Monthly Payment on a $150K Mortgage in Virginia
Using Virginia's 0.82% property tax rate and $1,700/yr homeowners insurance.
$150K 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% | $1,136 | $1,089 | $926 |
| 6.0% | $1,182 | $1,132 | $964 |
| 6.5% | $1,228 | $1,176 | $1,003 |
| 7.0% | $1,275 | $1,221 | $1,043 |
| 7.5% | $1,324 | $1,267 | $1,083 |
| 8.0% | $1,373 | $1,313 | $1,125 |
How This Compares to Virginia's Median
A $150K home is 63% below Virginia's median of $400K. This is well within reach in many Virginia communities.
Income Needed for a $150K Home in Virginia
To afford this payment of $1,176/mo in Virginia, you'd need a household income of approximately $50K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K 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 $375 to your transaction costs.
What to Know About a $150K Mortgage in Virginia
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Virginia's 0.82% property tax ($102/mo) and $1,700/yr insurance ($142/mo) brings your total to $1,176/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.