Mortgage Calculator Virginia

Reviewed by: David Chen, CFA, Real Estate Analyst

Calculate your estimated monthly mortgage payment (Principal & Interest) for a property in Virginia, accounting for key factors like home price, down payment, interest rate, and loan term.

Mortgage Calculator Virginia

Estimated Monthly P&I Payment

$0.00

Mortgage Payment Formula

The standard formula to calculate the fixed monthly payment (M) for Principal and Interest (P&I) is:

$$M = P \frac{r(1+r)^n}{(1+r)^n – 1}$$

Where:

• M = Monthly Payment
• P = Principal Loan Amount (Home Price – Down Payment)
• r = Monthly Interest Rate (Annual Rate / 12 / 100)
• n = Total Number of Payments (Loan Term in Years × 12)

Formula Source: Bankrate

Variables in the Virginia Mortgage Calculator

Understanding these four main variables is crucial for planning your home purchase in Virginia:

• Home Price: The total agreed-upon sales price of the property.
• Down Payment ($): The amount paid upfront toward the home’s purchase, directly reducing the principal loan amount.
• Annual Interest Rate (%): The cost of borrowing money, expressed as an annual percentage. This rate determines the monthly interest factor.
• Loan Term (Years): The duration over which the loan will be repaid, typically 30, 20, 15, or 10 years.

Related Calculators for Virginia Homebuyers

Explore other essential financial tools for your Virginia property investment:

Virginia Closing Cost Estimator VA Property Tax Impact Calculator Virginia FHA Loan Eligibility Tool Richmond Mortgage Refinance Breakeven Calculator

What is the Virginia Mortgage Calculator?

This calculator is an essential planning tool for anyone considering buying a home in the Commonwealth of Virginia. It specifically estimates the Principal and Interest (P&I) portion of your future monthly housing payment. By providing transparency into the cost of borrowing, it helps prospective buyers understand affordability and compare different loan scenarios (e.g., comparing a 30-year vs. a 15-year term).

While this tool focuses on P&I, Virginia homeowners must also budget for Property Taxes and Homeowner’s Insurance (often collectively known as PITI). Property taxes in Virginia are collected at the local level and vary significantly between counties, making local estimates a critical follow-up step once a specific property location is chosen.

How to Calculate Your Mortgage Payment (Example)

Here is a step-by-step example using the standard amortization formula:

1. Identify Variables: Assume a $300,000 Home Price, a $60,000 Down Payment, a 6% Annual Interest Rate, and a 30-Year Term.
2. Determine Principal (P): $300,000 – $60,000 = $240,000.
3. Calculate Monthly Rate (r): 6% / 12 / 100 = 0.005.
4. Determine Total Payments (n): 30 years * 12 months/year = 360 payments.
5. Apply Formula: $M = 240,000 \times \frac{0.005(1+0.005)^{360}}{(1+0.005)^{360} – 1}$
6. Solve: The resulting monthly payment (M) for P&I is $1,438.99.

Frequently Asked Questions (FAQ)

Is the Virginia Mortgage Calculator accurate for my total payment?
This calculator provides a precise estimate for the Principal and Interest (P&I) portion. It does NOT include local Property Taxes, Homeowner’s Insurance, or any potential HOA fees, which must be added separately for your total monthly housing cost (PITI).

What is PMI, and does this calculator include it?
PMI (Private Mortgage Insurance) is required if your Down Payment is less than 20% of the home price. This calculator does not include PMI, but you would need to add this cost (usually 0.5% to 1.5% of the loan amount annually) to your estimated P&I if you are below the 20% down payment threshold.

Why is the loan term important?
The loan term (e.g., 15 years vs. 30 years) dramatically affects your payment. A shorter term (15 years) means a higher monthly payment but significantly less total interest paid over the life of the loan.

What are typical mortgage rates in Virginia?
Mortgage rates are national but can fluctuate daily based on market conditions, the specific lender, and your credit score. Use the current market rate as a baseline when using the calculator, but confirm the final rate with your mortgage broker.