Monthly Payment on a $200K Mortgage in Virginia
Using Virginia's 0.82% property tax rate and $1,700/yr homeowners insurance.
$200K 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% | $1,468 | $1,405 | $1,187 |
| 6.0% | $1,528 | $1,463 | $1,238 |
| 6.5% | $1,590 | $1,521 | $1,290 |
| 7.0% | $1,653 | $1,581 | $1,343 |
| 7.5% | $1,718 | $1,642 | $1,397 |
| 8.0% | $1,783 | $1,704 | $1,452 |
How This Compares to Virginia's Median
A $200K home is 50% below Virginia's median of $400K. You'll find homes at this price in cities like Radford.
Income Needed for a $200K Home in Virginia
To afford this payment of $1,521/mo in Virginia, you'd need a household income of approximately $65K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K salary can afford →Closing Costs in Virginia
Estimated closing costs in Virginia: $3K (1.5% of purchase price). Virginia also charges a 0.25% transfer tax, which may add $500 to your transaction costs.
What to Know About a $200K Mortgage in Virginia
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Virginia's 0.82% property tax ($137/mo) and $1,700/yr insurance ($142/mo) brings your total to $1,521/mo. Because you're putting less than 20% down, PMI adds $105/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.