Refinance Calculator for Virginia

Refinancing in Virginia

Whether refinancing makes sense depends on how much equity you've built, the rate differential, and how long you plan to stay. In Virginia, where the median home value is $365,000, many homeowners have accumulated significant equity since 2020. 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

For a rate-and-term refinance to qualify as a conventional loan in Virginia, the balance must stay under $1,089,300. Northern Virginia counties — Arlington, Fairfax, Loudoun — and the City of Alexandria qualify for high-cost conforming limits of $1,089,300. Refinancing above this requires a jumbo product.

Closing Costs on a Virginia Refinance

Expect to pay $3,900 in closing costs on a refinance 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. Your break-even point is when your monthly interest savings equal these upfront costs.

Property Tax Considerations

Refinancing doesn't affect your property tax assessment in Virginia — the effective rate stays at 0.82% regardless. Northern Virginia's housing market is among the nation's most expensive and most stable, underpinned by federal government employment and defense contracting. Amazon's HQ2 in Arlington has accelerated appreciation in the immediate vicinity.

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