Typical Virginia mortgage payment
The median home price in Virginia is roughly $400,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,163 | $2,147 |
| 5.50% | $3,268 | $2,271 |
| 6.00% | $3,375 | $2,398 |
| 6.50% | $3,484 | $2,528 |
| 7.00% | $3,595 | $2,661 |
| 7.50% | $3,708 | $2,797 |
| 8.00% | $3,823 | $2,935 |
| 8.50% | $3,939 | $3,076 |
| 9.00% | $4,057 | $3,218 |
| 9.50% | $4,177 | $3,363 |
| 10.00% | $4,298 | $3,510 |
What a Virginia mortgage really costs (PITI)
Principal & interest alone would run about $2,528/month at 6.50% over 30 years. But Virginia's property tax - roughly 0.82% of home value per year here - adds about $273/month, and estimated homeowners insurance adds around $117/month. Your real total monthly payment (PITI) on a $400,000 Virginia home is closer to $2,918/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $125,069/year. A 20% down payment here is $80,000.
Virginia vs. its neighbors
Of Virginia and its neighbors, West Virginia has the lowest estimated total monthly payment - about $1,747 less per month than Virginia.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| West Virginia | $165,000 | 0.58% | $1,171/mo |
| Kentucky | $215,000 | 0.86% | $1,576/mo |
| Tennessee | $320,000 | 0.71% | $2,305/mo |
| North Carolina | $330,000 | 0.84% | $2,413/mo |
| Virginia (this page) | $400,000 | 0.82% | $2,918/mo |
| Maryland | $420,000 | 1.09% | $3,159/mo |
What affects your Virginia payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.