Norfolk Mortgage Calculator
Estimate your monthly mortgage payment in Norfolk, VA. On the local median home value of $280,000 — with a 20% down payment at today's rates — expect a total monthly payment (principal, interest, taxes, and insurance) of about $1,699. Adjust every input for your situation.
Monthly Breakdown
- Principal & Interest$1,416
- Property Tax$191
- Home Insurance$92
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $16,990 | $2,504 | $14,486 | $221,496 |
| 2 | $16,990 | $2,671 | $14,319 | $218,825 |
| 3 | $16,990 | $2,850 | $14,140 | $215,975 |
| 4 | $16,990 | $3,041 | $13,949 | $212,933 |
| 5 | $16,990 | $3,245 | $13,745 | $209,689 |
| 6 | $16,990 | $3,462 | $13,528 | $206,226 |
| 7 | $16,990 | $3,694 | $13,296 | $202,532 |
| 8 | $16,990 | $3,941 | $13,049 | $198,591 |
| 9 | $16,990 | $4,205 | $12,785 | $194,386 |
| 10 | $16,990 | $4,487 | $12,503 | $189,899 |
| 11 | $16,990 | $4,788 | $12,202 | $185,111 |
| 12 | $16,990 | $5,108 | $11,882 | $180,003 |
| 13 | $16,990 | $5,450 | $11,540 | $174,553 |
| 14 | $16,990 | $5,815 | $11,175 | $168,737 |
| 15 | $16,990 | $6,205 | $10,785 | $162,532 |
| 16 | $16,990 | $6,620 | $10,370 | $155,912 |
| 17 | $16,990 | $7,064 | $9,926 | $148,849 |
| 18 | $16,990 | $7,537 | $9,453 | $141,312 |
| 19 | $16,990 | $8,041 | $8,948 | $133,270 |
| 20 | $16,990 | $8,580 | $8,410 | $124,690 |
| 21 | $16,990 | $9,155 | $7,835 | $115,536 |
| 22 | $16,990 | $9,768 | $7,222 | $105,768 |
| 23 | $16,990 | $10,422 | $6,568 | $95,346 |
| 24 | $16,990 | $11,120 | $5,870 | $84,226 |
| 25 | $16,990 | $11,865 | $5,125 | $72,361 |
| 26 | $16,990 | $12,659 | $4,331 | $59,702 |
| 27 | $16,990 | $13,507 | $3,483 | $46,195 |
| 28 | $16,990 | $14,412 | $2,578 | $31,783 |
| 29 | $16,990 | $15,377 | $1,613 | $16,407 |
| 30 | $16,990 | $16,407 | $583 | $0 |
Swipe the table sideways to see all columns →
How to use this calculator
The Home Price field is pre-filled with the median home value in Norfolk (about $280,000). Override with your target home's actual price to get a payment estimate for that specific property.
The Property Tax Rate is pre-filled with Virginia's average effective rate of 0.82%. Within Virginia, rates vary by county — if you know your specific local rate, override it for a more precise estimate.
Adjust the Down Payment slider to see how your payment changes. Below 20% down triggers PMI; the calculator adds it automatically and shows a warning.
Scroll down for the full PITI breakdown, monthly payment pie chart, and complete month-by-month amortization schedule.
How it works
Buying a median-priced home in Norfolk. At $280,000 with a 20% down payment, you'd bring $56,000 to closing (plus closing costs) and take out a $224,000 mortgage. At a 6.50% interest rate on a 30-year fixed loan, your monthly principal + interest is roughly $1,416.
Annual costs on top of the loan. Virginia's average property tax rate is 0.82%, so a median-priced Norfolk home generates approximately $2,296 in annual property tax (about $191/mo when paid through escrow). Homeowner's insurance in Virginia averages around $1,100/year.
Total monthly payment (PITI) on the median Norfolk home works out to about $1,699 per month at current rates, assuming a 20% down payment and no HOA. If you're putting less than 20% down, add PMI to this — typically 0.5–1.5% of the loan balance per year.
Rates change; this is the math, not the offer. Mortgage rates fluctuate daily. Our default of 6.50% is a recent conventional 30-year benchmark — enter today's quoted rate from your lender for the most accurate payment estimate.
Frequently Asked Questions
Looking for a different city? Browse all cities. For Virginia-specific property taxes, see the Virginia Property Tax Calculator.