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Loans Closed in VirginiaWhy Virginia Home Buyers Choose Our Calculator
Virginia closing costs have a few quirks that most online calculators just get wrong. The recordation tax is calculated in two ways: once on the greater of the sale price or the assessed value, and again separately on the loan amount. Most calculators pick one or the other. Ours does both, the way Virginia actually works.
Title insurance is the other one. The rate isn't flat. It's tiered, meaning the percentage you pay decreases as the purchase price increases. That matters a lot more on a $700,000 Northern Virginia purchase than on a $300,000 home downstate. Our calculator applies the correct tier automatically based on your actual numbers.
Calculate Your Estimated Payment & Closing Costs
Use the sliders to instantly explore your options.
Understanding Your Cash to Close and Payment
That bottom number in the calculator is your full cash to close, which is your down payment plus closing costs combined. Here's some good news for Virginia buyers: closing costs in Virginia are actually the lowest in the DMV region. Virginia's recordation tax rates run lower than Maryland's transfer taxes and DC's recordation and transfer taxes, and the way property taxes work in Virginia gives you another advantage at the closing table.
Virginia property taxes are paid in arrears, meaning you pay this year's taxes at the end of the year rather than in advance. That translates to a smaller escrow account to establish at closing than what Maryland or DC buyers must fund upfront. It's one of those things that quietly makes Virginia closings easier on your wallet.
A few things worth knowing about how the estimates work:
Property taxes are estimated at 1% of the purchase price annually if you haven't identified a specific property yet. Virginia's actual rates vary by jurisdiction, with Northern Virginia localities generally running higher than the rest of the state. If you already have a specific property in mind, toggle to "I Have a Property" in the calculator and enter the actual annual tax amount for a more accurate payment and cash-to-close figure. You can also add your monthly HOA dues there if applicable.
Private Mortgage Insurance (PMI) is one of the most complicated numbers in any mortgage estimate because lenders calculate it using more than 20 personal variables, including your credit score, loan-to-value ratio, loan type, and the property itself. The figure shown here uses a standard average with a slight upward bias, so your actual PMI will likely be equal to or slightly lower than what you see. Read our full guide on how Private Mortgage Insurance (PMI) works and when it goes away.
Get a Personal Analysis of Your Numbers
The calculator gives you a strong starting point. But your actual rate, your jurisdiction's exact fees, and any down payment assistance you may qualify for can shift this picture meaningfully. Let's run your specific Virginia scenario together, no credit pull required.
*100% Confidential. No sales pressure, just honest numbers.
What Rate Should You Use?
Mortgage rates change every day. Sometimes two or three times in a single day. So whatever you punch into this calculator, treat it as a snapshot, not a guarantee.
Rates are driven by a combination of inflation expectations and the overall strength of the global economy. Here's the simple version: when inflation is dropping and the economy is softening, rates tend to improve. When the economy is running hot and inflation is climbing, rates go the other way. We lived through the extreme version of the post-pandemic period, with the highest inflation in several decades, even as the economy kept expanding. Rates more than doubled in less than two years.
Right now in 2026, oil is a wildcard. Conflict in the Middle East is sending energy prices higher, and oil touches everything literally in the supply chain. That's inflationary. But here's the other side of that coin: sustained high energy costs can eventually slow the economy, which could push rates lower down the road. It cuts both ways.
Our job at The Downs Mortgage Group isn't to predict rates. Nobody does that reliably. Our job is to help you understand what's driving the market and how that should factor into your homebuying timeline and strategy.
Rates Up? Your Tax Refund Goes Up Too.
As rates rise, your monthly payment increases. But so does your mortgage interest deduction, which means a bigger tax refund. Before you assume a higher rate is a dealbreaker, check what it actually costs you after taxes.
Rates shown are national market averages from Mortgage News Daily. DC Metro borrowers typically qualify for rates slightly below these averages due to larger loan sizes and stronger local credit profiles.
