Monthly Payment on a $250K Mortgage in Virginia
Using Virginia's 0.82% property tax rate and $1,700/yr homeowners insurance.
$250K Mortgage in Virginia: Rate Comparison
Monthly PITI payment using Virginia's 0.82% property tax and $1,700/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,800 | $1,721 | $1,448 |
| 6.0% | $1,875 | $1,793 | $1,512 |
| 6.5% | $1,952 | $1,866 | $1,577 |
| 7.0% | $2,031 | $1,941 | $1,643 |
| 7.5% | $2,112 | $2,017 | $1,711 |
| 8.0% | $2,194 | $2,095 | $1,780 |
How This Compares to Virginia's Median
A $250K home is 38% below Virginia's median of $400K. You'll find homes at this price in cities like Staunton, Waynesboro, Lynchburg, Roanoke, Radford.
Income Needed for a $250K Home in Virginia
To afford this payment of $1,866/mo in Virginia, you'd need a household income of approximately $80K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $80K salary can afford →Closing Costs in Virginia
Estimated closing costs in Virginia: $4K (1.5% of purchase price). Virginia also charges a 0.25% transfer tax, which may add $625 to your transaction costs.
What to Know About a $250K Mortgage in Virginia
With 10% down ($25,000), your loan of $225,000 at 6.5% over 30 years produces a principal and interest payment of $1,422/mo. Adding Virginia's 0.82% property tax ($171/mo) and $1,700/yr insurance ($142/mo) brings your total to $1,866/mo. Because you're putting less than 20% down, PMI adds $131/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $286,975 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $26,920 over the life of the loan.