Virginia mortgage payment calculator

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Virginia at a glance

Median home price
$453,389
Typical closing costs
2%–3.4% of price
Transfer tax
0.1% of sale price, customarily paid by seller
Closing custom
varies
Homestead exemption
Virginia has no statewide ad-valorem homestead exemption that reduces annual property tax bills (the state's constitutional 'homestead exemption' at Va. Code 34-4, up to $25,000-$50,000 depending on filing, is a bankruptcy/creditor-protection exemption, unrelated to property tax). Instead, Va. Code 58.1-3210 authorizes (but does not require) each city/county to offer real property tax relief — exemption, deferral, or both — to homeowners age 65+ or permanently disabled, with income/net-worth limits set locally (commonly $50,000-$75,000 income caps); apply through the local Commissioner of the Revenue. Separately, Va. Code 58.1-3219.5 provides a full, statewide real estate tax exemption for the principal residence of a veteran with a 100% service-connected permanent and total disability (and, since a 2024 update, surviving spouses of certain fallen first responders).

First-time buyer / down payment assistance programs

  • Virginia Housing Down Payment Assistance (DPA) Grant

    Virginia Housing (the state HFA) pairs a 30-year fixed-rate first mortgage (FHA, VA, RD, or conventional) with a true grant — never repaid — toward down payment, for qualified first-time homebuyers (or repeat buyers in a Federally designated Targeted Area). Requires completion of a Virginia Housing-approved homebuyer education course.

  • Virginia Housing Plus Second Mortgage

    Pairs a Virginia Housing first mortgage with a second, 30-year fixed-rate loan covering 3%-5% of the purchase price to eliminate the need for a separate cash down payment; borrowers with credit scores of 680+ may also finance part of closing costs.