Understanding what you can afford in Danville starts with accurate payment calculations. With median home prices at $152,000, property taxes at $0.83 per $100, and current mortgage rates at 6.04-7.70%, your monthly payment on Danville's median home ranges from $944 (20% down conventional) to $1,279 (VA $0 down)—requiring household income of $40,500-$54,800 depending on loan type and down payment.
This comprehensive calculator guide provides detailed payment breakdowns for every Danville price point ($90K-$210K), compares all loan types (FHA, VA, USDA, conventional), shows the impact of down payment size, and helps you determine exactly what you can afford in Danville's affordable, buyer-friendly market.
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Use our interactive calculator to see what your monthly payment could look like for a Danville home.
Property Tax: $62/month | Insurance: $75/month
| Loan Type | Down | Loan | Rate | P&I | MI/Fee | Total | Income Needed |
|---|---|---|---|---|---|---|---|
| FHA 3.5% | $3,150 | $88,425 | 6.15% | $537 | $40 | $714 | $30,600 |
| Conv 5% | $4,500 | $85,500 | 6.35% | $534 | $46 | $717 | $30,700 |
| Conv 10% | $9,000 | $81,000 | 6.35% | $506 | $40 | $683 | $29,300 |
| Conv 20% | $18,000 | $72,000 | 6.28% | $444 | $0 | $581 | $24,900 |
| USDA 0% | $0 | $90,900 | 5.95% | $539 | $26 | $702 | $30,100 |
Property Tax: $83/month | Insurance: $85/month
| Loan Type | Down | Loan | Rate | P&I | MI/Fee | Total | Income Needed |
|---|---|---|---|---|---|---|---|
| FHA 3.5% | $4,200 | $117,900 | 6.15% | $716 | $54 | $938 | $40,200 |
| Conv 5% | $6,000 | $114,000 | 6.35% | $712 | $62 | $942 | $40,400 |
| Conv 10% | $12,000 | $108,000 | 6.35% | $674 | $54 | $896 | $38,400 |
| Conv 20% | $24,000 | $96,000 | 6.28% | $592 | $0 | $760 | $32,600 |
| USDA 0% | $0 | $121,200 | 5.95% | $719 | $35 | $922 | $39,500 |
Property Tax: $105/month | Insurance: $90/month
| Loan Type | Down | Loan | Rate | P&I | MI/Fee | Total | Income Needed |
|---|---|---|---|---|---|---|---|
| FHA 3.5% | $5,320 | $149,247 | 6.15% | $906 | $68 | $1,169 | $50,100 |
| Conv 5% | $7,600 | $144,400 | 6.35% | $902 | $78 | $1,175 | $50,400 |
| Conv 10% | $15,200 | $136,800 | 6.35% | $854 | $68 | $1,117 | $47,900 |
| Conv 20% | $30,400 | $121,600 | 6.28% | $749 | $0 | $944 | $40,500 |
| VA 0% | $0 | $155,268 | 7.65% | $1,084 | $0 | $1,279 | $54,800 |
| USDA 0% | $0 | $153,520 | 5.95% | $910 | $45 | $1,150 | $49,300 |
Property Tax: $125/month | Insurance: $105/month
| Loan Type | Down | Loan | Rate | P&I | MI/Fee | Total | Income Needed |
|---|---|---|---|---|---|---|---|
| FHA 3.5% | $6,300 | $176,643 | 6.15% | $1,073 | $81 | $1,384 | $59,300 |
| Conv 5% | $9,000 | $171,000 | 6.35% | $1,068 | $92 | $1,390 | $59,600 |
| Conv 10% | $18,000 | $162,000 | 6.35% | $1,012 | $81 | $1,323 | $56,700 |
| Conv 20% | $36,000 | $144,000 | 6.28% | $887 | $0 | $1,117 | $47,900 |
| VA 0% | $0 | $183,870 | 7.65% | $1,284 | $0 | $1,514 | $64,900 |
| USDA 0% | $0 | $181,800 | 5.95% | $1,078 | $53 | $1,361 | $58,300 |
Property Tax: $145/month | Insurance: $120/month
| Loan Type | Down | Loan | Rate | P&I | MI/Fee | Total | Income Needed |
|---|---|---|---|---|---|---|---|
| FHA 3.5% | $7,350 | $206,143 | 6.15% | $1,252 | $95 | $1,654 | $70,885 |
| Conv 5% | $10,500 | $199,500 | 6.35% | $1,245 | $108 | $1,660 | $71,145 |
| Conv 10% | $21,000 | $189,000 | 6.35% | $1,180 | $94 | $1,581 | $67,755 |
| Conv 20% | $42,000 | $168,000 | 6.28% | $1,036 | $0 | $1,343 | $57,555 |
| VA 0% | $0 | $214,515 | 7.65% | $1,498 | $0 | $1,805 | $77,355 |
| USDA 0% | $0 | $212,100 | 5.95% | $1,258 | $62 | $1,627 | $69,730 |
Danville Strategy: If you can afford 10% down ($15,200), do it. PMI cancels in 5-7 years with market recovery, saving $7,000+. If you can only do 3.5% ($5,320), that's fine—homeownership still beats renting at $1,200-1,500/month.
Maximum Housing Payment:
Maximum Housing Payment:
Maximum Housing Payment:
Lesson: High debt limits home affordability even with high income. Paying off $1,200/month debt before buying would increase affordable home by $50,000-$70,000.
| Credit Score | Rate | P&I | PMI | Total Payment | 30-Year Interest |
|---|---|---|---|---|---|
| 760+ | 6.28% | $892 | $62 | $1,149 | $176,120 |
| 720-759 | 6.35% | $902 | $78 | $1,175 | $179,720 |
| 680-719 | 6.50% | $916 | $101 | $1,212 | $185,760 |
| 640-679 | 6.75% | $937 | $137 | $1,269 | $193,320 |
| 620-639 | 7.00% | $962 | $179 | $1,336 | $201,920 |
Danville Credit Improvement ROI: Spending 6 months improving credit from 640 to 720 saves $50,000+. Worth the wait.
Danville context: Many Danville homes need HVAC ($5K-10K) or roof ($5K-8K) updates. Cash-out refinancing at 6.75% beats credit cards at 18-22% or personal loans at 10-15%.
Buying costs $12,964 more
BUT - Year 1 Equity Buildup:
Adjusted Year 1 Cost: $30,104 - $4,700 (average) = $25,404 vs $17,140 renting
True difference: $8,264 (not $12,964)
Buying
Renting
5-Year Advantage: Buying saves $12,780-$27,780 + you own a $152,000-$167,000 asset
Danville Context: With $1,300 median rent and potential for market recovery, buying breaks even on cash flow in 2-3 years and builds equity through principal paydown regardless of appreciation.
Conservative Analysis: Even assuming ZERO appreciation (worst case), buying still saves money by year 5 through principal paydown alone ($18,000).
Lenders Use: Average of last 2 years tax returns
Lenders Require: 2-year history, average it
Lenders Require: 2-year history showing continuity
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 $137,750 loan at 6.35%, your first payment includes only $128 toward principal, but by year 10, you're paying $175/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 $137,750 loan at 6.35%, your first payment includes $729 in interest, but by year 10, only $682/month goes to interest.
Danville city property taxes are $0.83 per $100 of assessed value annually, divided into 12 monthly payments.
$90,000 home: $747/year ($62/month)
$120,000 home: $996/year ($83/month)
$152,000 home: $1,262/year ($105/month)
$180,000 home: $1,494/year ($125/month)
$210,000 home: $1,743/year ($145/month)
Important: Property taxes can change annually based on reassessments and local tax rate changes. Danville's $0.83 rate is among the lowest in Virginia.
Homeowners insurance protects your home and possessions. Required by all lenders. Cost varies by home value, age, and coverage level.
$90,000 home: $900/year ($75/month)
$120,000 home: $1,020/year ($85/month)
$152,000 home: $1,080/year ($90/month)
$180,000 home: $1,260/year ($105/month)
$210,000 home: $1,440/year ($120/month)
Note: Older Danville homes (pre-1970) may have higher insurance due to outdated electrical, plumbing, or roofing. Shopping multiple insurance providers can save $200-$400/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 = $114,000 × [0.005292 × (1.005292)^360] / [(1.005292)^360 - 1]
Monthly P&I = $712
Add PITI:
Home Price - Down Payment = Loan Amount
$120,000 - $6,000 = $114,000
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: $712/month P&I
Home Value × 0.0083 ÷ 12 = Monthly Tax
$120,000 × 0.0083 ÷ 12 = $83/month
Annual Premium ÷ 12 = Monthly Insurance
$1,020 ÷ 12 = $85/month
Loan Amount × Annual MI Rate ÷ 12 = Monthly MI
$114,000 × 0.0065 ÷ 12 = $62/month
P&I + Tax + Insurance + MI = Total Payment
$712 + $83 + $85 + $62 = $942/month
Rate: $0.83 per $100 of assessed value annually
$90,000 home: $747/year ($62/month)
$120,000 home: $996/year ($83/month)
$152,000 home: $1,262/year ($105/month)
$180,000 home: $1,494/year ($125/month)
$210,000 home: $1,743/year ($145/month)
Compared to Other VA Markets: Danville ($0.83) vs Lynchburg ($0.89), Richmond ($1.20), Fairfax ($1.14). Danville's property taxes are among the lowest in Virginia.
$90,000 home: $900/year ($75/month)
$120,000 home: $1,020/year ($85/month)
$152,000 home: $1,080/year ($90/month)
$180,000 home: $1,260/year ($105/month)
$210,000 home: $1,440/year ($120/month)
Many Danville homes are 40-70+ years old. Budget extra for:
Beyond down payment and closing costs:
Budget for this in addition to down payment/closing.
Danville's median $152,000 is 65% below national median and 68% below Virginia median. This means:
In Danville's current buyer-friendly market (56 days on market, 6% below list), sellers often contribute 2-4% toward closing costs. This reduces your cash needed by $1,800-$4,800 on typical Danville homes.
Without Seller Help:
Down payment: $5,320
Closing costs: $3,500
Total cash: $8,820
With 3% Seller Concessions ($4,560):
Down payment: $5,320
Closing costs: $3,500
Seller contributes: -$4,560
Total cash: $4,260
This is realistic in Danville's current buyer-friendly market.
Get personalized payment estimates and connect with lenders who know the Danville market
With median home at $152,000, household income of $50,000-$55,000 makes median homes affordable with 5-10% down. The payment difference between 3.5% FHA and 20% conventional is $225/month, but the $25,080 extra down payment takes years to save for most buyers.
Start with what you can afford (FHA 3.5% at $5,320 down or conventional 5% at $7,600 down), build equity through principal paydown, and refinance to remove PMI/MI once you reach 20% equity or when market recovers.
Key insight: At $1,169/month total payment (FHA 3.5% down), buying Danville's median home costs less than or equal to renting ($1,200-1,500/month), while building equity instead of paying a landlord.
Get personalized payment estimates and connect with lenders who know the Danville market.
No impact on credit score to check
Last updated: December 4, 2025
About Danville, VA: Danville is an independent city in Southern Virginia with a population of approximately 42,000. The median home price as of October 2025 is $152,450, representing 65% below the national average and 68% below the Virginia average. The market is buyer-friendly with homes selling in approximately 56 days and typically 6% below list price. With extraordinarily low home prices, property taxes at $0.83 per $100, and monthly payments often lower than rent ($1,200-1,500), Danville offers exceptional affordability for first-time buyers and families. Major employers include Sovah Health, Goodyear, and Averett University. Median household income is approximately $42,778.
Disclaimer: Calculator results are estimates only. Actual payments may vary based on credit score, exact interest rates, property taxes, insurance costs, 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. Market conditions in Danville have shown volatility (2020: $95K → 2024 peak: $195K → 2025: $150K), and past performance does not guarantee future results. Plan for long-term homeownership (5+ years) to weather market cycles.