Virginia Mortgage Payment Calculator 2026
Quick Answer
The median Virginia home is $463,000. With 20% down, the loan is $370,000 — that's $2,412/month P&I on a 30-year loan at 6.8%, or $3,142/month on a 15-year at 6.1%. To qualify under the 28% rule, you need roughly $119,000/year in gross income.
Loan Details
30-yr avg 2026: ~6.8%
Mortgage Payment Results
Monthly Payment
$2,281.74
principal + interest
Total Interest
$471,426
Total Paid
$821,426
Bi-Weekly Payment Strategy
Paying $1,140.87 every two weeks instead of $2,281.74 monthly saves $113,269 in interest and pays off your loan 6y 1m earlier. (You make 26 half-payments = 13 full payments per year vs 12.)
Payment at Different Rates — $350,000 / 30 years
| Rate | Monthly P&I | Total Interest | vs Current |
|---|---|---|---|
| 5.0% | $1,878.88 | $326,395 | -$402.86/mo |
| 5.5% | $1,987.26 | $365,414 | -$294.48/mo |
| 6.0% | $2,098.43 | $405,434 | -$183.31/mo |
| 6.5% | $2,212.24 | $446,406 | -$69.50/mo |
| 6.8% | $2,281.74 | $471,426 | ← current |
| 7.0% | $2,328.56 | $488,281 | +$46.82/mo |
| 7.5% | $2,447.25 | $531,010 | +$165.51/mo |
| 8.0% | $2,568.18 | $574,543 | +$286.44/mo |
P&I only — does not include property tax, insurance, or PMI. For a full PITI payment, use the Mortgage Calculator.
Frequently Asked Questions — Virginia
What is the monthly mortgage payment on a Virginia home?
The median Virginia home costs $463,000. With 20% down ($92,600), the loan is $370,000. Monthly P&I at 6.8% for 30 years: $2,412. At 6.8% for 15 years: $3,142. These figures are principal and interest only — add property tax, homeowners insurance, and PMI (if applicable) for your full monthly housing cost.
How much do you need to earn to buy a home in Virginia?
For the median Virginia home ($463,000) with 20% down, the monthly P&I is $2,412. Using the 28% front-end DTI rule (lenders want housing costs below 28% of gross income), you need approximately $119,000/year — about $9,917/month — in gross income. With property tax and insurance, the required income is roughly 10–15% higher.
How much does bi-weekly mortgage payment save in Virginia?
On a $370,000 mortgage at 6.8% for 30 years ($2,412/month), switching to bi-weekly payments of $1,206 every two weeks results in one extra full payment per year. This saves approximately $84,722 in total interest and pays off the loan 4–5 years early. Confirm your lender applies bi-weekly payments immediately rather than holding them until month-end.
What is the difference between 15-year and 30-year in Virginia?
On $370,000 at current rates: 30-year (6.8%) = $2,412/month, total interest $498,364. 15-year (6.1%) = $3,142/month, total interest $195,613. The 15-year saves $302,751 in interest but costs $730 more per month. Virginia buyers with strong income often prefer the 15-year; those prioritizing cash flow choose the 30-year.
How do I calculate how much mortgage I can afford in Virginia?
Use the affordability mode in the calculator: enter your target monthly payment, rate, and term to get the maximum loan. As a rule of thumb: on a $119,000/year salary ($9,917/month), 28% = $2,777/month for housing. At 6.8% for 30 years, that finances a loan of approximately $370,000. With $92,600 down, that buys a $463,000 home.