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
Richmond's median home price sits at $350,000, 17% below the $420,000 national median. On a $67,000 median household income, that puts the price-to-income ratio at 5.2x, or 5.2 years of gross pay for the purchase price alone.
Property taxes in Richmond run 1.2% of assessed value, above the 1.1% national average. On the median home, that's $4,200 a year, or $350 added to the monthly payment.
Unlike the nine no-income-tax states, Virginia taxes wage income. Worth running your actual take-home pay against the $2,311/month payment here before locking in a target price.
Day-to-day expenses in Richmond track at 101 against the national 100 baseline, above average once you look past the mortgage payment itself.
Richmond's median home price runs 4% lower than nearby Virginia Beach: $365,000 there versus $350,000 here.
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 LendersVirginia Beach
$365,000 median
VANorfolk
$295,000 median
VAChesapeake
$375,000 median
VAArlington
$720,000 median
Neighborhood-level data for 4 ZIP codes in Richmond. Rates, home prices, and estimated payments vary by area.