CALCMONEY // MORTGAGE // VA // RICHMOND
Calculate your monthly mortgage payment using Richmond-specific property tax rates and local market data.
$350,000
6.9%
1.2%
101
| Principal & Interest | $1,844 |
| Property Tax | $350 |
| Homeowners Insurance (est.) | $117 |
| Total Monthly Payment (PITI) | $2,311 |
$70,000
$383,869
$99,032/yr
The median home price in Richmond is $350,000, near the national median of $420,000. With a median household income of $67,000, the price-to-income ratio is 5.2x — meaning buyers typically spend 5.2 years of gross income on the purchase price.
Property taxes in Richmond run 1.2% of assessed value. On the median home, that is $4,200 per year, or $350 per month added to your mortgage payment. This is close to the national average of 1.1%.
Virginia has a state income tax. Factor your take-home pay into how much mortgage you can comfortably carry each month.
The cost of living index in Richmond is 101 (national average = 100). Day-to-day expenses beyond housing are close to the national average.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $280,000 loan saves $12,600 in interest over 30 years.
Compare Top Richmond Mortgage LendersNeighborhood-level data for 4 ZIP codes in Richmond. Rates, home prices, and estimated payments vary by area.