Down Payment Calculator for Virginia

Down Payment Planning in Virginia

With a median home value of $365,000 in Virginia, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $11,000
• 3.5% (FHA minimum): $12,800
• 10% (Avoid PMI with some lenders): $36,500
• 20% (Eliminate PMI entirely): $73,000

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. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $3,900 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.

Property Tax Impact

Virginia's effective property tax rate is 0.82% (average annual bill: $2,972). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

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