United States · Virginia

Virginia mortgage calculator

Estimate your monthly payment in Virginia — principal & interest, property tax, and insurance — using the live national average rate and Virginia's estimated ~0.87% effective property tax rate. Adjust any figure below.

Affording a home in Virginia

Difficult

Median home price: $408,000
Income needed: $117,000; to qualify (28% rule, 20% down)
Typical household income: $87,000
Income gap: +$30,000

A median Virginia home costs $408k and needs $30k more annual income than the typical household earns.

Data as of 2026-06-30. Sources: Zillow ZHVI, U.S. Census ACS, Splitero. Median is a statewide figure — expensive cities and more affordable rural areas vary widely.

Most Virginia buyers combine two incomes — here's why

The typical Virginia household earns $87,000/year. To buy a median-priced home, lenders generally want to see $117,000/year. That's a $30,000 gap — which is why many Virginia buyers combine two incomes, choose a smaller first home, or put down a larger deposit to reduce the loan. None of these is the wrong choice; knowing the gap is the starting point.

The roles and income paths that commonly reach it in Virginia are listed below — some single high-earning roles, some two incomes combined.

Roles and income paths that commonly meet the income in Virginia

Federal/government worker
Software developer
Military personnel (VA loan)

Pay varies widely by employer, experience, and city — these are paths that often (not always) reach the income needed, not a guarantee for any individual. Entries like “+ partner income” mean two incomes combined.

First-time buyer programs available in Virginia

VHDA First-Time Homebuyer Program
Plus Second Mortgage
Granting Freedom program

Programs and their terms change — verify current availability and eligibility with the official state housing agency before relying on any of these.

What makes Virginia legally different for homebuyers

Virginia has one of the fastest foreclosure timelines in the country and no post-sale right of redemption. Virginia also has a first-time homebuyer savings account with a state income tax exemption on account earnings — one of the easiest state-level programs to use, with no income limits.

If you buy here

Virginia's proximity to DC, strong federal job market, and military installations (VA loan-eligible buyers are significant), combined with no post-sale redemption, means understanding your protections upfront matters. The VA loan benefit is one of the most powerful homebuying tools available for eligible buyers — use it.

Foreclosure: nonjudicial, ~2 mo
Post-sale redemption: None
Anti-deficiency protection: No

General overview only — laws change and individual situations vary. Consult a real estate attorney for advice specific to your purchase. (Verified 2026-06-30.)

A clean, printable one-page summary — free, no account needed.

Loan details

Understanding your numbers before you sign.

A mortgage is likely the largest financial commitment of your life. The Mortgage Ledger was built so you can explore what that commitment actually looks like — payment by payment, line by line — before you're sitting across from a lender.

Rates sourced from FRED (Federal Reserve Bank of St. Louis). Estimates only — not a loan offer.

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