Mortgage Calculator & Closing Costs: Virginia Beach, VA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Virginia Beach, Virginia.
Median Home Price
$365K
Population
459K
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 Virginia Beach.
Virginia Beach vs Virginia Median
The median home price in Virginia Beach is $365,000, which is 9% below the Virginia state median of $400,000.
Mortgage Calculator — Virginia Beach, VA
Pre-filled with Virginia Beach median home price and Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $365K home using Virginia's 0.82% tax rate and $1,700/yr insurance.
5% Down
$2,785/mo
Down: $18,250
Loan: $347K
P&I: $2,192
Tax: $249
Insurance: $142
PMI: $202
10% Down
$2,659/mo
Down: $36,500
Loan: $329K
P&I: $2,076
Tax: $249
Insurance: $142
PMI: $192
20% Down (No PMI)
$2,237/mo
Down: $73,000
Loan: $292K
P&I: $1,846
Tax: $249
Insurance: $142
Income needed (28% rule): $96K/year with 20% down, $114K/year with 10% down.
Rent vs Buy in Virginia Beach
Rent
$1,520/mo
vs
Buy (10% down)
$2,659/mo
Price-to-rent ratio: 20.0 — A ratio between 15-20 means the rent vs buy decision in Virginia Beach 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 Virginia Beach is $365,000, 9% below the Virginia state median of $400,000. With a population of 459,470, Virginia Beach 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 $365,000 home in Virginia Beach would carry roughly $249/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Virginia Beach 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.
Virginia Beach presents moderate affordability. The $365K 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 Virginia Beach.