Virginia · VA

Virginia Mortgage Calculator

Pre-filled for Virginia: median home price $395,000, average property tax rate 0.80%. Adjust any slider to make it yours.

Virginia housing at a glance

Median home price: $395,000
Effective property tax rate: 0.80% / yr
Annual property tax (median home): $3,160
Est. monthly tax escrow: $263
State income tax: Yes

Sources: regional housing data 2025 (median price), state assessor averages 2024–2025 (tax rate).

Buying a home in Virginia

The median home price in Virginia is around $395,000 and the effective property tax rate averages 0.80%of assessed value per year. Most lenders look for a debt-to-income (DTI) ratio under 43%, meaning your total monthly debt payments (including this mortgage) shouldn't exceed 43% of your gross income.

A 20% down payment on the median home in Virginia is $79,000. Putting down at least 20% eliminates private mortgage insurance (PMI), which typically adds 0.3–1.5% of the loan amount per year to your monthly payment.

Transfer tax & closing costs in Virginia

Virginia's state recordation tax is $0.25 per $100 of price ($2.50 per $1,000), plus a grantor tax of $0.50 per $500 and a local tax of $0.083 per $100.

Beyond transfer taxes, total closing costs in Virginiatypically range from 2–5% of the purchase price — including lender origination fees, title insurance, appraisal, and prepaid interest. On the median home that's roughly $7,900–$19,750.

Foreclosure & legal context

Foreclosure type: Non-judicial (trustee sale)
Security instrument: Deed of Trust
Deficiency liability: Recourse

Virginia mortgage FAQ

What is the monthly mortgage payment for a median-priced home in Virginia?: At the current 30-year fixed rate of ~6.81%, a $395,000 home in Virginia with 20% down ($79,000) carries a principal-and-interest payment of ~$2,062/mo. Add property tax (~$263/mo at 0.80%) and homeowners insurance and your total is roughly $2,326/mo. Use the calculator above to adjust for your exact down payment and rate.
What is the property tax rate in Virginia?: The effective statewide property tax rate in Virginia averages 0.80% of assessed value per year. On a $395,000 home, that works out to roughly $3,160 per year ($263/mo). Individual county rates vary.
Does Virginia have a state income tax?: Yes, Virginia has a state income tax. This affects your net take-home pay and therefore your effective purchasing power — use our salary calculator to estimate what's left after tax.
What are the closing costs and transfer taxes in Virginia?: Virginia's state recordation tax is $0.25 per $100 of price ($2.50 per $1,000), plus a grantor tax of $0.50 per $500 and a local tax of $0.083 per $100.
What type of foreclosure does Virginia use?: Virginia uses non-judicial (trustee sale) foreclosure, which typically moves faster than court-supervised processes.

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