Mortgage Calculator & Closing Costs: Chesapeake, VA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Chesapeake, Virginia.
Median Home Price
$355K
Population
249K
Avg Monthly Rent
$1,480
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 Chesapeake.
Chesapeake vs Virginia Median
The median home price in Chesapeake is $355,000, which is 11% below the Virginia state median of $400,000.
Mortgage Calculator — Chesapeake, VA
Pre-filled with Chesapeake median home price and Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $355K home using Virginia's 0.82% tax rate and $1,700/yr insurance.
5% Down
$2,713/mo
Down: $17,750
Loan: $337K
P&I: $2,132
Tax: $243
Insurance: $142
PMI: $197
10% Down
$2,590/mo
Down: $35,500
Loan: $320K
P&I: $2,019
Tax: $243
Insurance: $142
PMI: $186
20% Down (No PMI)
$2,179/mo
Down: $71,000
Loan: $284K
P&I: $1,795
Tax: $243
Insurance: $142
Income needed (28% rule): $93K/year with 20% down, $111K/year with 10% down.
Rent vs Buy in Chesapeake
Rent
$1,480/mo
vs
Buy (10% down)
$2,590/mo
Price-to-rent ratio: 20.0 — A ratio between 15-20 means the rent vs buy decision in Chesapeake depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Chesapeake is $355,000, 11% below the Virginia state median of $400,000. With a population of 249,422, Chesapeake is a mid-size city 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 $355,000 home in Chesapeake would carry roughly $243/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Chesapeake is $1,480/month. The price-to-rent ratio in Chesapeake is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Chesapeake presents moderate affordability. The $355K 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 Chesapeake.