Estimate your monthly mortgage payment in Virginia — principal & interest plus Virginia property tax and homeowner’s insurance.
Buying a home in Virginia: what to know
Virginia’s market splits in two: Northern Virginia’s DC-metro counties push toward the $1,249,125 high-cost conforming ceiling, while most of the state sits near the $414,662 statewide typical value (Zillow ZHVI, Aug 2026, up 1.1% YoY). With a median home price of $414,662, 20% down means borrowing about $331,730 — within the 2026 conforming limit of $832,750 for most Virginia counties. Property taxes run about 0.78% of assessed value (effective rate), and insurance averages $1,332 a year statewide — both baked into the calculator above. First-time buyers should check out Virginia Housing’s Down Payment Assistance Grant (up to 2.5%, no repayment) and Plus Second Mortgage before shopping lenders — and military buyers should price a VA loan with 0% down.
Virginia mortgage facts
| Fact | Figure |
|---|---|
| 2026 conforming loan limit (1-unit) | $832,750 ($1,249,125 in Northern Virginia DC-metro counties) |
| Median home price | $414,662 |
| Median effective property tax rate | 0.78% |
| Average homeowner’s insurance | $1,332/year |
Data as of October 2026. Sources: FHFA (2026 conforming limits), Zillow ZHVI (Aug 2026), Tax Foundation (2026 (2024 ACS data)), NAIC via Insurance Information Institute (2022 (published May 2025)); rate: 7.40% (Freddie Mac PMMS, week ending October 15, 2026)
Virginia first-time buyer programs
- Virginia Housing Down Payment Assistance Grant — Up to 2.5% of the purchase price as a true grant (no repayment), paired with a Virginia Housing 30-year fixed loan for first-time buyers. Official site
- Virginia Housing Plus Second Mortgage — Second loan of up to 5% of the purchase price covering down payment and (at 680+ credit) closing costs. Official site
How to use this calculator
Start with Virginia’s median home price (pre-filled above) or type the price of a home you’re eyeing. The calculator assumes 20% down — the threshold that avoids private mortgage insurance on conventional loans — and applies Virginia’s median property tax rate and average insurance premium so the monthly figure reflects the true cost of owning, not just principal and interest. If you’re VA-eligible, try 0% down in the calculator to see the real comparison (no PMI on VA loans, though the funding fee applies). Adjust the rate to a quote you’ve received; Northern Virginia buyers should also check whether their county’s $1,249,125 high-cost limit affects their loan options.
Worked example: a median Virginia home
Take a median-priced Virginia home at $414,662. With 20% down ($82,932.40), the loan amount is $331,729.60. At 7.40% (Freddie Mac PMMS, week ending October 15, 2026) on a 30-year fixed term, principal and interest come to $2,296.83/month. Add property tax of about $269.53/month (0.78% of $414,662, divided by 12) and insurance of about $111.00/month ($1,332 a year), for a total estimated payment of $2,677.36/month. Over 30 years, total interest would be about $495,128.75. Your rate, down payment, and county tax bill will move these numbers — use the calculator above with your own figures.
What is the conforming loan limit in Virginia for 2026?
The 2026 baseline conforming loan limit for a one-unit property is $832,750 across most of Virginia, per the FHFA’s November 2025 announcement. In the Northern Virginia DC-metro counties (Arlington, Fairfax, Loudoun, Prince William, Alexandria, Falls Church), the 2026 ceiling rises to $1,249,125.
How much are property taxes in Virginia?
The median effective property tax rate in Virginia is about 0.78% of a home’s assessed value (Tax Foundation, 2026 (2024 ACS data)). On a $414,662 home, that’s roughly $3,234 a year, or $269.53 a month — already included in the calculator above. Actual bills vary by county and municipality.
Why are VA loans so common in Virginia?
Virginia Beach has the highest VA-loan share of any major US metro — 43.2% of mortgaged buyers used a VA loan in August 2025 (Redfin), reflecting the Hampton Roads/Norfolk area’s roughly 100,000 active-duty personnel. Eligible service members and veterans can buy with 0% down and no PMI, which changes the math in the calculator above substantially.
What down payment help does Virginia Housing offer?
Virginia Housing offers a Down Payment Assistance Grant of up to 2.5% of the purchase price as a true grant (no repayment), paired with a Virginia Housing 30-year fixed loan for first-time buyers — plus the Virginia Housing Plus Second Mortgage of up to 5% of the purchase price covering down payment and (at 680+ credit) closing costs.
Do I need to be a first-time buyer for Virginia Housing programs?
Most Virginia Housing first-mortgage programs target first-time buyers, but definitions are generous (typically anyone who hasn’t owned in three years), and some offerings like the Plus Second Mortgage have broader eligibility — check current rules at virginiahousing.com.