Monthly Payment on a $100K Mortgage in Virginia
Using Virginia's 0.82% property tax rate and $1,700/yr homeowners insurance.
$100K Mortgage in Virginia: Rate Comparison
Monthly PITI payment using Virginia's 0.82% property tax and $1,700/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $805 | $774 | $664 |
| 6.0% | $835 | $802 | $690 |
| 6.5% | $866 | $831 | $716 |
| 7.0% | $897 | $861 | $742 |
| 7.5% | $930 | $892 | $769 |
| 8.0% | $962 | $923 | $797 |
How This Compares to Virginia's Median
A $100K home is 75% below Virginia's median of $400K. This is well within reach in many Virginia communities.
Income Needed for a $100K Home in Virginia
To afford this payment of $831/mo in Virginia, you'd need a household income of approximately $36K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Virginia
Estimated closing costs in Virginia: $2K (1.5% of purchase price). Virginia also charges a 0.25% transfer tax, which may add $250 to your transaction costs.
What to Know About a $100K Mortgage in Virginia
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Virginia's 0.82% property tax ($68/mo) and $1,700/yr insurance ($142/mo) brings your total to $831/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.