Amortization Calculator for Virginia

Mortgage Amortization in Virginia

Virginia homebuyers typically finance homes near the median value of $365,000. Northern Virginia (Fairfax, Loudoun, Arlington, Alexandria) carries among the highest median prices on the East Coast. Richmond and Hampton Roads are significantly more affordable. Rural Southwestern Virginia is very low cost.

Conforming Loan Limits in Virginia

The conforming loan limit in Virginia is $1,089,300. Northern Virginia counties — Arlington, Fairfax, Loudoun — and the City of Alexandria qualify for high-cost conforming limits of $1,089,300. Loans up to this amount qualify for conventional Fannie Mae/Freddie Mac financing, the most common amortized mortgage product.

Understanding Your Full Monthly Cost in Virginia

Amortization shows your principal and interest payment, but your true monthly housing cost includes:

• Property taxes: Virginia's effective rate is 0.82% — roughly $249/month at the median home value
• Homeowner's insurance: Typically $100–200/month in most Virginia markets
• PMI: Required if your down payment is under 20%, usually 0.5–1% of the loan annually

Closing Costs at Purchase

Expect to pay around $3,900 in closing costs when buying in Virginia. Virginia charges a Grantor's Tax of $0.50/$500 of sale price plus a state recordation tax. Localities may add additional recordation taxes. Northern Virginia and the Northern Virginia Transportation Authority also add levies on real property transactions.

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