Virginia Mortgage Calculator

Understanding mortgages in Virginia

Virginia is a state of dramatic regional contrasts when it comes to housing. The statewide median home price of approximately $385,000 hides extreme variation — Northern Virginia (Arlington, Alexandria, Fairfax, Loudoun) commands $650,000–$800,000+ medians thanks to federal government jobs, defense contractors, Amazon HQ2, and the Dulles tech corridor. Meanwhile, Richmond ($325K), Virginia Beach ($385K), Norfolk ($265K), and Roanoke ($245K) remain affordable compared to most East Coast cities.

The current 30-year fixed mortgage rate in Virginia averages approximately 6.50%, near the national average. Virginia has the second-highest military and federal employment concentration in America (behind California), which makes VA loans and federal credit unions (Navy Federal, Pentagon Federal, Apple Federal) hugely important — they often offer rates 0.15–0.25% below national lenders.

Why Northern Virginia (NOVA) is so much more expensive

Northern Virginia is part of the Washington DC metro area, with home prices that look more like Bay Area or Boston than the rest of Virginia. Arlington County medians have crossed $790,000 following Amazon HQ2's arrival, while Alexandria sits at $650K, Fairfax County at $720K, and Loudoun County at $695K. The region has unusually high household incomes ($120K–$180K median in many ZIP codes) driven by federal government employees, defense contractors (Lockheed, Booz Allen, SAIC), and tech companies (Amazon, AWS, Microsoft Dulles campus).

Virginia has the second-highest concentration of military and veterans in America (behind California), so VA loans (0% down + no PMI) are the single most powerful homebuying tool here. Norfolk hosts the world's largest naval base plus the Pentagon, Quantico, Langley AFB, and Fort Belvoir. Lenders like Navy Federal, Pentagon Federal, USAA, and Veterans United specialize in VA loans and typically close in 30–45 days. The funding fee (2.15 to 3.3%) is waived for veterans with any service-connected disability rating.

Virginia property tax by county

Virginia's effective property tax rate of 0.82% is well below the national average one of the best in the Mid-Atlantic region. For a median $385,000 Virginia home, that's approximately $3,157 per year, or $263 per month. But variation between localities is significant — Norfolk's effective rate (1.30%) is nearly 60% higher than Henrico County's (0.87%).

Important caveat for NOVA buyers: when looking at Northern Virginia property tax bills, multiply by the actual home value, NOT the statewide $385K median. A $750,000 Arlington home at 0.94% pays $7,050/year in property tax — substantially more than the statewide numbers suggest. Use our budget planner to model the realistic post-purchase property tax for your specific area.

Virginia's disabled veteran exemption

Virginia provides a FULL property tax exemption on the primary residence of veterans rated 100% permanently and totally disabled by the VA (or surviving unremarried spouses of veterans who died from service-connected causes). NO income limit. Saves the entire annual property tax bill typically $4,000 to $8,000 per year in Northern Virginia. Apply through your locality's commissioner of revenue with your VA disability rating documentation. Virginia also offers an Elderly and Disabled Real Estate Tax Relief program (age 65+ or permanently disabled) with income limits that vary by county Fairfax allows up to 100% relief for incomes under $52,000.

One Virginia catch: localities charge an annual personal property tax on vehicles (the "car tax"), typically $300–$1,500+ per vehicle per year. This is separate from home property tax and is NOT covered by the veteran exemption in most localities.

Median home prices across Virginia

Virginia's median home price of $385,000 is moderately above the national median, but the state ranges from extreme NOVA prices to highly affordable Southwest Virginia. Use our Down Payment Saver to plan how long until you can afford your target Virginia city.

The Northern Virginia vs Southside Virginia gap is among the largest intrastate price gaps in America. An Arlington condo at $790K costs more than a Roanoke home with 4 acres at $250K. If you have flexibility on location, Richmond and Virginia Beach offer the best balance of job market access, affordability, and quality of life both significantly cheaper than NOVA but with strong economies. Compare to North Carolina for similar climate and growing tech presence at lower cost.

Virginia first-time homebuyer programs (Virginia Housing)

Virginia Housing (formerly known as VHDA Virginia Housing Development Authority) offers some of the most comprehensive first-time buyer programs in the country. Use our 401(k) calculator to balance saving for the down payment against retirement contributions.