In 2021, 68% of Virginia’s population were homeowners. That is slightly lower than the previous year at 70.4%. Several factors influence the homeownership rate of a state, such as property values.

Virginia’s median home value is $264,200, and the state’s average outstanding mortgage amount is $242,397. That means there’s a $21,803 difference between the cost of a home and the average mortgage balance in Virginia.

The average household in Virginia earns $8,167 per month, so homeowners spend around 16.3% of their income or $1,334 monthly on a mortgage payment.

In this guide, MoneyGeek explains how and why to use the mortgage calculator for Virginia to help you get a personalized estimate for a mortgage payment. We also explain how to reduce your mortgage payment costs and more.

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Start Here: Plug In Your Mortgage Factors

Use our Virginia mortgage calculator to get a holistic estimate of your monthly mortgage payment. To understand the computation, MoneyGeek broke down the factors that affect homeownership costs below.

Mortgage Calculator

Simply Estimate Your Loan Payments, Taxes & PMI.

Updated: Oct 3, 2023

Please enter a valid US Zip Code
30-Year Fixed

Optional: add taxes, insurance, HOA Fees

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Next Steps

Get personalized mortgage rates from Virginia.

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Why and How to Use Our Mortgage Calculator

Before buying a home in Virginia, it’s important to establish a budget to avoid getting overwhelmed financially. MoneyGeek’s Virginia mortgage calculator can help you. By providing data based on your circumstances, our calculator shows you how much you can expect to pay for your mortgage and whether a home at a specific price is affordable for you.

Our mortgage calculator highlights different homeownership factors that affect the cost of your monthly payments. You can adjust purchase price and interest rate, include property tax costs, and more to customize your estimate. Knowing the following mortgage factors can help you make an informed decision when purchasing a house.


Home Price:

You can input the maximum price you can afford or the loan amount you’re looking for in this box.


Down Payment:

For your down payment, you can enter an amount in dollars or a percentage of the purchase price. That sets your loan amount.


Interest Rate:

The annual rate that lenders charge for the money you borrow. Enter the rate your lender is offering, or view MoneyGeek’s mortgage rate report for the latest.


Loan Terms:

Loan terms of 15 and 30 years are the most common, but you can get a 10- or 20-year loan if that’s your preference.


Payments per Year:

This refers to how many times you make a mortgage payment in a year. The most common is 12 (monthly payments).


Property Tax:

In Virginia, yearly property tax costs average $1,779.


HOA Fees:

You have to pay monthly or annual fees if your property has a homeowners association (HOA). If it does and you know the amount, include it.


Principal & Interest:

Principal is what you borrow from a lender to purchase a home, and interest compensates the lender for giving you the money.


Monthly Payment:

The total amount you pay every month. It includes principal, interest, property taxes, insurance and HOA fees, when applicable.


Principal Payment:

The portion of your monthly mortgage payment that reduces your balance.


Interest Payment:

The amount that the lender charges for the mortgage loan. You pay it monthly, and it does not reduce your balance.


Total Cost With Interest:

Your total cost includes the repayment of your principal balance and the total interest paid to the lender during the loan term.

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Mortgage payments can be expensive. If you want to lower the amount you pay every month, MoneyGeek has some helpful tips.

  • Choose a less expensive house. Finding a lower-priced home means taking out a smaller loan, making your payment more manageable.
  • Increase your down payment. You have a lower monthly mortgage payment with a larger down payment.
  • Extend the term of your mortgage. This will spread out your loan balance over more payments. But, you do pay more interest on a 30-year loan versus, for example, a 15-year loan.
  • Find a lower interest rate. Interest rates are not the same across lenders, and looking at multiple offers can help you get a better rate to lower your monthly payment.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

Purchasing a home can be overwhelming, especially if it’s your first time. To guide you in your home-buying journey, MoneyGeek provides the necessary resources you may need to make informed decisions.

  1. Shop & Compare Rates - Before taking out a loan, it’s important that you compare rates from different lenders. Visit our Virginia mortgage rate page to get more information.
  2. Not Ready To Buy? - Take your situation and finances into consideration when deciding whether to [buy or rent] a ( a house.
  3. Learn More - You determine the best mortgage loan by your specific needs. Learn about FHA loans, VA loans and reverse mortgages to find the right option for you.

Frequently Asked Questions About Mortgages in Virginia