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Mortgage Payment Calculator for Norfolk, VA
Local data pre-filled
The median home price in Norfolk, VA is $275,000, with an effective property tax rate of 1.10% — below the national average of 1.10%. We've pre-filled the calculator with local figures so your estimate reflects what buyers actually pay in Norfolk.
✓ Calculator below is pre-filled with Norfolk local data
Data as of · Sources: Zillow, Census ACS, Tax Foundation, Freddie Mac
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Virginia Financial Snapshot (2026) — Mortgage Payment Calculator
Home value, monthly carrying cost, property tax, and insurance are the four levers for the mortgage payment calculator in Virginia.
How the Mortgage Payment Calculator Math Works Under Virginia Law
Every real-estate number on this page runs through the same core identity: the monthly principal-and-interest payment on a fully amortizing fixed-rate loan is M = P · r / (1 − (1+r)^(−n)), where P is the loan principal, r is the monthly rate (annual rate / 12), and n is the term in months. For a typical Virginia buyer in 2026, P starts from an $385,000 median home value (Zillow ZHVI)[1], minus a standard 20% down payment.
On top of P&I the calculator adds the two Virginia-specific carrying costs: property tax at the state effective rate of 0.80%[2] and homeowners insurance at roughly $1,040/year (NAIC state average)[3]. The Freddie Mac PMMS national average 30-year fixed rate (6.30% (Freddie Mac PMMS · week of ))[4] drives the payment curve — Virginia rate quotes can move a few basis points around that number depending on lender, loan size, and credit band.
Calc-specific note: For a fully amortising 30-year fixed, plug Virginia's ZHVI minus 20% down into the M = P·r/(1−(1+r)^−n) identity — output is principal + interest only.
Worked example — Virginia
A Virginia buyer purchasing the median home at $385,000 with 20% down ($77,000) borrows $308,000. At the PMMS 6.30% 30-year fixed, monthly P&I is $1,906. Add $257/month property tax (0.80% effective rate) and the typical Virginia homeowners premium to reach full PITI.
Local context: Norfolk, VA
Housing economics in Norfolk, VA. The median home value runs 23.2% below the U.S. baseline for Norfolk, VA is $275,000 per Zillow's home-value index. Median rent runs $1,250 a month per Zillow ZORI, cheaper than the national $1,850 baseline. Effective property tax sits at 1.10% of assessed value, meaningfully higher than the 0.99% national average tracked by the Tax Foundation.
Income and tax climate. Virginia's top marginal state income tax bracket lands at 5.75% — compared to the volume-weighted national average around 4-5%. BEA's Regional Price Parity scores Norfolk, VA at 95.0 (national = 100), meaning a dollar in Norfolk, VA buys 105¢ — more goods and services than the same dollar nationally.
Local context as of 2026-04-19.
Norfolk versus the U.S. baseline
| Metric | Norfolk, VA | U.S. baseline | Difference |
|---|---|---|---|
| Median home value[zillow] | $275,000 | $358,000 | -23.2% |
| Median monthly rent[zillow] | $1,250 | $1,850 | -32.4% |
| Property tax (effective)[tax-foundation] | 1.10% | 0.99% | 11.1% |
| State top marginal income tax[tax-foundation] | 5.75% | ~4.08% (volume-weighted) | 1.7 pp |
| State cost-of-living index[bea-rpp] | 95.0 | 100.0 | -5.0 pts |
How to use the Mortgage Payment Calculator
Walk through using the Mortgage Payment Calculator with Norfolk, VA-specific defaults pre-loaded from primary sources.
- Enter your Norfolk numbersFill in the mortgage payment inputs. Defaults reflect Norfolk, VA 2026: median home $275,000, median rent $1,250/mo, 1.10% effective property tax.
- Apply the local 2026 inputsThe median home value in Norfolk is $275,000 (Zillow ZHVI), with median monthly rent running $1,250/mo.
- Compare against Norfolk contextMonthly PITI on the $275,000 median home in Norfolk is ~$1,854/mo — vs a $1,250/mo median rent.
How Virginia Compares to Neighboring States
| State | Median home | Top inc tax | Prop tax rate | RPP (US=100) |
|---|---|---|---|---|
| Virginia (this page) | $385,000 | 5.75% | 0.80% | 101.3 |
| Kentucky equivalent | $205,000 | 4.00% | 0.83% | 89.9 |
| Maryland side-by-side | $415,000 | 5.75% | 1.09% | 104.6 |
| see North Carolina | $330,000 | 4.25% | 0.82% | 94.4 |
| Tennessee | $325,000 | None | 0.71% | 92.1 |
Sources: Zillow ZHVI[1], state Departments of Revenue / Tax Foundation[2], Tax Foundation property taxes[3], BEA Regional Price Parities[4].
What Changes Your Result in Virginia
- Down payment size:Virginia's typical down payment is 11.0%according to NAR survey data. Every 5% shift changes the monthly P&I by roughly 5–6% of the headline payment.
- First-time buyer programs:Virginia runs state-level first-time buyer programs (DPA, MCC) that can cut effective down payment costs by $5,000–$15,000 for qualifying buyers. See programs block below.
- County-level property tax variance:The state effective rate shown in the snapshot is a statewide weighted average. Within Virginia, county rates can swing ±30% around the median, especially in border counties with differing school-district mill levies.
Related Calculations for Virginia
- Virginia's mortgage affordability rules — affordability is the flip side of monthly payment.
- Virginia Property Tax Calculator — property tax is a line in the PITI payment.
- home insurance estimator costs in Virginia — homeowners insurance is the third line in PITI.
- Virginia's pmi removal rules — PMI is added when LTV > 80%.
- how extra mortgage payment works for Virginia residents — prepayments reshape the amortization schedule.
- Virginia refinance savings numbers for 2026 — refinancing changes the payment you calculated.
How Norfolk Compares to the National Average
Understanding how Norfolk stacks up helps you calibrate your financial planning.
| Metric | Norfolk, VA | US Average | Difference |
|---|---|---|---|
| Median Home Price | $275,000 | $420,800 | -34.6% |
| Median Monthly Rent | $1,250 | $1,713 | -27.0% |
| Median Household Income | $52,800 | $74,580 | -29.2% |
| Property Tax Rate | 1.10% | 1.10% | +0.0% |
| Cost of Living Index | 95 | 100 | -5.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Norfolk Financial Snapshot
- Population (Metro)
- 245,000
- Unemployment
- 4.2%
- Avg Commute
- 23 min
- Median Age
- 31.5
- Price-to-Rent Ratio
- 18.3x
- Annual Property Tax
- $3,025
More Financial Calculators for Norfolk, VA
Mortgage Payment Calculator in Other Virginia Cities
Frequently Asked Questions — Norfolk
- Can median-income households afford the median home in Norfolk?
- With a ~$1,854 monthly PITI and $52,800 median income, housing would consume ~42.1% of gross annual income. Qualifying under the 28% DTI rule requires ~$79,457 in annual income. Educational reference only.
- Is it better to rent or buy in Norfolk?
- Norfolk's price-to-rent ratio (18.3x) is roughly neutral — in the 15-20x range the decision depends on time horizon and wealth goals.
- What is the annual property tax bill on the median home in Norfolk?
- Approximately $3,025/yr at the 1.10% effective rate on the $275,000 median home. The national average effective rate is 1.07%.
- What share of median income goes to rent in Norfolk?
- The $1,250/mo median rent represents 28.4% of the $52,800 median household income. The recommended housing cost threshold is 30%; Norfolk falls within that guideline. Educational reference only.
- How much does commuting cost in Norfolk?
- Average commute time in Norfolk is 23 minutes per ACS. Estimated annual commute cost runs about $4,007. Educational reference only.
- How does the cost of living in Norfolk compare to the national average?
- Norfolk's BEA RPP index is 95, 5% below the national baseline of 100. For a household earning the national median income of $77,540, this translates to ~$3,877/yr in purchasing power difference. Educational reference only.
- What is the median home price in Norfolk, VA?
- The median home price in Norfolk is $275,000 as of 2025–2026.
- What is the average rent in Norfolk?
- The median monthly rent in Norfolk, VA is $1,250.
- Does the mortgage payment replace professional advice?
- No. This calculator gives educational estimates using public Norfolk data and standard formulas. It is not personalized tax, legal, or investment advice. Consult a licensed professional for decisions with material consequences.
Virginia State Context
Virginia Real Estate Tips
Virginia's median home price of $425,000 is slightly above the national average, driven by Northern Virginia (DC suburbs).
VHDA (Virginia Housing Development Authority) offers down payment assistance and below-market rates.
Virginia's property tax rate of 0.82% is below the national average.
Northern Virginia (Arlington, Fairfax) median prices exceed $600K while Southwest Virginia is under $200K.
Virginia Homebuyer Programs
- ✓VHDA FHA Plus — FHA loan with up to 3-5% DPA.
- ✓VHDA Down Payment Assistance Grant — up to 2-2.5% of purchase price as a grant.
- ✓VHDA Closing Cost Assistance Grant — up to 2% for closing costs.
Statewide Virginia figures apply broadly across Norfolk. County- and city-level variation can be significant — verify against local sources before closing a transaction. [3]
How we compute this — methodology
The Norfolk page uses local median home price ($275,000), median rent ($1,250/mo), and property tax rate (1.10%) alongside the calculator's client-side formula. Calculations run in your browser — no inputs are sent to a server.
Known limits: ZIP-level variance within Norfolk can be substantial — the figures shown are city-wide medians. For a precise property tax quote, consult your county assessor.
Sources
- Zillow Research — ZHVI (Zillow Home Value Index) + ZORI (Zillow Observed Rent Index), city-level. zillow.com/research/data. Retrieved 2026-04-19.
- U.S. Census Bureau — American Community Survey (ACS) 5-year estimates for median household income and population. census.gov/programs-surveys/acs.
- CalcFi state financial context — tips + first-time homebuyer programs compiled from each state's Housing Finance Authority (HFA) public pages. See
src/data/state-financial-context.ts. - Tax Foundation — state property tax effective rates and state/local sales tax rates. taxfoundation.org.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rate averages used by mortgage-related calculators. freddiemac.com/pmms.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rates — www.freddiemac.com/pmms. Retrieved 2026-04-19.
- NAIC Dwelling Fire, Homeowners Owners, and Homeowners Tenants Insurance Report — content.naic.org/article/homeowners-insurance-report. Retrieved 2026-04-19.
- State Departments of Revenue — official bracket + deduction publications (one primary URL per state; linked in the brackets table below) — taxfoundation.org/data/all/state/state-income-tax-rates. Retrieved 2026-04-19.
- Bureau of Economic Analysis — Regional Price Parities by State — www.bea.gov/data/prices-inflation/regional-price-parities-state-and-metro-area. Retrieved 2026-04-19.
- U.S. Department of Labor — State Minimum Wage Laws — www.dol.gov/agencies/whd/minimum-wage/state. Retrieved 2026-04-19.
- FRED (Federal Reserve Economic Data) — real median household income, unemployment, HPI, LFPR per state — fred.stlouisfed.org. Retrieved 2026-04-19.
- BLS Occupational Employment and Wage Statistics (OEWS) — state-level occupational wages — www.bls.gov/oes. Retrieved 2026-04-19.
Spot an error? Email [email protected] with the URL and the correct figure.
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National reference: Mortgage Payment Calculator