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House hunting is fun, but figuring out how to pay for a house can be stressful. A Virginia mortgage calculator can make the process smoother. Just input a few numbers, and the calculator will tell you your monthly payment amount and the total interest you’ll pay over the life of a home loan. Try playing with different numbers to see what combination of down payment and loan term best suit your financial situation and goals.
Key Points
• Use our Virginia mortgage loan calculator to understand how different aspects of a mortgage influence your costs.
• Choose a loan term that fits your budget and financial goals.
• Understand how interest rates affect both monthly payments and total loan cost.
• This calculator factors in property taxes for a more accurate assessment of funding needs.
• Down payment assistance programs can help some buyers afford initial costs.
Virginia Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the agreed-upon purchase price between you and the home seller.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the purchase price. Most buyers put down 3% to 20%. A large down payment can reduce monthly payments and may eliminate the need for private mortgage insurance (PMI).
• Loan term: The loan term represents the length of time you have to repay the mortgage in its entirety, anywhere from 10 to 30 years. A 30-year term offers lower monthly payments, while a 15-year term requires higher payments but saves you thousands in interest over time.
• Interest rate: The interest rate represents the cost of borrowing money, expressed as a percentage of the total loan amount. The rate you’ll obtain will be determined in part by your credit score and financial profile, as well as by the type of mortgage loan you choose.
• Annual property tax: Property tax is levied by local governments and typically expressed as a percentage of the assessed value. You can use the average effective tax rate for Virginia, which is .77%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
• Monthly payment: In this calculator, the monthly payment amount includes the principal loan amount, interest, and property taxes. If your down payment is less than 20%, you may also need to pay for private mortgage insurance (PMI). Some lenders also like to wrap property insurance and homeowners association (HOA) costs into the loan payment.
• Total interest paid: This is the amount of interest you will pay over the entire life of the loan. It is influenced by the interest rate and loan term. A longer term or higher rate increases total interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay over the life of the loan, including the principal and accumulated interest. It gives you a complete picture of your financial commitment.
How to Use the Virginia Mortgage Calculator
Step 1: Enter Your Home Price
Input the negotiated price of the property to help create accurate home loan payment estimates.
Step 2: Select a Down Payment Amount
Choose the percentage of the home’s purchase price you plan to pay upfront. A down payment calculator can help you determine a percentage.
Step 3: Choose a Loan Term
Select a 15-year or 30-year term. A longer term means lower monthly payments but higher total interest paid.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point for precise estimates.
Step 5: Add Your Annual Property Tax Rate
Enter the effective property tax rate for your chosen property or use the average of .77%.
Benefits of Using a Mortgage Payment Calculator
This mortgage calculator estimates monthly payments based on home price, down payment amount, interest rate, loan term, and property tax rate, helping you determine affordability. You can run different scenarios to see how a longer or shorter loan term might affect your payments, and also examine different down payment amounts.
Particularly if you are buying your first home, taking some time to experiment with different numbers can give you a feel for how your choices will affect your monthly payments.
Using a mortgage calculator is one way to zero in on whether you can afford to buy a home in Virginia, and if so, how much you might be able to pay. The median sale price of a home in the state as of mid-2025 is about $466,000, according to Redfin. Given that lenders advise keeping mortgage payments below 28% of gross monthly income, you’d likely need a minimum income around $107,000 to purchase a home worth $466,000, assuming you don’t have any other significant debts. This assumes a 20% down payment ($93,200) for a 30-year, 7.00% mortgage. The monthly payment including property tax and home insurance would be $2,480.
Another way to determine your home budget is to use a home affordability calculator. This tool works backward from your annual income, taking into account your debts (car payment, student loan payment, etc.) to arrive at your purchase price estimate.
You can also go through the mortgage preapproval process with a lender, providing detailed financial information and seeking conditional approval for a loan. The lender will tell you if you qualify and, if so, how much you can borrow and with what loan terms.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. This calculator also factors in property tax, which is a yearly tax determined by the local government and can be part of your monthly payment. Your monthly payment may also include PMI if your down payment is less than 20%, and homeowners insurance. Some lenders even include HOA payments in the monthly bill, if applicable.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Virginia
The cost of living in Virginia can significantly affect how much you can afford to spend on a home. Virginia’s cost of living is almost exactly the average in the U.S., so prices for homes, utilities, home maintenance, transportation, health care, and other necessities are roughly the U.S. average.
As the chart shows, some areas of Virginia are well over the average, however, and may require a jumbo loan due to high property values. But other cities in Virginia are on a list of the best affordable places in the U.S., including Big Stone Gap, Bluefield, and Pulaski.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
• Request that your lender remove PMI once you have 20% home equity.
• Make a lump-sum payment toward the loan’s principal and request that your lender recompute your payments.
• Appeal your property taxes if you feel they are unusually high. Use caution, however, as sometimes this can invite an increased assessment, particularly if you have made improvements on the property.
• Undertake a mortgage refinance if a lower interest rate might be available to you.
• Shop for cheaper homeowners insurance.
Virginia First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are several Virginia down payment assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible.
There are nine Virginia first-time homebuyer programs in all, a rich resource for newbie buyers. Many are run by the Virginia Housing Development Authority.
A Virginia mortgage calculator is an essential tool for anyone considering a home loan. It helps you estimate monthly payments by taking into account the home price, your down payment amount, as well as loan term, interest rate, and property tax rate. Seeking out rate quotes from multiple leaders can help you get the best rate possible and ensure your mortgage payment is manageable.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
A mortgage payment includes principal and interest on a loan used to purchase a home or other property. If you put down less than 20% on the property, the payment will likely also include private mortgage insurance (PMI). Some lenders also roll property taxes, homeowners insurance costs, and even homeowners association dues into the monthly payment. Understanding which of these components are part of your loan can help you budget more effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a major influence on your mortgage interest rate. A higher score generally leads to more favorable rates, while a lower score may result in higher rates, increasing the total cost of your loan.
Should I choose a 30-year or 15-year mortgage term?
When deciding on a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How can I secure a lower interest rate?
Improve your credit score to 700 or better for the most competitive rates. Go through the mortgage prequalification process with multiple lenders and compare the rates you’re offered. If you can afford it, consider putting down a larger down payment. If you already own a home, you can explore a mortgage refinance and compare the cost of your old loan versus a new one (plus closing costs) at a new, lower rate.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
