Mortgage Calculator & Closing Costs: Charlottesville, VA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Charlottesville, Virginia.
Median Home Price
$395K
Population
47K
Avg Monthly Rent
$1,520
Property Tax Rate
0.82% *
* Property tax shown is the Virginia state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Charlottesville.
Charlottesville vs Virginia Median
The median home price in Charlottesville is $395,000, which is roughly in line with the Virginia state median of $400,000.
Mortgage Calculator — Charlottesville, VA
Pre-filled with Charlottesville median home price and Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $395K home using Virginia's 0.82% tax rate and $1,700/yr insurance.
5% Down
$3,002/mo
Down: $19,750
Loan: $375K
P&I: $2,372
Tax: $270
Insurance: $142
PMI: $219
10% Down
$2,866/mo
Down: $39,500
Loan: $356K
P&I: $2,247
Tax: $270
Insurance: $142
PMI: $207
20% Down (No PMI)
$2,409/mo
Down: $79,000
Loan: $316K
P&I: $1,997
Tax: $270
Insurance: $142
Income needed (28% rule): $103K/year with 20% down, $123K/year with 10% down.
Rent vs Buy in Charlottesville
Rent
$1,520/mo
vs
Buy (10% down)
$2,866/mo
Price-to-rent ratio: 21.7 — At a ratio above 20, renting may be more economical in Charlottesville for shorter stays. Buying costs $1,346 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Charlottesville is $395,000, roughly in line with the Virginia state median of $400,000. With a population of 46,553, Charlottesville is a smaller market where home prices tend to be more accessible than in many parts of Virginia.
Property taxes in Virginia average 0.82% annually. This moderate property tax rate means a $395,000 home in Charlottesville would carry roughly $270/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Charlottesville is $1,520/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Charlottesville presents moderate affordability. The $395K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Charlottesville.