M
MortgageMath
Free mortgage calculators for every state

Mortgage Calculator &
Closing Costs: Richmond, VA

Mortgage payment estimates, closing cost breakdowns, and homebuying data for Richmond, Virginia.

Median Home Price
$335K
Population
227K
Avg Monthly Rent
$1,380
Property Tax Rate
0.82%
Richmond vs Virginia Median
The median home price in Richmond is $335,000, which is 16% below the Virginia state median of $400,000.

Mortgage Calculator — Richmond, VA

Pre-filled with Richmond median home price and Virginia tax/insurance rates. Adjust for your property.

$
$67,000
%
%
years
VA avg
%
$
Monthly Payment (PITI)
$2,065
Principal + Interest + Tax + Insurance + PMI
Principal & Interest
$1,694
per month
Taxes & Insurance
$371
per month
Total Interest Paid
$342K
over 30 years
Total Loan Cost
$610K
all payments
Payment Breakdown
Loan Amount$268,000
Principal & Interest$1,694
Property Taxes$229
Homeowners Insurance$142
Total Monthly PITI$2,065

Closing Costs — Richmond, VA

Estimated closing costs based on Virginia rates and fees applied to Richmond prices.

$
%
Virginia: Avg closing costs 1.5% of price. Transfer tax: 0.25%.
Estimated Closing Costs
$10,962
3.3% of purchase price
Lender Fees
$2,837
origination, underwriting
Third-Party
$3,125
appraisal, title, inspection
Government Fees
$838
transfer taxes, recording
Prepaids + Escrow
$4,162
taxes, insurance, interest
Itemized Costs
Loan Origination (0.8%)$2,412
Underwriting Fee$350
Credit Report$75
Appraisal$550
Home Inspection$450
Title Search + Insurance$1,975
Recording Fee$150
Transfer Tax$838
Prepaid Taxes (3 mo)$687
Prepaid Insurance (12 mo)$1,700
Prepaid Interest (15 days)$805
Escrow Reserves$970
Total Closing Costs$10,962

Buying a Home in Richmond, Virginia

The median home price in Richmond is $335,000, 16% below the Virginia state median of $400,000. With a population of 226,610, Richmond is a mid-size city where home prices tend to be more accessible than in many parts of Virginia.

Property taxes in Virginia average 0.82% annually. This moderate property tax rate means a $335,000 home in Richmond would carry roughly $229/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.

Average rent in Richmond is $1,380/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.

Richmond presents moderate affordability. The $335K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.

Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Richmond.
Rent vs Buy Calculator →
Explore all of Virginia: Virginia Mortgage Calculator & Closing Costs →

Related Guides

The First-Time Buyer Playbook
Free weekly guide: mortgage tips, market updates, and money-saving strategies. No spam.