Richmond Mortgage Calculator
Estimate your monthly mortgage payment in Richmond, VA. On the local median home value of $345,000 — with a 20% down payment at today's rates — expect a total monthly payment (principal, interest, taxes, and insurance) of about $2,072. Adjust every input for your situation.
Monthly Breakdown
- Principal & Interest$1,745
- Property Tax$236
- Home Insurance$92
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $20,934 | $3,085 | $17,849 | $272,915 |
| 2 | $20,934 | $3,292 | $17,643 | $269,624 |
| 3 | $20,934 | $3,512 | $17,422 | $266,112 |
| 4 | $20,934 | $3,747 | $17,187 | $262,364 |
| 5 | $20,934 | $3,998 | $16,936 | $258,366 |
| 6 | $20,934 | $4,266 | $16,668 | $254,100 |
| 7 | $20,934 | $4,552 | $16,383 | $249,549 |
| 8 | $20,934 | $4,856 | $16,078 | $244,692 |
| 9 | $20,934 | $5,182 | $15,752 | $239,511 |
| 10 | $20,934 | $5,529 | $15,405 | $233,982 |
| 11 | $20,934 | $5,899 | $15,035 | $228,083 |
| 12 | $20,934 | $6,294 | $14,640 | $221,789 |
| 13 | $20,934 | $6,716 | $14,219 | $215,074 |
| 14 | $20,934 | $7,165 | $13,769 | $207,908 |
| 15 | $20,934 | $7,645 | $13,289 | $200,263 |
| 16 | $20,934 | $8,157 | $12,777 | $192,106 |
| 17 | $20,934 | $8,703 | $12,231 | $183,403 |
| 18 | $20,934 | $9,286 | $11,648 | $174,116 |
| 19 | $20,934 | $9,908 | $11,026 | $164,208 |
| 20 | $20,934 | $10,572 | $10,362 | $153,636 |
| 21 | $20,934 | $11,280 | $9,654 | $142,356 |
| 22 | $20,934 | $12,035 | $8,899 | $130,321 |
| 23 | $20,934 | $12,841 | $8,093 | $117,480 |
| 24 | $20,934 | $13,701 | $7,233 | $103,778 |
| 25 | $20,934 | $14,619 | $6,315 | $89,159 |
| 26 | $20,934 | $15,598 | $5,336 | $73,562 |
| 27 | $20,934 | $16,643 | $4,291 | $56,919 |
| 28 | $20,934 | $17,757 | $3,177 | $39,162 |
| 29 | $20,934 | $18,946 | $1,988 | $20,215 |
| 30 | $20,934 | $20,215 | $719 | $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 Richmond (about $345,000). 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 Richmond. At $345,000 with a 20% down payment, you'd bring $69,000 to closing (plus closing costs) and take out a $276,000 mortgage. At a 6.50% interest rate on a 30-year fixed loan, your monthly principal + interest is roughly $1,745.
Annual costs on top of the loan. Virginia's average property tax rate is 0.82%, so a median-priced Richmond home generates approximately $2,829 in annual property tax (about $236/mo when paid through escrow). Homeowner's insurance in Virginia averages around $1,100/year.
Total monthly payment (PITI) on the median Richmond home works out to about $2,072 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.