Mortgage Calculator in Virginia

Calculate your monthly mortgage payment in Virginia using the 2026 median home price of $462K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Virginia's housing market varies dramatically by region, but the statewide median home price of $462,000 reflects the pull of the Northern Virginia suburbs, which rank among the most expensive in the Mid-Atlantic. The state's cost-of-living index of 102.2 sits slightly above the national baseline, meaning buyers pay a modest premium across most categories. Property taxes average 0.82% — relatively low for an East Coast state — adding roughly $316 per month on a median home. The average down payment for Virginia buyers runs at 12%, meaning roughly $55,440 in cash before closing. Closing costs average 2.0%, another $9,240 on a $462,000 purchase. First-time buyers have access to Virginia Housing Conventional loans and the HOMEownership Down Payment Assistance program, which can significantly reduce the cash needed to close. At the current average rate of 6.51%, a loan on a median-priced Virginia home carries real weight on the monthly budget. Use a mortgage calculator with the full principal, tax, and insurance picture to confirm the payment fits your income.

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Virginia's average mortgage rate of 6.51% and median home price of $462K produce a monthly P&I of approximately $2,572 before taxes and insurance.

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Virginia Housing Market at a Glance (2026)

$462K

Median Home Price

6.51%

Avg Mortgage Rate

0.82%

Property Tax Rate

12%

Typical Down Payment

Buying a Home in Virginia: Costs to Know

Average closing costs2% of purchase price

On a $462K home, closing costs â‰ˆ$9,240

Median household income$92,090/yr

State income tax (top rate)5.75%

First-Time Buyer Programs in Virginia

Virginia offers state-sponsored programs that can reduce your down payment or closing costs:

✓Virginia Housing Conventional
✓HOMEownership Down Payment Assistance

How Mortgage Payments Work in Virginia

A standard mortgage payment in Virginia is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $462K home in Virginia with a 12% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $2,572/month— not including property taxes or homeowner's insurance.

Virginia's property tax rate of 0.82% adds roughly $316/month to your total housing cost on a $462K home. This rate is near the national average of ~1.1%.

Virginia vs. National Average

Metric	Virginia	National Avg
Median Home Price	$462,000	$420,000
Property Tax Rate	0.82%	1.07%
Avg Mortgage Rate	6.51%	6.85%
Cost of Living Index	102.2	100

Questions You Might Ask — Mortgage Calculator in Virginia

What is the average mortgage payment in Virginia?

Based on the median home price of $462K in Virginia with a 12% down payment and 6.51% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $2,572. Adding property taxes (~$316/mo) and homeowner's insurance, total PITI is typically $3,038–$3,138/month.

What is the property tax rate in Virginia?

Virginia has an average effective property tax rate of 0.82%. On the median home price of $462K, that equals roughly $3,788 per year — or $316 added to your monthly mortgage payment. This is near the national average of ~1.1%.

How much down payment do I need to buy a home in Virginia?

The typical down payment in Virginia is 12% — about $55,440 on the median $462K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like Virginia Housing Conventional.

What are closing costs in Virginia?

Average closing costs in Virginia are approximately 2% of the purchase price — about $9,240 on the median $462K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Virginia?

To afford the $462K median home in Virginia under the 28% housing-cost rule, you need a gross monthly income of at least $10,850 — roughly $130K/year. The median household income in Virginia is $92,090.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.