Virginia Beach City, VA Closing Cost Calculator
Estimated closing costs for a home purchase in Virginia Beach City including VA-specific transfer taxes.
Estimated closing costs for a $360,000 home with 20% down
Low estimate
$5,484
High estimate
$10,237
Cost Breakdown (Mid Estimate)
| Origination Fee | $2,160 |
| Title Insurance | $1,152 |
| Appraisal | $600 |
| VA Transfer Taxes & Fees | $1,100 |
| Prepaid Items (escrow) | $1,800 |
| Other Fees | $500 |
| Total (Mid) | $7,312 |
Estimates only. Actual costs vary by lender and transaction.
Local Home Values & Affordability
Virginia Beach City's median home value of $360,000 runs about 16% above the US median of $310,000, reflecting strong local demand.
A 20% down payment on a median Virginia Beach City home requires $72,000 in cash — or $12,600 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Property Tax in This Market
Based on the 0.99% effective rate and a median home value of $360,000, a typical homeowner in Virginia Beach City pays approximately $3,564 in annual property taxes — or $297 per month added to their mortgage payment.
Virginia Beach City's property tax rate of 0.99% is close to the national average of 1.10%. On a median-priced home of $360,000, expect an annual tax bill of approximately $3,564.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Virginia Beach City runs approximately $1,350/year ($113/month), in line with the national average of $1,600.
Premium quotes in Virginia Beach City typically range from $900 to $2,000 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Virginia Beach City home ($360,000) with FHA's minimum 3.5% down would borrow $347,400 — well within the $541,287 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $288,000 stays $544,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
Sources: HUD ML 2025-23, FHFA 2026
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