Buying a home in Bristol? Understanding your potential monthly payment is the first critical step. With median home prices ranging from $191,000 to $268,000, Bristol offers exceptional affordability compared to most Virginia markets—but you still need to know exactly what you can afford before you start house hunting.
This comprehensive calculator guide helps Bristol homebuyers estimate monthly payments for FHA, VA, conventional, and USDA loans. We'll show you how to calculate principal, interest, taxes, and insurance (PITI), provide pre-calculated examples for common Bristol price points, and explain how different down payments and loan types affect your monthly payment.
No impact on credit score to check
Use our interactive calculator to see what your monthly payment could look like for a Bristol home.
Here are estimated monthly payments for common Bristol home prices using current rates:
| Loan Type | Down Payment | Rate | P&I | Tax | Ins | MI/Fee | Total |
|---|---|---|---|---|---|---|---|
| FHA | 3.5% ($6,685) | 6.15% | $1,120 | $139 | $96 | $84 | $1,439 |
| Conventional | 5% ($9,550) | 6.40% | $1,138 | $139 | $96 | $95 | $1,468 |
| Conventional | 10% ($19,100) | 6.35% | $1,074 | $139 | $96 | $68 | $1,377 |
| Conventional | 20% ($38,200) | 6.28% | $940 | $139 | $96 | $0 | $1,175 |
| VA | $0 | 7.65% | $1,271 | $139 | $96 | $0 | $1,506 |
| USDA | $0 | 5.95% | $1,058 | $139 | $96 | $55 | $1,348 |
| Loan Type | Down Payment | Rate | P&I | Tax | Ins | MI/Fee | Total |
|---|---|---|---|---|---|---|---|
| FHA | 3.5% ($7,000) | 6.15% | $1,172 | $146 | $100 | $89 | $1,507 |
| Conventional | 5% ($10,000) | 6.40% | $1,191 | $146 | $100 | $99 | $1,536 |
| Conventional | 10% ($20,000) | 6.35% | $1,124 | $146 | $100 | $71 | $1,441 |
| Conventional | 20% ($40,000) | 6.28% | $984 | $146 | $100 | $0 | $1,230 |
| VA | $0 | 7.65% | $1,330 | $146 | $100 | $0 | $1,576 |
| USDA | $0 | 5.95% | $1,108 | $146 | $100 | $58 | $1,412 |
| Loan Type | Down Payment | Rate | P&I | Tax | Ins | MI/Fee | Total |
|---|---|---|---|---|---|---|---|
| FHA | 3.5% ($9,380) | 6.15% | $1,572 | $195 | $134 | $119 | $2,020 |
| Conventional | 5% ($13,400) | 6.40% | $1,597 | $195 | $134 | $133 | $2,059 |
| Conventional | 10% ($26,800) | 6.35% | $1,507 | $195 | $134 | $95 | $1,931 |
| Conventional | 20% ($53,600) | 6.28% | $1,320 | $195 | $134 | $0 | $1,649 |
| VA | $0 | 7.65% | $1,784 | $195 | $134 | $0 | $2,113 |
| USDA | $0 | 5.95% | $1,485 | $195 | $134 | $78 | $1,892 |
Key Takeaway:
On a typical $200,000 Bristol home, monthly payments range from $1,230 (20% down conventional) to $1,576 (VA $0 down). That's $346/month difference based solely on down payment and loan type choice.
Your monthly mortgage payment consists of four main components, known as PITI:
The portion of your payment that reduces your loan balance. Early in the loan, principal payments are small; they grow over time as interest decreases.
Example: On a $190,000 loan at 6.3%, your first payment includes only $193 toward principal, but by year 10, you're paying $256/month toward principal.
The cost of borrowing money, calculated as a percentage of your remaining loan balance. Early payments are mostly interest; this decreases over time.
Example: Same $190,000 loan at 6.3%, your first payment includes $998 in interest, but by year 10, only $941/month goes to interest.
Bristol property taxes in Washington County are approximately 0.87% of assessed value annually, divided into 12 monthly payments.
$191,000 home: $1,662/year = $139/month
$200,000 home: $1,740/year = $145/month
$250,000 home: $2,175/year = $181/month
$268,000 home: $2,332/year = $194/month
Important: Property taxes can change annually based on reassessments and local tax rate changes.
Homeowners insurance protects your home and possessions. Required by all lenders. Cost varies by home value, age, and coverage level.
$191,000 home: $1,150/year = $96/month
$200,000 home: $1,200/year = $100/month
$250,000 home: $1,450/year = $121/month
$268,000 home: $1,600/year = $133/month
Note: Older Bristol homes (pre-1980) may have higher insurance due to outdated electrical, plumbing, or roofing. Shopping multiple insurance providers can save $300-$600/year.
Monthly Payment = Loan Amount × [Rate × (1 + Rate)^Months] / [(1 + Rate)^Months - 1]
This calculates principal and interest (P&I) only.
Calculation:
Monthly P&I = $190,000 × [0.005292 × (1.005292)^360] / [(1.005292)^360 - 1]
Monthly P&I = $1,185
Add PITI:
Home Price - Down Payment = Loan Amount
$200,000 - $10,000 = $190,000
Annual Rate ÷ 12 = Monthly Rate
6.35% ÷ 12 = 0.529% per month (or 0.005292 as decimal)
Years × 12 = Total Months
30 years × 12 = 360 payments
Result: $1,185/month P&I
Home Value × 0.87% ÷ 12 = Monthly Tax
$200,000 × 0.0087 ÷ 12 = $145/month
Annual Premium ÷ 12 = Monthly Insurance
$1,200 ÷ 12 = $100/month
Loan Amount × Annual MI Rate ÷ 12 = Monthly MI
$190,000 × 0.0065 ÷ 12 = $103/month
P&I + Tax + Insurance + MI = Total Payment
$1,185 + $145 + $100 + $103 = $1,533/month
$175,000 Home: Down $6,125, Loan $171,830, P&I $1,043, Total $1,336/month
$225,000 Home: Down $7,875, Loan $220,925, P&I $1,342, Total $1,720/month
Income Needed (28% ratio): $4,770/mo ($57,240/yr) for $175K, $6,143/mo ($73,716/yr) for $225K
$191,000 Home: Down $0, Loan $195,107, P&I $1,361, Total $1,596/month
$250,000 Home: Down $0, Loan $255,375, P&I $1,782, Total $2,088/month
VA Advantage: No mortgage insurance saves $85-120/month compared to FHA, despite higher rate currently.
$200,000 - 5% Down: P&I $1,191, PMI $103, Total $1,540/month
$200,000 - 10% Down: P&I $1,124, PMI $75, Total $1,445/month
$200,000 - 20% Down: P&I $984, PMI $0, Total $1,230/month
Savings: 20% down vs 5% down saves $310/month ($3,720/year)
Important: Bristol city center is NOT USDA-eligible. Surrounding Washington County areas qualify (Glade Spring, Damascus, Meadowview, rural routes).
$175,000 Home: Down $0, Loan $176,750, P&I $1,049, Total $1,315/month
$220,000 Home: Down $0, Loan $222,200, P&I $1,318, Total $1,652/month
USDA Advantage: Lowest rates plus $0 down. Perfect for eligible rural areas near Bristol.
Lenders use two key ratios:
| Annual Income | 28% Monthly | Affordable Home (5% down) | Affordable Home (20% down) |
|---|---|---|---|
| $40,000 | $933 | $125,000-$140,000 | $145,000-$160,000 |
| $50,000 | $1,167 | $165,000-$180,000 | $190,000-$210,000 |
| $60,000 | $1,400 | $210,000-$235,000 | $240,000-$265,000 |
| $70,000 | $1,633 | $250,000-$280,000 | $290,000-$320,000 |
| $80,000 | $1,867 | $290,000-$325,000 | $340,000-$375,000 |
| $100,000 | $2,333 | $375,000-$420,000 | $440,000-$490,000 |
Bristol Context: With median household income around $44,706, typical Bristol buyers can afford $150,000-$175,000 homes comfortably. This aligns well with Bristol's $191,000 median price, especially with low-down-payment options (FHA 3.5%, VA/USDA $0).
| Loan Type | Cash Needed | Monthly Payment | 5-Year Cost |
|---|---|---|---|
| FHA (3.5% Down) | $12,500 | $1,507 | $102,920 |
| Conventional (5% Down) | $15,000 | $1,536 | $107,160 |
| Conventional (20% Down) | $45,000 | $1,230 | $118,800 |
| VA ($0 Down) | $5,000 | $1,576 | $99,560 |
| USDA ($0 Down) | $4,500 | $1,412 | $89,220 |
Rate: Approximately 0.87% of assessed value annually
$150,000 home: $1,305/year ($109/month)
$191,000 home: $1,662/year ($139/month)
$200,000 home: $1,740/year ($145/month)
$250,000 home: $2,175/year ($181/month)
$300,000 home: $2,610/year ($218/month)
Compared to Other VA Markets: Bristol (0.87%) vs Fairfax (1.14%), Arlington (0.95%), Richmond (1.20%). Bristol's property taxes are lower than most Virginia urban areas.
$150,000 home: $950-$1,150/year
$200,000 home: $1,150-$1,350/year
$250,000 home: $1,400-$1,650/year
$300,000 home: $1,700-$2,000/year
Many Bristol homes are 40-60+ years old. Budget extra for:
Beyond down payment and closing costs:
Budget for this in addition to down payment/closing.
Bristol's median $191,000-$268,000 is 55-65% below Virginia's $472,600 median. This means:
In Bristol's current market (78-121 days on market), many sellers will contribute 2-4% toward closing costs. This reduces your cash needed by $3,000-$8,000 on typical Bristol homes.
Without Seller Help:
Down payment: $10,000
Closing costs: $5,000
Total cash: $15,000
With 3% Seller Concessions:
Down payment: $10,000
Closing costs: $5,000
Seller contributes: -$6,000
Total cash: $9,000
This is realistic in Bristol's current buyer-friendly market.
Get personalized payment estimates and connect with lenders who know the Bristol market
Get personalized payment estimates and connect with lenders who know the Bristol market.
No impact on credit score to check
Last updated: November 26, 2025
Disclaimer: Calculator results are estimates only. Actual payments may vary based on credit score, exact interest rates, property taxes, insurance costs, HOA fees, and other factors. This website generates leads for mortgage lenders and receives compensation for referrals. Always verify payment calculations with licensed mortgage lenders before making home buying decisions.