Estimate your monthly payment using Virginia's average home price of $390,000 and property tax rate of 0.82%. Updated for 2026.
Estimates include P&I, property tax, and ~0.5% annual insurance. Does not include PMI, HOA, or utilities.
Virginia's housing market in 2026 has a median home price of approximately $390,000, placing it near the national median of around $420,000. Northern Virginia's proximity to Washington D.C. and massive federal contracting sector makes Fairfax and Arlington among the priciest markets. Whether you're buying your first home in Virginia Beach or relocating from another state, understanding your true monthly mortgage cost is essential before making an offer.
Property taxes in Virginia average 0.82% of assessed value annually — a below-average property tax rate. On a $390,000 home, that translates to roughly $266 per month added to your mortgage payment. Virginia Beach, Richmond, and Arlington all fall under Virginia's general property tax framework, though local millage rates vary by county and municipality. Always confirm the exact rate for the specific property you're considering.
Virginia Housing offers the Down Payment Assistance Grant providing up to 2.5% of the purchase price as a grant. Beyond state programs, FHA loans remain popular in Virginia requiring as little as 3.5% down, while VA loans offer zero-down financing for eligible veterans and active-duty service members. Conventional loans typically require 620+ credit score and a debt-to-income ratio under 45%.
Virginia has a relatively low effective property tax rate compared to neighboring Maryland and the District of Columbia. When shopping for a mortgage in Virginia, compare offers from at least three lenders. Even a 0.25% difference in interest rate on a $390,000 home can mean thousands of dollars saved over the life of a 30-year loan. Pay close attention to APR — not just the rate — as it includes origination fees and points.
Use the calculator above to model your scenario. A 20% down payment on the average Virginia home of $390,000 puts your estimated total monthly cost at approximately $2,463 at today's rates, before HOA fees or special assessments. Adjust the home price, down payment, and rate to match your specific situation and see how the numbers change in real time.
The average home price in Virginia is approximately $390,000 as of 2026. Prices vary significantly by city and county — Virginia Beach tends to be pricier while more rural areas offer lower prices.
Virginia has a below-average property tax rate at 0.82% of assessed value. On a $390,000 home that adds about $266 per month to your housing cost. Rates vary by county, so verify the exact rate for your target property.
Virginia Housing offers the Down Payment Assistance Grant providing up to 2.5% of the purchase price as a grant. Additionally, FHA loans (3.5% down), VA loans (0% down for eligible veterans), and USDA rural loans may be available depending on location and eligibility.