Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Virginia
Virginia offers one of the most diverse housing markets of any state, spanning from the ultra-competitive Washington D.C. suburbs of Northern Virginia to the historic charm of the Shenandoah Valley, the college towns of the central Piedmont, and the beach markets of Virginia Beach and the Hampton Roads metro. With an average home price of $385,000 and a below-average property tax rate of 0.75%, Virginia represents solid value for the quality of housing, infrastructure, and economic opportunity it provides.
Northern Virginia — anchored by Fairfax County, Arlington, and Alexandria — is effectively a D.C. suburb market with prices in a different universe than the rest of the state. Amazon's HQ2 in National Landing (Arlington/Alexandria border) has intensified demand in Crystal City and surrounding communities. Tysons, McLean, and Great Falls represent some of the highest-end submarkets. For buyers priced out of core NoVA, Prince William County and Loudoun County's outer suburbs offer more space at lower prices with express bus and commuter rail access to D.C.
Richmond has emerged as a vibrant mid-size city with a growing tech and creative economy, excellent restaurant scene, and relatively accessible home prices compared to Northern Virginia and the Mid-Atlantic coast. Suburban communities like Chesterfield, Henrico, and Midlothian offer family-friendly amenities at prices well below the state average. Virginia Beach and Hampton Roads provide a strong military-influenced market with diverse price points and consistent demand.
Key Housing Facts for Virginia
Average home price: $385,000
Average effective property tax rate: 0.75%
Average homeowners insurance: $1,300/year
Northern Virginia: $600,000+ median in premium communities
Most competitive markets: Arlington, Alexandria, McLean, Tysons
Value markets: Richmond suburbs, Hampton Roads, Shenandoah Valley
Frequently Asked Questions
Virginia's average effective property tax rate is approximately 0.75%, below the national average. On a $385,000 home, you'd pay roughly $2,888 per year in property taxes. Virginia allows localities to set their own property tax rates, so there is significant variation across the state. Northern Virginia (Fairfax, Arlington, Alexandria) and urban areas generally have higher rates than rural communities.
Virginia Housing (formerly Virginia Housing Development Authority, VHDA) offers several programs including the Virginia Housing Conventional and FHA loans with competitive rates, and the Down Payment Assistance Grant providing up to 2.5% of the purchase price as a grant (not repayable). The Plus Second Mortgage provides additional assistance. The Granting Freedom program helps people with disabilities purchase accessible homes.
Northern Virginia — particularly Fairfax County, Arlington, and Alexandria — operates in a completely different tier than the rest of the state due to its proximity to Washington, D.C., and the concentration of federal government, defense contracting, and technology employers. Amazon's HQ2 in Arlington has further elevated prices and demand in the immediate vicinity. Median prices in Fairfax County regularly exceed $600,000, while much of the rest of Virginia sees medians well below $350,000.
Closing costs in Virginia typically range from 2–3% of the purchase price. Virginia has a deed recording tax of $0.25 per $100 of value and a grantor tax paid by the seller. Buyers should budget for title insurance, recording fees, and prepaid items. On a $385,000 home, buyer closing costs typically run $7,700–$11,550. Virginia Housing's down payment grant can offset a portion of these costs.