🏠

Mortgage Calculator for Virginia

Estimate your monthly payment in Virginia with real Virginia property tax rates and first-time buyer programs pre-loaded.

Enter Your Loan Details

📍 Virginia Housing Information

Capital City Richmond
Largest City Virginia Beach
Property Tax Rate 0.87%
Average Home Price $372,000
Avg Down Payment 6%

First-Time Buyer Programs in Virginia:

  • VHDA Down Payment Assistance Grant
  • VHDA Mortgage Certificate

Note: Rates shown are statewide averages. Your county rate may differ.

How to Use This Mortgage Calculator in Virginia

Welcome to our mortgage calculator for first-time buyers in Virginia, designed specifically for first-time home buyers in Virginia. Whether you're looking in Richmond or Virginia Beach, understanding your potential monthly mortgage payment is essential before you start house hunting. This calculator uses Virginia's specific property tax rate of 0.87%, which is 0.02% lower than the national average, to give you the most accurate estimate possible.

If you're buying your first home in Virginia, you'll find that the average home price is $372,000. With a typical down payment of 6%, most first-time buyers in Virginia are leveraging programs like VHDA Down Payment Assistance Grant to make homeownership more affordable. These programs can provide down payment assistance, lower interest rates, and flexible credit requirements that make it easier to qualify for a mortgage in Virginia.

Virginia's property tax rate of 0.87% significantly impacts your monthly payment. Unlike some states where property taxes are relatively low, Virginia requires careful budgeting for this ongoing cost. Our mortgage calculator for first-time buyers in Virginia includes property tax in the calculation so you can see your true PITI (Principal, Interest, Taxes, and Insurance) payment, not just the principal and interest that many other calculators show.

The largest city in Virginia is Virginia Beach, and the capital is Richmond. Housing markets in these areas may differ from the state average — urban areas like Virginia Beach often have higher home prices and different property tax assessments than rural parts of Virginia. When using this mortgage calculator for first-time buyers in Virginia, adjust the home price based on where you plan to buy within Virginia.

When calculating your mortgage in Virginia, don't forget to factor in closing costs (typically 2-5% of the loan amount), ongoing maintenance (1-2% of home value annually), and homeowner's insurance. Our calculator adds estimated insurance to give you a complete picture of your monthly housing cost in Virginia. Many first-time buyers in Virginia are surprised by how much their total monthly payment differs from their principal and interest alone.

If you're a first-time buyer in Virginia exploring your options, we recommend exploring the VHDA Down Payment Assistance Grant and VHDA Mortgage Certificate programs mentioned above. These Virginia-specific programs can significantly reduce your upfront costs and make your mortgage calculator for first-time buyers in Virginia more accurate by accounting for favorable terms you may qualify for.

Explore Nearby States

Kentucky Mortgage Calculator North Carolina Mortgage Calculator Tennessee Mortgage Calculator

You Might Also Like

Compound Interest Calculator Investment ROI Calculator Rent vs Buy Calculator

Frequently Asked Questions

What is the property tax rate for first-time buyers in Virginia?
The average property tax rate in Virginia is 0.87%. This is lower than the national average of 0.89%. Property taxes in Virginia are administered at the county level, so your actual rate may vary depending on where you buy. Some counties offer exemptions for first-time homebuyers, veterans, and seniors that can reduce your effective tax rate.

What first-time buyer programs are available in Virginia?
Virginia offers several first-time buyer programs including: VHDA Down Payment Assistance Grant, VHDA Mortgage Certificate. These programs typically offer below-market interest rates, down payment assistance, and flexible credit requirements. Eligibility often depends on income limits, purchase price limits, and completion of a homebuyer education course. Contact your local housing authority or a participating lender to learn more about specific programs available in Virginia.

What is the average home price in Virginia in 2026?
The average home price in Virginia is currently $372,000. This varies significantly by region within the state — Virginia Beach tends to have higher prices than rural areas. Virginia's capital is Richmond. First-time buyers in Virginia typically put down 6% as a down payment, though some programs allow for lower down payments with mortgage insurance.

How much do I need for a down payment in Virginia?
In Virginia, first-time buyers typically put down 6% of the home price. For the average Virginia home of $372,000, this would be approximately $22,320. However, many first-time buyer programs in Virginia allow down payments as low as 3-5%, and some offer down payment assistance grants or loans that can cover part or all of this cost.

How is monthly mortgage payment calculated in Virginia?
Monthly mortgage payment in Virginia is calculated using the PITI formula: Principal + Interest + Taxes + Insurance. Your monthly payment = (Home Price - Down Payment) × [monthly rate × (1 + monthly rate)^months] / [(1 + monthly rate)^months - 1] + (Property Tax / 12) + (Annual Insurance / 12). Using Virginia's average figures of $372,000 home price, 6% down, 7.1% interest rate, and 0.87% property tax rate helps estimate your true monthly cost.