Mortgage on a $700K house in Virginia
$4,532 a month with 20% down — $3,767 principal and interest plus $415 property tax and $350 insurance.
Virginia's typical property tax is 0.71% of the home's value a year (U.S. average 0.9%), which adds $415 a month on a $700K home. The typical home in Virginia is worth $412,252, so $700K is 70% above the typical price.
$700K home in Virginia: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $140,000 | $560,000 | $3,767 | $0 | $765 | $4,532 | $194,200 |
| 10% down | $70,000 | $630,000 | $4,238 | $263 | $765 | $5,265 | $225,600 |
| 5% down | $35,000 | $665,000 | $4,473 | $277 | $765 | $5,515 | $236,400 |
| 3.5% down (FHA) | $24,500 | $687,321 | $4,624 | $310 | $765 | $5,698 | $244,200 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.71% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Virginia does $700K buy a typical home?
In these counties the typical home value is within 15% of $700K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Alexandria City | $673,546 | 0.96% | $4,675 |
| Fauquier County | $645,183 | 0.75% | $4,556 |
| Fairfax County | $756,212 | 1.01% | $4,704 |
| Fairfax City | $768,671 | 0.9% | $4,643 |
| Loudoun County | $792,206 | 0.85% | $4,613 |
| Arlington County | $802,232 | 0.91% | $4,649 |
128 of 133 Virginia counties tracked by Zillow have a typical home value at or below $700K. See all Virginia home prices.
Other prices in Virginia
Frequently asked questions
What is the mortgage on a $700K house in Virginia?
About $4,532 a month with 20% down at 7.11%: $3,767 principal and interest, $415 property tax and $350 insurance.
How much do I need to make to buy a $700K house in Virginia?
About $194,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $700K house in Virginia?
At Virginia's typical effective rate of 0.71%, about $4,974 a year. Rates vary by county and city — see the county pages.