Mortgage Calculator Virginia 2026: Payment, PMI & Recordation Tax
This mortgage calculator for Virginia estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — plus state recordation and grantor taxes. Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for Virginia estimates the full monthly cost of a Virginia home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. It also shows state recordation and grantor taxes due at closing.
How the Mortgage Calculator Virginia Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $400,000 Virginia home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $360,000 loan, 6.5%, 360 payments | $2,275.44 |
| Property tax | 0.78% of $400,000 ($3,120/yr) | $260.00 |
| Homeowners insurance | $1,450/yr (example — use your quote) | $120.83 |
| PMI | 0.6% of $360,000 ($2,160/yr) | $180.00 |
| Total monthly payment | $2,836.28 | |
| State grantor tax, seller (one-time) | on $400,000 | $400.00 |
| State recordation tax on deed, buyer (one-time) | on $400,000 | $1,000.00 |
| State recordation tax on loan, buyer (one-time) | on $360,000 loan | $900.00 |
Over 30 years this loan pays about $459,160 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
Virginia Property Tax Rate and Your Monthly Payment
The Tax Foundation puts Virginia’s effective property tax rate at about 0.78% of owner-occupied home value (annual property tax paid ÷ home value, from Census American Community Survey data), so the calculator defaults to 0.78%. Virginia has no state property tax on homes; each county and city sets its own real estate rate per $100 of assessed value, and assessments are meant to reflect full market value. Rates in Northern Virginia and in rural counties differ a lot, so use the rate for your locality.
| Effective rate | Annual tax on $400,000 | Added to monthly payment |
|---|---|---|
| 0.58% | $2,320 | $193.33 |
| 0.78% (Tax Foundation statewide average) | $3,120 | $260.00 |
| 1.09% | $4,360 | $363.33 |
Virginia Closing Costs: Recordation Tax and Other Fees
Virginia splits its deed taxes between buyer and seller. The state recordation tax under Va. Code § 58.1-801 is 25 cents per $100 of the price or value, and the buyer customarily pays it on both the deed and the deed of trust that secures the mortgage. The seller pays the grantor tax of 50 cents per $500 (§ 58.1-802). On top of that, cities and counties may add a local recordation tax equal to one-third of the state tax (§ 58.1-3800), and sellers in Northern Virginia pay two regional grantor fees of $0.10 per $100 each, while Hampton Roads adds $0.06 per $100 (Fairfax Circuit Court fee schedule). The calculator shows the three statewide amounts; add the local and regional ones for your county.
| Virginia item | Amount | Usually paid by |
|---|---|---|
| State grantor tax (Va. Code § 58.1-802) | $0.50 per $500 — $400 on $400,000 | Seller |
| State recordation tax on the deed (§ 58.1-801) | $0.25 per $100 — $1,000 on $400,000 | Buyer |
| State recordation tax on the deed of trust | $0.25 per $100 of the loan — $900 on a $360,000 loan | Buyer |
| Local recordation tax (§ 58.1-3800) | Up to one-third of the state recordation tax | Buyer |
| Regional grantor fees (Northern Virginia / Hampton Roads) | $0.10 + $0.10 per $100 / $0.06 per $100 | Seller |
| County recording fees | Set by the county — see your Loan Estimate | Party recording the document |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal and title charges | Vary by lender and title company — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How Virginia Mortgage Rates Affect Your Payment
Rates in Virginia follow national mortgage markets and vary by lender, credit score, down payment and loan type. On a $405,000 home with 20% down, an example rate of 6.8% produces a monthly principal and interest payment of about $2,112. A 0.25-point higher rate adds roughly $54 a month, so shopping several lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk, while a fixed rate keeps principal and interest the same for the whole term. FHA loans (3.5% down) and VA loans (0% down for eligible veterans) are alternatives to a conventional loan in Virginia.
First-Time Buyer Programs in Virginia
Virginia Housing offers first-time homebuyer loans, an FHA Plus option and a Down Payment Assistance Grant for eligible buyers; check Virginia Housing for current income and sales price limits.
FHA loans are available nationwide and require 3.5% down with a 580+ credit score. USDA loans offer 0% down for eligible rural properties in Virginia. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.
If your down payment is below 20%, Private Mortgage Insurance (PMI) on a $360,000 loan adds about $180/month at a 0.6% annual rate. Experian, citing the Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score, so enter your lender’s quote in the PMI field. PMI can be removed once your loan-to-value ratio reaches 80%, and extra payments get you there sooner.
Last updated: October 2026. Estimates only — confirm figures with your lender, title company and local tax office.
Frequently Asked Questions
What is the average mortgage rate in Virginia in 2026?
Virginia mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type. The 6.8% default in this calculator is only an example.
What is the average monthly mortgage payment in Virginia?
There is no single average - it depends on price, rate and local tax. As an example, a $405,000 home with 20% down at 6.8% has principal and interest of about $2,112 a month; adding 0.78% property tax and $1,450 a year for insurance gives an estimated PITI of about $2,496 a month.
Do I need PMI in Virginia?
Usually, if your down payment on a conventional loan is less than 20%, lenders in Virginia require Private Mortgage Insurance (PMI). The Urban Institute puts typical PMI at about 0.46%-1.5% of the loan amount per year, depending mainly on credit score. PMI can be removed once you reach 20% equity, and VA loans have no PMI.
What home price should I enter for Virginia?
Enter the actual purchase price or list price you are considering. The $405,000 default is an example, not a statewide median - prices vary widely by city and county in Virginia, so the payment for your home can be much higher or lower.
What is the property tax rate in Virginia?
The Tax Foundation puts Virginia’s effective property tax rate on owner-occupied homes at about 0.78% of home value - roughly $3,159 a year on a $405,000 home. Actual rates vary by county, city and school district, so use the rate from your own tax bill or listing.
What are the recordation and grantor taxes in Virginia?
Virginia buyers usually pay the state recordation tax of 25 cents per $100 on the deed and on the deed of trust - $1,000 on a $400,000 home plus $900 on a $360,000 loan - and localities may add one-third of that. Sellers pay the grantor tax of 50 cents per $500 ($400) plus regional fees in Northern Virginia and Hampton Roads.
What is the monthly payment on a $400,000 house in Virginia?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $2,275 a month. Adding 0.78% property tax ($260), $1,450 a year insurance ($121) and 0.6% PMI ($180) brings the total to about $2,836 a month.