Virginia mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, 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 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
30 year fixed loan term
Monthly payment
Principal & interest


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$2,139$1,554
Mortgage Rate4.125%3.39%*3.8%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,139$1,554
Mortgage Rate4.125%3.39%*3.8%*
Total interest paid

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

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
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We’ll share an interesting insight here for key milestones in your payoff schedule.

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Principal & interest


Virginia mortgage and refinance rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed3.734%
15-year fixed3.104%
5/1 ARM3.62%

Today’s rate

30-year fixed

Current rates in Virginia are 3.734% for a 30-year fixed, 3.104% for a 15-year fixed, and 3.62% for a 5/1 adjustable-rate mortgage (ARM).

Find top real estate agents in Virginia

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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

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Down payment assistance

What you need to know

This is perhaps the most meaningful benefit offered by the VHDA. 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 VHDA 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.

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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

What’s included in a mortgage loan calculator?

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator stuffed in your grandpa’s shirt pocket. But an excellent mortgage payment calculator can do more. That’s why the NerdWallet monthly mortgage payment calculator also takes into account the additional costs — like taxes and insurance — that are included in your monthly payment. It’s called a PITI mortgage calculator, for principal, interest, taxes and insurance. We can also include HOA dues and PMI — private mortgage insurance — in your monthly payment calculation.

A lot of folks forget to include all those costs and are frankly a bit surprised when their monthly mortgage payment turns out to be a lot more than they counted on. The formula working behind the curtain of the NerdWallet mortgage calculator takes that bit of uncertainty out of the picture.

How to calculate your mortgage payment

For the paper and pencil mathletes out there, 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 to use a mortgage payment calculator

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you’ll pay, but your monthly payment will be higher. Regardless of which term you choose, fixed-rate mortgages have interest rates that are locked in for the life of the loan.
  • Is an ARM 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 or so. You’ll want to be aware of how much your monthly mortgage payment can change, especially if interest rates are trending higher.
  • If you’re buying too much home. The NerdWallet mortgage payment calculator can help you take a reality check on just how much home you can afford, especially when considering your all-in costs, including taxes, insurance and PMI.
  • Are you putting enough money down? With minimum down payments commonly as low as 3% these days, 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 for you may be.

What are the monthly costs built into a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But that’s rarely the case these days. There are a lot of costs that can be built into a monthly mortgage payment. Here are the five key components in play when you calculate mortgage payments:

  • Principal: Typically, this would be the home’s purchase price, less any down payment It’s the amount you borrow. If you’re buying a $500,000 home and put down $100,000, the principal would be $400,000.
  • Interest: What the lender charges you to loan 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.
  • 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.
  • Homeowners association (HOA) fee: This is paid by homeowners to an organization that assists with upkeep, property improvements and shared amenities.

Can I lower my monthly payment?

This is where a mortgage calculator can really bring some clarity to the home buying process: by helping you to work different payment scenarios.

Here are ways you can lower your monthly payment:

  • Extend the number of years for the loan. It’s called the loan term, something we mentioned above. As we said, your payment will be lower but you’ll be paying a lot more interest over the added years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Obviously, taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. By putting down 20% or more, you won’t have to pay private mortgage insurance. That can be another option to consider as you run “what ifs” in the mortgage calculator tool. However, if you’re looking at FHA loans, mortgage insurance can last for the entire length of the loan.
  • Get a better interest rate. Putting more money down not only can eliminate PMI, but lower your interest rate, too. That means a lower monthly mortgage payment. Shopping at least three lenders can also increase your odds of getting a better mortgage interest rate.

Can my monthly payment go up?

Now, you’ve calculated your monthly mortgage payment and you’ve got a number you’re happy with. What could make your payment go up from there:

  1. If you have an adjustable-rate mortgage, as we mentioned above.
  2. If costs included in your mortgage payment, such as property taxes or homeowners insurance premiums, go up. And they will, eventually.
  3. If your mortgage loan servicer charges a late payment fee.