Monthly Payment on a $350K Mortgage in Virginia
Using Virginia's 0.82% property tax rate and $1,700/yr homeowners insurance.
$350K 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% | $2,463 | $2,353 | $1,971 |
| 6.0% | $2,568 | $2,453 | $2,060 |
| 6.5% | $2,676 | $2,556 | $2,151 |
| 7.0% | $2,787 | $2,660 | $2,244 |
| 7.5% | $2,900 | $2,767 | $2,339 |
| 8.0% | $3,015 | $2,876 | $2,435 |
How This Compares to Virginia's Median
A $350K home is 13% below Virginia's median of $400K. You'll find homes at this price in cities like Richmond, Blacksburg, Harrisonburg, Norfolk, Staunton, Waynesboro.
Income Needed for a $350K Home in Virginia
To afford this payment of $2,556/mo in Virginia, you'd need a household income of approximately $110K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K 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 $875 to your transaction costs.
What to Know About a $350K Mortgage in Virginia
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Virginia's 0.82% property tax ($239/mo) and $1,700/yr insurance ($142/mo) brings your total to $2,556/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.