Can I Afford a $300K Home in Virginia?
Complete mortgage breakdown for a $300,000 home in Virginia, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,902/mo
P&I: $1,577 + Tax: $200 + Insurance: $125
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $9,000 | $2,358 | $101,053 |
| 5% | $15,000 | $2,316 | $99,257 |
| 10% | $30,000 | $2,211 | $94,766 |
| 20% | $60,000 | $1,902 | $81,498 |
Monthly Cost Breakdown (Virginia)
Principal & Interest
$1,577/mo
Property Tax (0.8%)
$200/mo
Homeowners Insurance
$125/mo
Total Interest (30-yr)
$327,586
Affordability Rules of Thumb
28% Rule (Housing)
$81,498/yr
Minimum gross income
36% Rule (All Debt)
$63,388/yr
If no other debt
3Ã Income Rule
$100,000/yr
Conservative target
Buying a $300K Home in Virginia
A $300,000 home in Virginia falls in the mid-range of the housing market. At $1,902/month with 20% down, you'll need a household income of about $81,498 to comfortably afford this home under the 28% rule. Property taxes in Virginia (0.8%) add $200 monthly to your costs.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Virginia.