With a 5.75% top income tax rate and 0.82% property tax, Virginia homeowners face a moderate combined tax burden. This calculator is pre-filled with Virginia numbers: $395,000 median price, 0.82% property tax, $1,350/year insurance.
Last updated: March 13, 2026
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Monthly Payment (Virginia)$0
Loan Details — Virginia
Virginia median: $395,000
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Below 20% triggers PMI on conventional loans
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Average 30-year fixed ~6.75% (March 2026)
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Virginia average: 0.82%
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Virginia average: $1,350/yr
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Principal & Interest
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Property Tax
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PMI
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Virginia Metro Area Home Prices
Click a metro to load its median price into the calculator above.
Yearly Amortization Schedule+
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Virginia's Tax Landscape and Your Mortgage
Virginia uses a progressive income tax with a top rate of 5.75%. A household earning $150,000 pays an estimated $5,606-$7,331 in state income tax, depending on filing status and deductions. That's $539/month less available for housing costs.
At the state's median home price of $395,000, the $0.82% property tax rate adds $270/month to your mortgage payment. That's $3,239/year — below the national median of ~1.1%.
Property Taxes Across Virginia
The 0.82% statewide average masks significant variation. Property tax rates vary significantly by locality (Virginia cities and counties set their own rates)
Price ranges across the state: Northern Virginia (Arlington/Fairfax) has a median of $680,000, while Roanoke sits at $250,000 — a $430,000 gap that dramatically changes your monthly payment. At $0.82% property tax, that price difference alone means $294/month more in property tax in Northern Virginia (Arlington/Fairfax).
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Homebuyer Programs and Exemptions
Virginia offers several programs for homebuyers:
Virginia Housing conventional and FHA loans with competitive rates
Down payment assistance grants and second mortgages
Homestead exemption: No general homestead tax exemption; localities may offer tax relief for seniors 65+/disabled; creditor protection up to $25,000
Virginia-Specific Considerations
Northern Virginia (NoVA) prices are dramatically higher than rest of state — DC metro commuter market
Property tax rates vary significantly by locality (Virginia cities and counties set their own rates)
Income tax top rate of 5.75% kicks in at just $17,000 — effectively a flat tax for most earners
VA loans (for military) originated more per capita here than almost any state due to large military presence
No local income taxes but car property tax (personal property tax) is significant
Compare Virginia Mortgage Rates
See personalized rates from Virginia lenders. LendingTree matches you with up to 5 offers so you can compare and save.
0.39% property tax, 5% top rate. Median home: $232,500.
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0.62% property tax, 2.5% top rate. Median home: $395,000.
Frequently Asked Questions
What is the average property tax rate in Virginia?
The average effective property tax rate in Virginia is 0.82%. On a $395,000 home (the state median), that works out to approximately $3,239/year or $270/month added to your mortgage payment. Property tax rates vary by county and school district within Virginia — always check your specific jurisdiction's rate. Homestead exemption: No general homestead tax exemption; localities may offer tax relief for seniors 65+/disabled; creditor protection up to $25,000
How much does homeowners insurance cost in Virginia?
The average annual homeowners insurance premium in Virginia is approximately $1,350 ($113/month). This is near the national average of approximately $1,500/year. Actual premiums depend on your home's location, age, construction type, and coverage limits.
What first-time homebuyer programs are available in Virginia?
Virginia Housing conventional and FHA loans with competitive rates. Down payment assistance grants and second mortgages. These programs typically have income limits, purchase price caps, and may require homebuyer education courses. Check the Virginia housing finance agency website for current eligibility requirements and application deadlines.
How does Virginia's 5.75% income tax affect home affordability?
Virginia's top income tax rate of 5.75% reduces your take-home pay, which affects how much mortgage you can comfortably carry. On a $150,000 salary, state income tax takes roughly $5,606-$7,331/year (effective rate is lower than the top marginal rate). Combined with 0.82% property tax, the total tax burden in Virginia is above average. Use our paycheck calculator to see your exact take-home pay.
What is the conforming loan limit in Virginia?
The 2026 conforming loan limit in Virginia is $806,500. Loans above this amount are considered jumbo loans and typically carry higher interest rates (0.25-0.5% premium), require larger down payments (10-20%), and have stricter qualification requirements including higher credit scores (700+) and lower debt-to-income ratios.
This calculator is for educational purposes. Tax rates and insurance costs are based on Virginia state averages and may not reflect your specific county, school district, or municipality. Consult a financial professional for advice specific to your situation.