Mortgage Calculator & Closing Costs: Harrisonburg, VA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Harrisonburg, Virginia.
Median Home Price
$285K
Population
54K
Avg Monthly Rent
$1,180
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 Harrisonburg.
Harrisonburg vs Virginia Median
The median home price in Harrisonburg is $285,000, which is 29% below the Virginia state median of $400,000.
Mortgage Calculator — Harrisonburg, VA
Pre-filled with Harrisonburg median home price and Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $285K home using Virginia's 0.82% tax rate and $1,700/yr insurance.
5% Down
$2,206/mo
Down: $14,250
Loan: $271K
P&I: $1,711
Tax: $195
Insurance: $142
PMI: $158
10% Down
$2,107/mo
Down: $28,500
Loan: $257K
P&I: $1,621
Tax: $195
Insurance: $142
PMI: $150
20% Down (No PMI)
$1,778/mo
Down: $57,000
Loan: $228K
P&I: $1,441
Tax: $195
Insurance: $142
Income needed (28% rule): $76K/year with 20% down, $90K/year with 10% down.
Rent vs Buy in Harrisonburg
Rent
$1,180/mo
vs
Buy (10% down)
$2,107/mo
Price-to-rent ratio: 20.1 — At a ratio above 20, renting may be more economical in Harrisonburg for shorter stays. Buying costs $927 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 Harrisonburg is $285,000, 29% below the Virginia state median of $400,000. With a population of 54,033, Harrisonburg 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 $285,000 home in Harrisonburg would carry roughly $195/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Harrisonburg is $1,180/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.
Harrisonburg presents moderate affordability. The $285K 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 Harrisonburg.