Richmond, Virginia Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Richmond is an independent city, so it is modeled as its own local jurisdiction at the county route level. Richmond uses a local property-tax planning benchmark of about 1.20% on this page. On a $400,000 Richmond example with 20% down at 6.5% for 30 years, principal and interest are about $2,023; tax escrow is about $400/mo, for estimated PITI near $2,523 before PMI. Confirm overlapping city, school, and special-district layers on the parcel before treating escrow as final.
Loan Details
$70,000 · LTV 80%
Buyer Profile
Extra Payment
Optional principal-only payment used to estimate payoff speed and interest savings.
Monthly Payment
$1,770 Principal & Interest · $350 Property Taxes · $125 Other
Methodology and limitations
Last reviewed:
Methodology
Uses standard principal-and-interest mortgage math, then models housing-cost inputs such as tax, insurance, PMI, and extra-payment scenarios where available. National pages include worked PITI, term, and PMI comparison examples for planning.
Limitations
Planning estimate only. Actual approval, escrow, PMI, fees, taxes, insurance, and closing disclosures depend on lender, property, borrower profile, and local rules.
Richmond, Virginia Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Virginia
Richmond is an independent city, so it is modeled as its own local jurisdiction at the county route level. Richmond uses a local property-tax planning benchmark of about 1.20% on this page. On a $400,000 Richmond example with 20% down at 6.5% for 30 years, principal and interest are about $2,023; tax escrow is about $400/mo, for estimated PITI near $2,523 before PMI. Confirm overlapping city, school, and special-district layers on the parcel before treating escrow as final.
Use this mortgage calculator for Richmond, Virginia to estimate the monthly payment with principal, interest, configured annual taxes, eligible exemptions, and assistance programs when the buyer profile matches the conditions.
What This Estimate Uses
- Geographic level: county
- Configured property tax rate: 1.20%
- Configured benefits or exemptions: 2
- Reviewed sources: 3
What Changes in Richmond, Virginia
- Data level used: county. This page uses the most specific available data layer for Richmond, Virginia.
- Configured combined annual property tax rate: 1.20% before exemptions and buyer-specific conditions are applied.
- Configured down payment assistance programs: Virginia Housing Down Payment Assistance Grant.
Local Tax Assumptions
These are the annual tax assumptions configured for this page. The calculator applies them to the appropriate value, then accounts for exemptions or conditions when the buyer selects them.
- Virginia Local Real Estate Tax - 1.200%
Programs and Exemptions Included
These benefits do not mean automatic approval. The calculator models them when the buyer inputs match the configured eligibility conditions.
- Virginia Housing Down Payment Assistance Grant - 2% of sale price (requires: first-time buyer, primary residence)
- Mortgage Credit Certificate (MCC) - 20% of mortgage interest (requires: first-time buyer, primary residence, buyer has a Mortgage Credit Certificate)
When This Estimate Can Change
- The actual property tax bill depends on the address, overlapping taxing jurisdictions, approved exemptions, and appraised value.
- Home insurance, flood insurance, HOA dues, and PMI can vary by property, lender, and buyer profile.
- Configured closing costs include Virginia Deed Recordation Tax, but other settlement charges may appear on a real loan estimate.
2025 Local Home-Purchase Mortgage Market in Richmond, Virginia
Local home-purchase mortgage market context for Richmond, Virginia: in 2025 Home Mortgage Disclosure Act (HMDA) data, Richmond logged 3,267 final-action applications. The mortgage denial rate was 6.46% and the originated share was 72.88%.
| Metric | Richmond | State |
|---|---|---|
| Final-action applications | 3,267 | 146,390 |
| Mortgage denial rate | 6.46% | 8.33% |
| Originated share | 72.88% | 70.59% |
Source: FFIEC HMDA 2025 (LAR modificado, compra de vivienda) · Texas vs California mortgage denial rates (methodology)
Nearby location comparison
Planning comparison on a $400,000 home with 20% down, 6.5% fixed for 30 years, and $100/mo insurance. Monthly tax uses each page's configured property tax rate.
| Location | Est. property tax rate | Est. monthly tax | Est. monthly PITI |
|---|---|---|---|
| Richmond (this page) | 1.20% | $400 | $2,523 |
| Alexandria | 1.14% | $378 | $2,501 |
| Arlington County | 1.03% | $344 | $2,467 |
| Fairfax County | 1.13% | $375 | $2,498 |
| Henrico County | 0.85% | $283 | $2,406 |
| Loudoun County | 0.80% | $268 | $2,391 |
Local Data and Sources
Last editorial verification: May 15, 2026. This page combines the official data layers configured for Richmond, Virginia.
The sources used on this page are Consumer Financial Protection Bureau mortgage cost guidance, Virginia Tax local tax rates, Virginia Housing Down Payment Assistance Grant. Each source lists which rate, exemption, or program it validates and when it was last reviewed.
- Consumer Financial Protection Bureau mortgage cost guidance - verified May 3, 2026 - General U.S. mortgage closing-cost and mortgage-cost guidance.
- Virginia Tax local tax rates - verified May 15, 2026 - Official source for Virginia local real estate tax rates by county and independent city.
- Virginia Housing Down Payment Assistance Grant - verified May 15, 2026 - Official source for Virginia Housing's DPA Grant eligibility and program structure.
Frequently Asked Questions
Why do some Virginia city names appear as county-level pages?
Virginia has independent cities that are separate taxing jurisdictions. The calculator keeps the existing state/county/city URL structure, so independent cities can appear at the county-level route when they are the primary local tax jurisdiction. Use this state mortgage calculator to combine that assumption with principal, interest, insurance, and PMI, then drill into county or city pages when you have a specific address.
What Virginia assistance is modeled?
The state file models Virginia Housing's Down Payment Assistance Grant as a conservative purchase-price percentage estimate for eligible first-time buyers. Use this state mortgage calculator to combine that assumption with principal, interest, insurance, and PMI, then drill into county or city pages when you have a specific address.
What is a sample Virginia PITI on $400,000?
With 20% down at 6.5% for 30 years, principal and interest are about $2,023. At ~0.95% statewide property-tax planning rate, monthly escrow is about $317; with $100 insurance, estimated PITI is about $2,440 without PMI. Drill into county or city calculators for address-level millage.
Why is Richmond a county-level page?
Richmond is an independent city in Virginia and sets its own local real estate tax rate. Use this county mortgage calculator to combine that local assumption with principal, interest, insurance, and PMI so your monthly PITI estimate is closer to a full housing payment before you talk to a lender.
What property tax rate does the Richmond mortgage calculator use?
Richmond uses a local planning benchmark of about 1.20% on this page. On a $400,000 home that is roughly $4,800 per year or $400 per month in escrow before exemptions or special districts. Parcel bills can still differ—verify the levy code on the address you are buying.
What is a sample Richmond PITI on $400,000?
With 20% down at 6.5% for 30 years, principal and interest are about $2,023. At ~1.20% property tax, monthly escrow is about $400; with $100 insurance, estimated PITI is about $2,523 without PMI. Enter your real price and down payment above to resize the estimate, including PMI if you put less than 20% down.
Is Richmond a county or an independent city for taxes?
Virginia mixes counties and independent cities. This page uses Richmond's ~1.20% planning rate for the local jurisdiction shown. Confirm whether your address is city or county before comparing Fairfax, Richmond, or Norfolk-area pages. Use this county mortgage calculator to combine that local assumption with principal, interest, insurance, and PMI so your monthly PITI estimate is closer to a full housing payment before you talk to a lender.