Virginia variant. This is a Virginia-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
With a median home value of $395,000 and an effective property tax rate of 0.75%, a typical Virginia mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Virginia mortgage payment
On the $395,000 median home with 20% down ($79,000), you'd finance about $316,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $1,997/month.
Virginia's 0.75% effective property tax adds about $247/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in Virginia
Virginia levies a graduated income tax with a top marginal rate of about 5.75%.
Virginia's effective property tax rate is moderate near 0.75%, with median home values around $395,000.
Virginia's economy is heavily influenced by the federal government, military installations, and a large defense and technology sector in Northern Virginia.
Worked example: $395,000 home in Virginia
Price $395,000, 20% down ($79,000), loan $316,000 at 6.5% for 30 years → P&I ≈ $1,997/mo. Add property tax ≈ $247/mo (0.75% of value ÷ 12). Total before insurance ≈ $2,244/mo.
Quick reference
- State income tax: 2-5.75% across 4 brackets
- State sales tax: 5.3% (plus 0.47% avg local)
- Median home value: $395,000
- Median household income: $87,249
- Effective property tax rate: 0.75%
- Avg auto insurance: $1,310/yr
Frequently Asked Questions
How much is a mortgage on a $395,000 Virginia home?
With 20% down at 6.5% over 30 years, principal and interest run about $1,997/month, before Virginia's 0.75% property tax and insurance.
What is the property tax rate in Virginia?
Virginia's effective property tax rate is about 0.75% of home value per year.