What are average mortgage rates in Virginia in 2026?

Mortgage rates in Virginia generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Virginia mortgage calculator to model your payment at current rates.

How much are closing costs in Virginia?

Closing costs in Virginia typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Virginia mortgage calculator to include closing costs in your calculation.

What are property tax rates in Virginia?

Property tax rates in Virginia range from 0.3% to 2.5% of assessed value. CalcDeck's Virginia calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Virginia?

Virginia offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Virginia calculator to see how programs affect your payment.

How do I use the CalcDeck Virginia mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Virginia averages. Get instant monthly payment, total interest, and amortization schedule.

Virginia Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Virginia homeowners.

Virginia at a Glance

Median Home Price: $385,000
Property Tax Rate: 0.82%
Median Household Income: $87,737
Annual Property Tax: $3,157

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Virginia

Based on the Virginia median home price of $385,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$308,000	$365,750
Principal and Interest	$1,987	$2,360
Property Tax (VA)	$263	$263
Homeowners Insurance	$125	$125
PMI	$0	$152
Total Monthly	$2,376	$2,901

How Much House Can You Afford in Virginia?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$101,809/year to afford Virginia's median home
With 5% down, you need ~$124,311/year
Virginia's median household income is $87,737

Virginia insight: Virginia's property tax rate of 0.82% is near the national average.

Virginia Housing Market Overview

Virginia's housing market is shaped by Washington, D.C. commuter demand and defense sector employment. The statewide median of $385,000 reflects Northern Virginia at $650,000+, Richmond $340,000, Virginia Beach $365,000, and Roanoke $240,000. Inventory is at 2.5 months. The median household income of $87,737 yields a price-to-income ratio of 4.4. The effective property tax rate of 0.82% is low, costing $3,157/year on a median home, but Northern Virginia's actual rates are lower (~0.9%) while values are much higher. Tech (Amazon HQ2) and defense (Pentagon, military bases) drive demand in NOVA and Hampton Roads.

First-Time Homebuyer Programs in Virginia

The Virginia Housing Development Authority (VHDA) offers the Homebuyer Tax Credit (MCC), providing a 20% federal tax credit on mortgage interest. The Down Payment Assistance Grant provides up to 2.5% of the purchase price—capped at $9,625 on a $385,000 home—as a true grant with no repayment. VHDA also offers the Plus Second Mortgage, providing the same amount as a 30-year amortizing second loan at a below-market rate. Local programs include Fairfax County's First-Time Homebuyers Program ($30,000 grants) and Richmond's Homeownership Assistance Program ($10,000). Income limits: Fairfax County caps at $120,000 for a two-person household; Richmond caps at $85,000.

Tips for Homebuyers in Virginia

1) Virginia's 0.82% property tax is low statewide, but Northern Virginia values make taxes significant—budget $350–$500/month in Fairfax and Loudoun counties. 2) The Northern Virginia market is hyper-competitive; homes under $600,000 sell in under a week with multiple offers. 3) Richmond and Roanoke offer much better value but check school districts and commute times if working in D.C. 4) Buy in fall/winter for less competition in NOVA; inventory ticks up in September–October. 5) Radon is elevated in the Piedmont and Blue Ridge areas; always test and budget $800–$1,500 for mitigation. 6) Septic systems are common in rural counties; budget $400–$700 for inspections and verify drain field age.

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Virginia Mortgage FAQ

What is the median home price in Virginia?

The median home price in Virginia is approximately $385,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Virginia?

The effective property tax rate in Virginia is approximately 0.82% (Tax Foundation). On a $385,000 home, that is about $3,157/year in property taxes.

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

Using the 28/36 rule with 20% down at 6.7%, you would need about $101,809/year to afford the median Virginia home at $385,000. With 5% down (including PMI), about $124,311.

What will my monthly mortgage payment be in Virginia?

On Virginia's median home price of $385,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $2,376. With 5% down including PMI, about $2,901.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.