginia mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Virginia Mortgage Costs with Other States

District of Columbia0.57% property taxMaryland1.07% property taxWest Virginia0.58% property taxTexas1.80% property taxFlorida0.89% property taxCalifornia0.71% property tax

Frequently Asked Questions

What is the average property tax rate in Virginia?
The average effective property tax rate in Virginia is approximately 0.82%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Virginia's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Virginia?
Your mortgage payment in Virginia depends on the home price, your down payment, interest rate, and loan term. With Virginia's average property tax rate of 0.82%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Virginia an affordable state to buy a home?
Virginia's cost of living is about 3% above the national average, with Northern Virginia being 30%+ above average. When evaluating affordability in Virginia, consider not just the home price but also property taxes (0.82% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Virginia property taxes compare to other states?
Virginia's average property tax rate of 0.82% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Virginia?
Most states, including Virginia, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Virginia's housing authority and the FHA, VA, and USDA loan programs for additional options.

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