What’s the average mortgage payment in Virginia?

According to data from Redfin and Rocket Mortgage, the average monthly mortgage payment in Virginia is approximately $2,036 before property taxes and homeowners insurance, just above the national average of $2,010 per month.

Virginia’s housing market is shaped by a wide range of regional dynamics, from coastal communities and growing metros like Richmond to Northern Virginia’s close proximity to Washington, D.C. The District itself is a separate housing market with its own pricing and tax structure, and the average monthly mortgage payment there is $3,567 – the highest in the country. Demand tied to nearby federal employment and commuter access continues to influence home prices and mortgage payments in surrounding Virginia counties.

For the purposes of this article, we’ll mainly look at the state of Virginia as a whole.

The Virginia housing market at a glance

The median home sale price in Virginia is about $455,400 according to November 2025 data. This is relatively close to the national median, which is currently $433,275.

Here are some of the recent median sale prices across the state from Redfin:

What influences mortgage payments in Virginia?

No matter where you buy, your monthly mortgage payment is typically made up of principal, interest, property taxes, and homeowners insurance, or PITI. Each of these factors can change based on where you buy, how much you borrow, and the loan you choose. The Rocket Mortgage^® mortgage calculator can help you see how changes in price, rate, or down payment can impact monthly costs.

Home price and down payment

Virginia’s home prices tend to be higher than the national median, particularly in Northern Virginia and other high-demand areas. For example, buying a $445,400 home with a 20% down payment and a 30-year fixed mortgage at 6.5% has an estimated principal and interest payment of about $2,252 per month, before taxes and insurance.

Putting down less than 20% can lower upfront costs, but it often increases monthly payments with the cost of private mortgage insurance (PMI) until you build enough equity.

Mortgage rate

Your mortgage interest rate plays a major role in determining your monthly payment and total loan cost. Rates are primarily influenced by the following:

• Credit score
• Type of loan
• Down payment amount
• Debt-to-income ratio (DTI)
• Current market rates

In a state like Virginia, where home prices vary significantly by region, even small rate changes can have a noticeable effect on affordability, so it's important to monitor them regularly.

Loan term

Loan term refers to how long you have to repay your mortgage. A 30-year fixed mortgage typically offers lower monthly payments, while a 15-year fixed mortgage comes with higher payments but less total interest paid over time. While the effect is the same on any home, Virginia buyers often weigh these options based on career stability, long-term housing plans, and overall financial goals.

Property taxes and insurance

Virginia’s property tax rates are generally moderate compared with many states at a rate of 0.74%, but actual costs vary by county and city. Homes in higher-priced areas can still see sizable monthly tax contributions despite lower rates. On a median-value home, which is about $360,700, property taxes can be around $2,686 annually – or roughly $224 per month.

Homeowners insurance costs in Virginia are typically below the national average. Data from Insurify shows the average annual cost to be around $1,536. However, premiums could be higher in coastal areas or regions prone to severe weather.

Virginia’s average mortgage payment in comparison

Virginia’s average monthly mortgage payment is above the national average and the highest of its neighboring states. Strong job markets and population growth continue to support housing demand, particularly in Northern Virginia near Washington D.C.:

Highest monthly payments in Virginia

Virginia has a unique system that divides the state into both counties and independent cities. Independent cities function on their own without any interference from the county, managing their own services and governments. There are 41 independent cities in the U.S., and 39 of them are in Virginia.

The highest average monthly mortgage payments in Virginia are typically found in areas with strong job markets, higher home prices, and close proximity to Washington D.C. The table below highlights the estimated average monthly mortgage payments by county or independent city in Virginia based on Q1 2025 median sale prices from the National Association of REALTORS^®:

Lowest monthly payments in Virginia

On the other end of the spectrum, the lowest estimated mortgage payments are generally found in more rural parts of Virginia, where home prices are lower and demand is less competitive. These areas often offer greater affordability, particularly for buyers prioritizing lower monthly costs over proximity to major metro areas. As a result, monthly payments in these regions can fall well below the state average. Here are the five lowest estimated monthly mortgage payments in Virginia:

How to calculate your mortgage payment

Mortgage payments are calculated using a standard formula that accounts for your loan amount, interest rate, and repayment term. If you want to explore different scenarios, the Rocket Mortgage online mortgage calculator allows you to adjust price, down payment, and rate assumptions. Additional Rocket Mortgage tools can also help you understand affordability and long-term ownership costs.

Virginia-specific mortgage resources

Redfin keeps a list of programs for first-time home buyers in Virginia to help explore ways to make homeownership more attainable. We’ll look closer at a few of them below:

• Virginia Housing Down Payment Assistance Grant: A grant through the Virginia Housing Development Authority (VHDA) that provides qualified first-time buyers with up to 2.5% of the home’s purchase price toward down payment costs when paired with a VHDA mortgage.
• HOMEownership Down Payment & Closing Cost Assistance Program (Virginia DHCD): A state program through the Virginia Department of Housing and Community Development that provides deferred gap financing to first-time buyers earning up to certain area median income (AMI) limits.
• Virginia Mortgage Credit Certificate (MCC) Program: A federal tax credit program administered with VHDA loans that lets eligible buyers claim a credit on a portion of their mortgage interest, potentially lowering annual tax liability and improving monthly affordability

FAQs on the average monthly mortgage payment in Virginia

Have more questions about the average monthly mortgage payment in Virginia? We have answers!

What is a good mortgage payment in Virginia right now?

A good mortgage payment is one that fits comfortably within your monthly budget while allowing room for other financial goals. Because Virginia home prices vary widely by region, payments can range from below the national average to well above it. Using Rocket Mortgage’s home affordability calculator can help you estimate a price range that works for your income.

What’s the difference between a 15-year vs. 30-year mortgage in Virginia?

A 30-year mortgage generally offers lower monthly payments, which can make higher-priced homes more accessible. A 15-year mortgage increases monthly costs but reduces total interest paid and helps build equity faster. Weigh your options based on income growth, job stability, and long-term plans when buying in Virginia.

How much income is needed to afford a home in Virginia?

Based on combined Redfin and Rocket Mortgage data, the average annual household income in Virginia is $105,761. Depending on where you search within the state, the income requirements for buying a house in Virginia can vary. Use tools like the Rocket Mortgage affordability calculator to help you understand your buying power with your income.

The bottom line: What shapes mortgage payments in Virginia

Mortgage payments in Virginia are influenced by home prices, interest rates, loan terms, and local property taxes, all of which can vary significantly by region. While some areas come with higher monthly costs, the state’s diverse housing market offers options for a wide range of buyers.

Whether you’re relocating, upsizing, or purchasing your first home, getting prequalified for a loan with Rocket Mortgage can help you understand your buying power and move forward with confidence.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.