Virginia Mortgage Calculator
Calculate your Virginia mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Virginia Beach, Norfolk, Chesapeake, Richmond, Arlington, and all of Virginia.
Useful for home buyers in Virginia Beach, Norfolk, Chesapeake, Richmond, Arlington, and all of Virginia.
Why use a Virginia Mortgage Calculator?
Virginia has a grantor's tax and a recordation tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to Virginia.
Virginia has a grantor's tax and a recordation tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to Virginia.
Result
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Related Calculators
Virginia Property Tax: The average effective property tax rate is about 0.80%. Virginia also has a grantor's tax of 0.10% and a recordation tax of 0.25% on the deed and mortgage.
Average Home Prices in Major Virginia Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Virginia Beach | $480,000 | $410,000 | $380,000 | $340,000 |
| Norfolk | $350,000 | $310,000 | $280,000 | $250,000 |
| Chesapeake | $410,000 | $360,000 | $330,000 | $290,000 |
| Richmond | $380,000 | $340,000 | $320,000 | $280,000 |
| Arlington | $920,000 | $800,000 | $730,000 | $550,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Virginia
- Property Tax: Virginia's average effective property tax rate is about 0.80%. Property taxes are paid annually or semi-annually and may be included in your monthly payment.
- Recordation and Grantor's Tax: Virginia charges a recordation tax of 0.25% on both the deed and the mortgage, plus a state grantor's tax of 0.10%. Some localities may charge additional grantor's taxes.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Virginia's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-3% of the purchase price plus the recordation and grantor's taxes.
Example: On a $500,000 home with 10% down in Virginia Beach, you pay PMI and property tax. Closing costs typically include the recordation and grantor's taxes plus 2-3% of the purchase price.
Frequently Asked Questions
Virginia has a moderate property tax rate with an average effective rate of about 0.80% of the assessed value. Property taxes are paid annually or semi-annually and may vary significantly by county and municipality.
Virginia charges a recordation tax of 0.25% on both the deed and the mortgage, plus a state grantor's tax of 0.10%. Some localities, especially in Northern Virginia, may charge additional grantor's taxes. These taxes are paid at closing.
Yes, the Virginia Housing Development Authority (VHDA) offers several first-time homebuyer programs, including the VHDA Conventional Mortgage, FHA loans, VA loans, and down payment assistance programs. These programs may offer favorable interest rates, reduced down payment requirements, and closing cost assistance.
Closing costs in Virginia typically range from 2-3% of the purchase price, plus the recordation and grantor's taxes. These costs include title insurance, appraisal fees, attorney fees, and other expenses. The recordation tax of 0.25% is charged on both the deed and the mortgage, and the state grantor's tax is 0.10%.