Mortgage Data Labs

Programmatic SEO Local County Calculator

Home>Virginia>Richmond city (FHA)

Richmond City FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Richmond city, Virginia based on real HMDA transaction records.

Loan Details

Richmond city, VA Benchmarks

FHA averages
Typical Property Value$333,994
Average Down Payment10.1%
Average Interest Rate6.150%
Effective Tax Rate0.90%
Median Tax Paid$3,150/yr
Tax Growth (Historical)+7.8%
Based on 469 regional loans totaling $136,835,000 (HMDA database).
$
%

$33,733 down · $300,261 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$250 / month

$

Annual premium

$

Per month

%

$127 / month

Estimated Monthly Payment

$2,389/mo

  • Principal & Interest$1,861
  • Property Tax$250
  • Home Insurance$150
  • FHA MIP$127
Amortization · Remaining Balance

Financed Loan Amount

$305,515

Total Interest

$364,547

Total of Payments

$670,062

*Includes financed FHA Upfront MIP of $5,255

Local Market Insights

Richmond city FHA Mortgage Overview

For Richmond city homebuyers, the average 10.06% down payment on an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) are required for the loan’s life regardless of equity. With a high 89.94% Loan-to-Value ratio, this data reflects owner-occupied purchases, not investments. The 0.90% effective property tax rate, compounded by a 7.8% inflation-adjusted tax change, significantly impacts monthly affordability. When evaluating an FHA loan with PMI and taxes in Richmond city, VA, or checking Richmond city FHA loan limits, remember this tax shift raises true carrying costs beyond the 6.150% interest rate.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.