Virginia Mortgage Calculator

How to Use the Virginia Mortgage Calculator

The Virginia Mortgage Calculator helps you estimate your monthly mortgage payment and the total payment over the loan term. By inputting specific values like purchase price, down payment, and loan terms, you’ll receive detailed results. Follow the instructions below to effectively use the calculator.

Step 1: Enter Home Purchase Price

In the Home Purchase Price ($) field, enter the total price of the home you are planning to purchase. Ensure the value is between $50,000 and $10,000,000.

Step 2: Input Down Payment Percentage

In the Down Payment (%) field, specify the percentage of the home’s purchase price that you will pay upfront. This value should be between 3% and 100%.

Step 3: Set the Interest Rate

Enter the loan interest rate in the Interest Rate (%) field. The rate must be between 0.1% and 15%, entered in increments of 0.01%.

Step 4: Choose the Loan Term

Select from one of the options provided in the Loan Term field, which can be 15, 20, or 30 years.

Step 5: Indicate the Property Tax Rate

In the Property Tax Rate (%) field, input the annual property tax rate. The typical rate in Virginia is around 0.80%, and you should enter a rate between 0% and 5%.

Step 6: Specify Annual Home Insurance

Enter your annual home insurance cost in the Annual Home Insurance ($) field, which typically averages about $1,013/year in Virginia. Ensure the amount is between $0 and $10,000.

Step 7: Include Monthly HOA Dues

In the Monthly HOA Dues ($) field, indicate any monthly Homeowners Association dues you might pay. Enter 0 if there are no HOA dues, or ensure the value is $0 to $2,000.

Review Your Calculated Results

• Loan Amount: Calculated as the purchase price minus the down payment.
• Monthly Principal & Interest: The monthly mortgage payment for principal and interest, using the loan amount, interest rate, and loan term.
• Monthly Property Tax: Calculated based on the purchase price and property tax rate.
• Monthly Insurance: Your annual insurance cost divided by 12.
• Private Mortgage Insurance (PMI): If the down payment is less than 20%, PMI will be calculated and displayed.
• Total Monthly Payment: The sum of all monthly expenses, including the mortgage, property tax, insurance, PMI, and HOA dues.
• Total Payment Over Loan Term: Your estimated total payment over the entire term of the loan.
• Required Annual Income: The estimated annual income needed to manage the mortgage payments, assuming 28% of your income is allocated for housing expenses.

With all inputs correctly filled, you can view each section to understand the breakdown of costs and total expenses associated with your mortgage loan. Use these insights to make informed financial decisions regarding your home purchase.