Virginia mortgage calculator 2026

How it works

The calculator applies standard amortization for a fixed-rate mortgage. Each monthly payment includes interest on the remaining principal plus a principal portion that reduces the balance. Early in the loan, interest generally represents a larger share of the payment, with the mix gradually shifting toward principal as the balance declines. This estimate focuses solely on principal and interest. It does not include lender fees, escrow, property taxes, insurance, or program-specific costs. The amortization schedule shows how payments are allocated and how the balance changes over time under a traditional repayment structure.

Examples

A 30-year term typically results in a lower monthly principal-and-interest payment compared with a shorter term at the same rate, but it generally increases total interest paid over the life of the loan. A 15-year term often increases the monthly payment while reducing total interest, because the principal is repaid more quickly. Changes in interest rate can significantly affect both the payment amount and total interest. The amortization schedule illustrates how those differences accumulate throughout the loan term.

Limitations and important notes

This calculator estimates principal and interest only. It excludes property taxes, homeowners insurance, mortgage insurance, HOA dues, closing costs, discount points, and escrowed amounts. Approval and final loan terms depend on lender underwriting and the specific mortgage product. This page does not evaluate credit, determine qualification, or simulate approval outcomes. Virginia licenses and supervises certain mortgage businesses at the state level, but regulatory oversight does not change the amortization math used here.

FAQs