Quick answer
The median home in Richmond costs $330K. With 20% down ($66K) at 7% for 30 years, the monthly payment is $1,756/month. Total interest paid over 30 years: $368,303.
Calculator · VA · 2026
Mortgage Calculator for Richmond, VA (2026)
Pre-filled with Richmond's median home price of $330K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Richmond Mortgage Payment Scenarios
Median home price: $330K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $16,500 | $313,500 | $2,086 | $2,818 | $437,360 |
| 10% | $33,000 | $297,000 | $1,976 | $2,670 | $414,341 |
| 20% | $66,000 | $264,000 | $1,756 | $2,373 | $368,303 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Richmond
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $330K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$330K home · 20% down ($264K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Richmond?
The median home price in Richmond is $330K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,756. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,086.
Is it cheaper to rent or buy in Richmond?
A 2-bedroom rental in Richmond averages $1,680/month. Buying the median $330K home with 20% down costs approximately $2,086/month (mortgage + taxes + insurance) — $406 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Richmond?
Using the 28% housing rule, you need at least $75K–89K in annual gross income to comfortably afford the median $330K home in Richmond with 20% down. You also need $66K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Richmond?
VA has a state income tax rate of 5.75%. Property taxes vary by county but on a $330K home, expect $275–$550/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.