Virginia mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, includi...ng your principal and interest, taxes, insurance, and PMI in Virginia. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Virginia housing market

Virginia, lovingly called Old Dominion, has the 11th most expensive housing market ...in the U.S., but that may seem understated for residents in Northern Virginia. Home prices have been rising rapidly in Northern Virginia, increasing by 150% in the last twenty years. So, while some say Virginia is for lovers, it's clear that it is also for homeowners.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,033$1,431
Mortgage Rate4.125%2.47%*2.87%*
Total interest paid
$178,737
$47,443
$118,236
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,033$1,431
Mortgage Rate4.125%2.47%*2.87%*
Total interest paid
$178,737
$47,443
$118,236
Amortization

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

Insights

We’ll share an interesting insight here for key milestones in your payoff schedule.

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Principal & interest

$1,163

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Virginia mortgage and refinance rates today (APR)

Loan typeAverage
rate
Change
1 day
Change
1 year
30-year fixed2.87%
0.013%
1.12%
15-year fixed2.676%
0.009%
0.884%
5/1 ARM2.945%
0.003%
1.285%

Today’s rate

2.87%
30-year fixed

Current rates in Virginia are 2.87% for a 30-year fixed, 2.676% for a 15-year fixed, and 2.945% for a 5/1 adjustable-rate mortgage (ARM).

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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Virginia's first-time home buyer programs

The Virginia Housing Development Authority offers several loan programs to help qualified first-time home buyers get a mortgage.

Down payment assistance grant

State program

Review VHDA lenders

at NerdWallet

Best for

Down payment assistance

What you need to know

This is perhaps the most meaningful benefit offered by Virginia Housing. Qualified first-time buyers can receive up to 2.5% of a home’s purchase price to apply to a down payment — no repayment required. The grant is combined with a Virginia Housing loan, and household income limits are considered.

See full article

Virginia's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Virginia.

See full article

Average property tax in Virginia counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Virginia. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Accomack County0.55%$157,200
Albemarle County0.68%$336,200
Alexandria city0.95%$573,200
Alleghany County0.66%$113,600
Amelia County0.44%$185,100
Amherst County0.57%$151,500
Appomattox County0.61%$151,700
Arlington County0.85%$735,100
Augusta County0.52%$211,700
Bath County0.48%$151,100
Bedford County0.52%$198,900
Bland County0.64%$109,300
Botetourt County0.63%$220,000
Bristol city0.83%$114,100
Brunswick County0.52%$110,900
Buchanan County0.42%$71,900
Buckingham County0.51%$132,500
Buena Vista city1.0%$111,700
Campbell County0.53%$154,300
Caroline County0.64%$193,200
Carroll County0.65%$107,300
Charles City County0.63%$163,000
Charlotte County0.54%$107,500
Charlottesville city0.8%$277,800
Chesapeake city0.95%$270,200
Chesterfield County0.84%$240,500
Clarke County0.57%$333,100
Colonial Heights city1.03%$163,300
Covington city0.6%$72,200
Craig County0.6%$164,800
Culpeper County0.65%$266,400
Cumberland County0.69%$146,600
Danville city0.71%$90,900
Dickenson County0.55%$77,500
Dinwiddie County0.66%$160,100
Emporia city0.73%$115,700
Essex County0.72%$177,200
Fairfax city0.89%$501,900
Fairfax County0.96%$567,000
Falls Church city1.14%$742,000
Fauquier County0.75%$390,100
Floyd County0.55%$153,800
Fluvanna County0.73%$228,100
Franklin city0.86%$186,100
Franklin County0.52%$176,900
Frederick County0.53%$243,200
Fredericksburg city0.69%$341,200
Galax city0.7%$105,500
Giles County0.58%$114,500
Gloucester County0.64%$224,100
Goochland County0.5%$327,700
Grayson County0.59%$95,700
Greene County0.64%$242,500
Greensville County0.61%$89,400
Halifax County0.55%$110,800
Hampton city1.03%$184,100
Hanover County0.7%$291,600
Harrisonburg city0.66%$196,200
Henrico County0.77%$239,000
Henry County0.54%$94,300
Highland County0.54%$184,000
Hopewell city0.96%$122,400
Isle of Wight County0.72%$249,100
James City County0.73%$347,400
King and Queen County0.51%$170,000
King George County0.55%$294,300
King William County0.75%$199,700
Lancaster County0.48%$226,900
Lee County0.63%$81,700
Lexington city0.86%$252,500
Loudoun County1.02%$508,800
Louisa County0.58%$212,900
Lunenburg County0.59%$108,400
Lynchburg city0.98%$160,400
Madison County0.57%$256,500
Manassas city1.08%$307,000
Manassas Park city1.3%$263,300
Martinsville city0.92%$90,100
Mathews County0.51%$227,200
Mecklenburg County0.56%$125,300
Middlesex County0.48%$248,400
Montgomery County0.82%$238,300
Nelson County0.61%$231,400
New Kent County0.74%$256,600
Newport News city1.0%$192,500
Norfolk city1.03%$204,400
Northampton County0.71%$165,800
Northumberland County0.43%$277,900
Norton city0.71%$92,500
Nottoway County0.41%$134,800
Orange County0.65%$235,200
Page County0.69%$172,200
Patrick County0.54%$116,000
Petersburg city0.88%$112,900
Pittsylvania County0.57%$113,800
Poquoson city0.94%$316,800
Portsmouth city1.16%$175,200
Powhatan County0.67%$264,300
Prince Edward County0.57%$154,800
Prince George County0.7%$212,100
Prince William County1.03%$378,800
Pulaski County0.61%$139,600
Radford city0.42%$160,600
Rappahannock County0.57%$358,600
Richmond city0.98%$233,200
Richmond County0.62%$163,200
Roanoke city0.96%$136,300
Roanoke County0.91%$196,700
Rockbridge County0.65%$197,200
Rockingham County0.56%$221,700
Russell County0.52%$94,900
Salem city1.01%$174,000
Scott County0.73%$90,500
Shenandoah County0.56%$204,000
Smyth County0.66%$89,600
Southampton County0.7%$172,800
Spotsylvania County0.71%$285,900
Stafford County0.85%$346,400
Staunton city0.84%$162,500
Suffolk city0.91%$252,000
Surry County0.79%$172,700
Sussex County0.6%$121,600
Tazewell County0.58%$96,500
Virginia Beach city0.8%$282,300
Warren County0.68%$231,000
Washington County0.62%$137,200
Waynesboro city0.71%$161,600
Westmoreland County0.61%$203,100
Williamsburg city0.51%$307,000
Winchester city0.82%$226,200
Wise County0.62%$84,500
Wythe County0.56%$127,400
York County0.73%$328,500

Source: American Communities Survey 2016, U.S. Census

How to calculate a mortgage payment

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE: What is mortgage amortization?

Formula for calculating a mortgage payment

The mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How a mortgage calculator helps you

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

  • The home loan term length that’s right for you. 30-year fixed-rate mortgage lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage  reduce the total interest you'll pay, but your monthly payment will be higher. c
  • If an ARM is a good option. Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
  • If you’re buying too much home. The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
  • If you’re putting enough money down. With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.

How lenders decide how much you can afford to borrow

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your debt-to-income ratio is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE: Calculate your debt-to-income ratio

Typical costs included in a mortgage payment

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

  • Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
  • Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.
  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan backed by the Federal Housing Administration.

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

Reducing monthly mortgage payments

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

  • Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.
  • Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.

Monthly mortgage payments can go up

Your monthly payment can go up over time if:

  • Property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.
  • You incur a late payment fee from your mortgage loan servicer.
  • You have an adjustable-rate mortgage and the rate rises at the adjustment period.