Monthly Payment on a $300K Mortgage in Virginia
Using Virginia's 0.82% property tax rate and $1,700/yr homeowners insurance.
$300K 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% | $2,131 | $2,037 | $1,709 |
| 6.0% | $2,222 | $2,123 | $1,786 |
| 6.5% | $2,314 | $2,211 | $1,864 |
| 7.0% | $2,409 | $2,300 | $1,943 |
| 7.5% | $2,506 | $2,392 | $2,025 |
| 8.0% | $2,604 | $2,485 | $2,108 |
How This Compares to Virginia's Median
A $300K home is 25% below Virginia's median of $400K. You'll find homes at this price in cities like Harrisonburg, Norfolk, Staunton, Waynesboro, Lynchburg, Roanoke.
Income Needed for a $300K Home in Virginia
To afford this payment of $2,211/mo in Virginia, you'd need a household income of approximately $95K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $90K salary can afford →Closing Costs in Virginia
Estimated closing costs in Virginia: $5K (1.5% of purchase price). Virginia also charges a 0.25% transfer tax, which may add $750 to your transaction costs.
What to Know About a $300K Mortgage in Virginia
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Virginia's 0.82% property tax ($205/mo) and $1,700/yr insurance ($142/mo) brings your total to $2,211/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.