Mortgage Payment Guide · Virginia
Monthly Mortgage Payment on a $200K Home in Virginia (2026)
The number most lenders quote for a $200,000 home in Virginia is $1,001/month — that's principal and interest (P&I) only. It leaves out property taxes, homeowners insurance, and PMI (private mortgage insurance) if your down payment is under 20%. The real all-in monthly payment — lenders call this PITI, short for principal, interest, taxes, and insurance — with 20% down is $1,277. Here's exactly how that breaks down.
New to this? Quick definitions
- PITI —
- principal, interest, taxes, and insurance. The full monthly housing payment, not just the loan piece.
- P&I —
- principal and interest only — what most lenders quote up front, before taxes and insurance are added.
- PMI —
- private mortgage insurance. An extra monthly fee lenders charge when your down payment is under 20%, protecting the lender (not you) if you default.
- DTI —
- debt-to-income ratio. Your monthly debt payments divided by gross monthly income — front-end DTI counts housing only, back-end DTI counts all debts.
Calculate Your Actual Monthly Payment
Mortgage Estimator
Virginia rates pre-loaded
Monthly Payment
$1,277
estimated all-in payment (PITI)
Tax rate: 0.82% (Virginia effective rate, Tax Foundation 2024) · Insurance: $1,680/yr (Virginia average, Insurify 2026)
Excludes HOA fees. Rates and costs are estimates; actual costs vary.
Full Calculator →Rate: 6.4% (Freddie Mac Primary Mortgage Market Survey). Property tax: 0.82% effective rate (Tax Foundation Property Taxes by State 2024). Insurance: $1,680/yr (Insurance.com Rate Analysis 2026).
Full Cost Breakdown: $200,000 Home in Virginia
| Cost Component | 20% Down ($40,000) | 10% Down ($20,000) |
|---|---|---|
| Home Price | $200,000 | $200,000 |
| Loan Amount | $160,000 | $180,000 |
| Principal & Interest | $1,001/mo | $1,126/mo |
| Property Tax (0.82% rate) | $137/mo | $137/mo |
| Home Insurance | $140/mo | $140/mo |
| PMI (drops ~month 94) | — | $69/mo |
| Total Monthly PITI | $1,277/mo | $1,472/mo |
| Income Needed (28% DTI) | $54,749/yr | $63,068/yr |
| Income Needed (36% DTI) | $42,583/yr | $49,053/yr |
These estimates use Virginia's 0.82% effective property tax rate (Tax Foundation Property Taxes by State 2024) and the statewide average home insurance premium of $1,680/year (Insurance.com Rate Analysis 2026). Your actual costs will vary by county and property.
Where your money goes each month
Mistakes first-time buyers make
- Comparing lenders only on the interest rate they quote, instead of the APR and total fees on the Loan Estimate.
- Budgeting off the P&I number alone instead of the full PITI payment shown above.
- Not accounting for PMI when putting down less than 20% — it can add hundreds a month until you hit 20% equity.
- Assuming the qualifying DTI limit (28%/36%) is a comfortable target rather than a lender ceiling.
Pro tips
- Get quotes from 3+ lenders within a 2-week window — credit bureaus count them as a single inquiry, so it won't hurt your score.
- Ask every lender for a Loan Estimate so you're comparing rate, fees, and PMI side by side, not just the headline rate.
- Only buy discount points if you'll stay in the home long enough for the lower rate to pay back what the points cost upfront.
- Re-run the numbers above with your real credit score and quote — the statewide rate used here is an average, not your rate.
15-Year vs. 30-Year Mortgage on a $200,000 Home in Virginia
30-Year Fixed
$1,277/mo
Total interest: $200,291
15-Year Fixed
$1,618/mo
Total interest: $81,478
The 15-year payment is $341/month more than the 30-year. Over the life of the loan, you'd pay $200,291 in interest on a 30-year vs. $81,478 on a 15-year — a difference of $118,813. Whether that tradeoff makes sense depends on your income stability and other financial goals. The 15-year rate used here (5.90%) reflects the historical 0.5% spread between 30-year and 15-year fixed rates (Freddie Mac PMMS).
How Much Do You Need to Earn to Afford a $200,000 Home in Virginia?
The 28% front-end DTI ratio is the conventional guideline used by Fannie Mae and Freddie Mac: your total housing payment should not exceed 28% of your gross monthly income. When you carry other debts, the 36% back-end DTI limit applies to all obligations combined. Source: Fannie Mae Selling Guide B3-6-02.
| Other Monthly Debts | Income Needed (20% down) | Income Needed (10% down) |
|---|---|---|
| No other debts | $54,749/yr | $63,068/yr |
| $300/mo | $52,567/yr | $59,067/yr |
| $600/mo | $62,567/yr | $69,067/yr |
| $1,000/mo | $75,900/yr | $82,400/yr |
These are qualifying thresholds, not comfortable ones. Lenders can approve borrowers at 43% DTI or higher with compensating factors — that doesn't mean you should borrow that much. Our honest recommendation: target a payment that's no more than 25% of your take-home pay, not gross income.
What Makes Virginia Mortgage Costs Different from the National Average?
At 0.82%, Virginia's effective property tax rate is 0.25 percentage points below the national average of 1.07% (Tax Foundation 2024). On a $200,000 home, that saves you $500 per year compared to a median-tax state.
Virginia's average home insurance premium is $1,680/year — $501 less than the national average of $2,181 (Insurify 2026). This saves you $42/month compared to the national average.
The rate used in these calculations — 6.4% — reflects Virginia's 30-year fixed average from the Freddie Mac Primary Mortgage Market Survey. A 0.5% increase in your rate would add approximately $53/month to the principal and interest payment.
Virginia Rules That Change the Cost of a $200,000 Purchase
State recordation tax on deeds (Va. Code § 58.1-801) and grantor tax (Va. Code § 58.1-802)
Virginia charges a 0.25% state recordation tax on deeds plus a 0.10% grantor tax that the statute assigns to the seller (grantor). The deed recordation tax statute does not name a payer; localities may add one-third of the state recordation tax, and Northern Virginia adds regional fees. (Va. Code §§ 58.1-801, 58.1-802). (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14) Under that schedule a $200,000 sale owes $700.
City or county recordation tax up to one-third of the state recordation tax (§ 58.1-814). Regional WMATA capital fee of $0.10 per $100 on sales of realty in counties/cities that are members of the Northern Virginia Transportation Authority (§ 58.1-802.3), and regional congestion relief fee of $0.10 per $100 in qualifying planning districts (Planning District 8) (§ 58.1-802.4); both fees are paid by the grantor unless the parties arrange otherwise. (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14)
Recordation tax on deeds of trust or mortgages
Virginia imposes a recordation tax of $0.25 per $100 (0.25%) of the amount secured when a deed of trust or mortgage is recorded, with a reduced rate for qualifying refinances; localities may add one-third of the state tax. (Va. Code § 58.1-803). (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14) On the $160,000 loan that comes with 20% down on this home, that is $400; with 10% down the loan is $180,000 and the tax is $450. It is paid once, at recording, and is not part of the monthly payment above.
Recording fees
Circuit court clerk recording and indexing fee: $18 for a document of 10 or fewer pages, $32 for 11-30 pages, $52 for 31+ pages (statewide, § 17.1-275(A)(2)); other statutory fees may apply (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14)
How Virginia arrives at the property tax bill
100 percent of fair market value (Va. Code § 58.1-3201) (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14)
Virginia has no general statewide homestead exemption. Localities may by ordinance grant exemptions or deferrals of real estate tax for owner-occupants aged 65+ or permanently and totally disabled (Va. Code § 58.1-3210), on conditions and in amounts set locally. (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14)
If the assessed value looks wrong, the appeal window is Set by local ordinance: the date for applications for relief to the board of equalization may not be earlier than 30 days after the end of the period set by the assessing officer to hear objections; deadlines must be stated on the notice of assessment (§ 58.1-3378), heard first by the Local assessing officer (commissioner of the revenue/assessor) objections period, then the local board of equalization. (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14)
Virginia Housing (Virginia Housing Development Authority): Virginia Housing first-time homebuyer loans (Conventional, FHA, VA, USDA; bond and non-bond)
Virginia Housing first-time homebuyer loans (Conventional, FHA, VA, USDA; bond and non-bond) is the first-mortgage programme run by Virginia Housing (Virginia Housing Development Authority). (Virginia Housing, retrieved 2026-09-14) Its purchase-price limit is $500,000 (Standard/bond and DPA/CCA grant programs, 'All Other Areas of Virginia'; varies by area: Richmond and Charlottesville $550,000, Norfolk-Virginia Beach-Newport News $575,000, Culpeper $675,000, Washington-Arlington-Alexandria $800,000; effective 8/1/2026), so a $200,000 home is within it. (Virginia Housing, retrieved 2026-09-14) The income limit is $112,000 (Standard/bond programs, households of 2 or fewer, All Other Areas of Virginia (3+ persons $129,000; DPA/CCA grant programs $90,000/$103,000; Washington-Arlington-Alexandria standard $186,000/$217,000); effective 8/1/2026); the $54,749 income this payment needs at a 28% housing ratio is under that line. (Virginia Housing, retrieved 2026-09-14) Minimum credit score: 620. (Virginia Housing, retrieved 2026-09-14)
Virginia Property Insurance Association (VPIA)
Dwelling and commercial property coverage for individuals and businesses throughout Virginia who cannot obtain coverage in the voluntary insurance market (Virginia Property Insurance Association, retrieved 2026-09-14)
Who closes the sale
Virginia's Consumer Real Estate Settlement Protection Act (Va. Code § 55.1-1000 et seq.) recognizes 'lay real estate settlement agents' who are not licensed attorneys and provide escrow, closing or settlement services, regulated by the SCC, Virginia State Bar or Real Estate Board. (Virginia General Assembly (Code of Virginia, LIS), retrieved 2026-09-14)
Check If You Qualify: Debt-to-Income Calculator
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How Does $200,000 Compare to Other Home Prices in Virginia?
Frequently Asked Questions
What is the monthly payment on a $200,000 home in Virginia?
With 20% down ($40,000), the estimated all-in monthly payment on a $200,000 home in Virginia is $1,277/month. This includes principal and interest ($1,001), property taxes ($137/mo, based on Virginia's 0.82% effective rate), and home insurance ($140/mo, statewide average). With 10% down, the payment rises to $1,472/month due to PMI of $69/month.
How much do I need to earn to afford a $200,000 home in Virginia?
Using the 28% front-end DTI guideline (Fannie Mae Selling Guide B3-6-02), you'd need to earn at least $54,749/year with 20% down, or $63,068/year with 10% down, assuming no other monthly debts. If you carry $600/month in other debts, the required income rises to approximately $62,567/year (20% down) under the 36% back-end DTI rule.
Is PMI required on a $200,000 home in Virginia?
PMI is required on conventional loans when your down payment is less than 20%. With 10% down on a $200,000 home, PMI adds approximately $69/month. You can ask the lender to cancel it around month 94 (~8 years), when the balance reaches 80% of the original purchase price. If you don't ask, the Homeowners Protection Act requires your lender to end it automatically when the balance is scheduled to reach 78% of the original price.
Is $200,000 a realistic budget in Virginia?
Virginia's median home price is $421,882. A $200,000 budget is below the state median, meaning more than half of homes sold in the state fall within or below this range. Inventory and competition vary significantly by metro area.
What is the difference between P&I and PITI on a $200,000 home?
P&I (principal and interest) is what lenders typically quote: $1,001/month on a $200,000 home in Virginia with 20% down. PITI adds property taxes ($137/mo) and homeowners insurance ($140/mo), bringing the true all-in payment to $1,277/month — a difference of $276/month that lenders often bury in the fine print.
Can I get a lower rate than 6.4% in Virginia?
Yes — the 6.4% rate used here is the Freddie Mac PMMS average and represents a well-qualified borrower. Borrowers with credit scores above 760, larger down payments, or who buy discount points can often secure lower rates. The CFPB recommends getting quotes from at least three lenders — even a 0.25% rate reduction saves approximately $9,360 over 30 years on this loan.
Related Resources
DTI Ratio Calculator
How lenders calculate what you can borrow
PMI Calculator
What mortgage insurance costs, and when it comes off
Down Payment Savings Calculator
How much you actually need, and how long it takes to save
FHA vs. Conventional Loans
True 30-year cost comparison with real numbers
Closing Costs Calculator
What you'll pay before the first mortgage payment
What to do with this number
You now know the true monthly payment on a $200,000 home in Virginia is $1,277 — not just the $1,001 P&I lenders lead with. Here's how to act on it.
Payment feels high at this price?
See the true monthly cost of owning a home in Virginia, including maintenance and utilities most buyers forget to budget for.
Want a lower payment?
Check down payment assistance programs in Virginia before assuming you need 10–20% down saved up.
Ready to compare lenders?
Plug your real rate and credit profile into the mortgage calculator and request Loan Estimates from a few lenders.
Monthly payment estimates are for educational purposes. Actual costs depend on your credit score, specific loan terms, local tax assessments, and insurance quotes. Tax and insurance figures represent statewide averages and vary significantly by county and property. Rates are current as of 2026-06 and change daily. Use these estimates as a starting point, not a commitment. Consult a licensed mortgage professional before making borrowing decisions.