Comprehensive mortgage payment calculations across Harrisonburg's $256,154-$512,744 neighborhood price stratification (Northeast affordable tier to Old Town premium) enable JMU employees, dual-income professionals, and first-time buyers earning $60,000-$180,000 to evaluate precise monthly obligations including principal/interest (6.15-7.65% rates December 2025), property tax (1.01% Harrisonburg city, 0.68% Rockingham County), homeowners insurance ($125-$175/month), mortgage insurance when applicable (PMI $85-$191/month conventional, MIP $126-$171/month FHA, funding fee impact VA), and income requirements (28% front-end, 43-50% back-end DTI ratios) across loan type combinations (conventional 3-20% down, FHA 3.5%, VA $0, USDA $0 rural Rockingham) revealing total housing cost ranges $1,822-$3,877/month requiring household earnings $78,100-$166,100 for sustainable affordability.
This interactive guide provides exact payment breakdowns at five critical Harrisonburg price points ($280,000 Northeast/Collicello entry, $310,000 Waterman/Reherd mid-range, $342,179 citywide median, $380,000 Sunrise Heights/Park View upper, $450,000 Old Town premium) with side-by-side loan type comparisons demonstrating FHA's $11,976 down accessibility versus conventional's long-term PMI cancellation economics and VA's $0 upfront advantage offset by 1.37% rate premium, income-based reverse calculation showing maximum affordable home prices at common JMU salary levels ($75K single faculty, $95K dual staff, $120K dual faculty, $150K senior households), 5-year and 10-year rent-versus-buy analysis incorporating Harrisonburg's 6-7% annual appreciation ($342K home reaching $485K value Year 5, $615K Year 10), and scenario modeling for specific buyer profiles including young single professors, established dual-income couples, veterans, and USDA-eligible rural buyers.
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| Loan Type | Down $ | Down % | Loan Amount | Rate | P&I | MI/Fee | Tax | Ins | Total | Income |
|---|---|---|---|---|---|---|---|---|---|---|
| Conv 20% | $68,436 | 20% | $273,743 | 6.28% | $1,687 | $0 | $288 | $140 | $2,115 | $90,600 |
| Conv 10% | $34,218 | 10% | $307,961 | 6.35% | $1,925 | $128 | $288 | $140 | $2,481 | $106,200 |
| Conv 3% | $10,265 | 3% | $331,914 | 6.40% | $2,078 | $191 | $288 | $140 | $2,684 | $115,000 |
| FHA 3.5% | $11,976 | 3.5% | $335,982* | 6.15% | $2,040 | $154 | $288 | $140 | $2,622 | $112,300 |
| VA $0 | $0 | 0% | $349,536* | 7.65% | $2,449 | $0 | $288 | $140 | $2,877 | $123,200 |
*Includes financed upfront MI/funding fee
Neighborhoods: Northeast Harrisonburg, Collicello Corridor
Upfront costs: Down $28,000 + closing $6,500-$8,500 = $34,500-$36,500 total cash needed
PMI cancellation: Year 6-7 via appreciation to 20% equity
Upfront costs: Down $9,800 + closing $6,500-$8,500 = $16,300-$18,300 total cash needed
MIP note: Lifetime (never cancels unless refinance)
Disabled veteran (10%+ rating): Funding fee WAIVED, payment drops to $2,322/month, income needed $99,500/year
Must verify: Property in USDA-eligible area (Dayton, Bridgewater, McGaheysville), income under $119,850
Note: Lower property tax (Rockingham County 0.68% vs Harrisonburg city 1.01%)
| Loan Type | Down Pay | Monthly | Income Needed | Cash at Close |
|---|---|---|---|---|
| Conv 10% | $28,000 | $2,042 | $87,600 | $35,000 |
| FHA 3.5% | $9,800 | $2,156 | $92,400 | $17,000 |
| VA $0 | $0 | $2,365 | $101,400 | $7,000 |
| USDA $0 | $0 | $2,062 | $88,400 | $7,250 |
Best for: Conv 10% = Mid-career JMU staff, dual income households with $30K saved | FHA 3.5% = Young single faculty, first-time buyers with $10K saved | VA $0 = Veterans without savings, especially disabled vets | USDA $0 = Income under $119,850, willing to live in Dayton/Bridgewater area
Neighborhoods: Waterman, Reherd Acres
Who can afford: Single JMU associate professor ($95K-$105K) ✅, Dual JMU staff ($47K + $50K = $97K) ✅
Cash needed: $18,000 total (down + closing)
Savings vs 10% down: Lower income needed, no PMI, total saved over 30 years: $41,760
Neighborhoods: Citywide median across all Harrisonburg neighborhoods
Cash needed: $75,500-$77,500 total
Benefits vs 10% down: Lower payment ($366/month savings), lower income needed, no PMI from day 1, better rate
Upfront costs: Down $34,218 + closing $7,000-$9,000 = $41,218-$43,218 total
PMI cancellation: Via appreciation Year 6-7, via paydown alone Year 11-12
Cash needed: $19,000-$21,000 total
FHA strategy: Use to get in door NOW, live 6-8 years, refinance to conventional once 20% equity reached
Cash needed: $6,000-$8,000 (closing only)
Disabled veteran (10%+): Funding fee waived, payment drops to $2,825/month, income needed $99,500/year
| Loan Type | Down Pay | Monthly | Income Needed | Cash at Close | 30-Yr Total |
|---|---|---|---|---|---|
| Conv 3% | $10,265 | $2,684 | $115,000 | $17,500 | $966,240 |
| Conv 10% | $34,218 | $2,481 | $106,200 | $42,000 | $892,860 |
| Conv 20% | $68,436 | $2,115 | $90,600 | $76,000 | $761,400 |
| FHA 3.5% | $11,976 | $2,622 | $112,300 | $20,000 | $943,920 |
| VA $0 | $0 | $2,877 | $123,200 | $7,000 | $1,035,720 |
Optimal choice by situation: Young single faculty ($85K-$95K), limited savings = FHA 3.5% ($12K down) | Mid-career faculty ($100K-$110K), $35K saved = Conventional 10% | Dual senior faculty ($140K+), $70K saved = Conventional 20% | Veteran, no savings, disabled = VA $0 | Any buyer, patient saver, maximizing wealth = Conventional 20%
Neighborhoods: Sunrise Heights, Upper Park View
Cash needed: $83,000-$85,000 total
Who can afford: Dual JMU faculty ($60K + $60K = $120K) ✅, Single tenured professor ($105K-$115K) ✅, JMU administrator + working spouse ($80K + $50K = $130K) ✅
Why 20% down better at this price: Save $406/month, need LESS income ($100,700 vs $118,100), extra $38K down payment worth it for buyers at this level
Neighborhoods: Old Town Harrisonburg premium tier
Cash needed: $97,000-$99,000 total
Who can afford: Dual tenured professors ($75K + $75K = $150K) ✅, JMU dean/director ($120K-$140K) ✅, Dual professionals high earners ($70K + $70K = $140K) ✅
At this price point, 20% down strongly recommended: Saves $283/month vs 15% down, needs LESS income ($118,900 vs $131,000), buyers at $450K level typically have $90K saved
What Can I Afford on My Income?
FHA 3.5% on $230,000: $1,720/month (tight but doable)
Conventional 10% on $220,000: $1,650/month (comfortable)
USDA $0 on $250,000 in Dayton: $1,822/month (stretching)
Neighborhoods: Northeast Harrisonburg (lower $256K range), Rockingham County USDA areas (Dayton, Bridgewater)
FHA 3.5% on $310,000: $2,380/month (need to reduce debt first)
Conventional 10% on $300,000: $2,313/month (reduce debt $200/month)
Conventional 10% on $280,000: $2,042/month ✅ (fits comfortably)
Neighborhoods: Northeast Harrisonburg upper range, Collicello Corridor, Lower Waterman
Conventional 15% on $380,000: $2,756/month (tight)
Conventional 20% on $380,000: $2,350/month ✅ (comfortable)
Conventional 20% on $400,000: $2,464/month ✅ (good)
Neighborhoods: Sunrise Heights, Park View, Upper Waterman, Lower Old Town
Conventional 20% on $550,000: $3,377/month ✅
Conventional 25% on $580,000: $3,373/month ✅
Neighborhoods: Old Town Harrisonburg (premium tier), Best of Sunrise Heights, Custom builds
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What it is: Principal: Paying down loan balance (builds equity), Interest: Cost of borrowing (profit to lender)
How it changes over time:
| Time Period | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Month 1 | $2,085 | $300 | $1,785 | $338,100 |
| Year 5 | $2,085 | $360 | $1,725 | $318,200 |
| Year 15 | $2,085 | $600 | $1,485 | $248,900 |
| Year 30 (final) | $2,085 | $2,074 | $11 | $0 |
$423K conventional 20% down (6.28% rate): Total interest paid: $412,600 over 30 years
Montgomery County rate: 0.70% of assessed value
$350K home
$2,450/year = $204/month
$423K home
$2,961/year = $247/month
$500K home
$3,500/year = $292/month
$600K home
$4,200/year = $350/month
$700K home
$4,900/year = $408/month
Paid to: Montgomery County Treasurer. Due: Semi-annually (June 5, December 5). Escrowed: Most lenders require escrow (included in monthly payment). Tax increases: Assessments typically every 2-4 years, Increases: 2-5% typical (follows appreciation), With 8% annual appreciation, expect tax increases every few years
Blacksburg typical costs:
Coverage needed: Dwelling coverage (rebuild cost), Liability ($300K-$500K typical), Personal property, Additional living expenses
$350K home
$1,400-$1,600/year = $120-$135/month
$423K home
$1,650-$1,900/year = $140-$160/month
$500K home
$1,900-$2,200/year = $160-$185/month
$600K home
$2,300-$2,700/year = $190-$225/month
$700K home
$2,700-$3,200/year = $225-$270/month
Factors affecting cost: Home age (older = higher, more risk), Construction type (frame vs brick), Deductible ($1,000 vs $2,500), Credit score (yes, affects insurance too), Claims history. Mountain area considerations: Increased wind/storm coverage (mountain weather), Potential higher rates than flatland Virginia
5% vs 3.5% FHA: Pay $6,345 more down, Save $23,000 over 30 years (PMI cancels), Similar monthly payment initially
10% vs 5%: Pay $21,150 more down, Save $187/month once PMI cancels, Save $34,000 over 30 years
20% vs 10%: Pay $42,300 more down, Save $440/month immediately (no PMI), Save $143,000 over 30 years, Need $18,700 LESS income
Net Year 1 cost: $125,784 - $37,440 = $88,344
$0
Net Year 1 cost: ~$22,740 (average)
Year 1 Winner: Renting (saves ~$65,000-$70,000 vs buying)
BUT - look at Year 5...
5-Year Winner: Buying (saves ~$45,000-$50,000 + own $592K asset)
Break-even: ~3-4 years
10-Year Winner: Buying (saves $300,560 + own $914K asset)
Ready to make the move? Get personalized rates to see if buying makes sense for you
Profile: Income: $85,000/year, Saved: $30,000, Credit: 720, Debts: $400/month (car + student loans)
Affordability: Max housing (28%): $1,983/month, With $400 debt, max total (43%): $3,046, Available for housing: $2,646/month
Conventional 10% down: $360,000 home
Alternative: FHA 3.5%: $370,000 home, Down: $12,950, Payment: $2,854/month ⚠️ Tight but possible, Leaves $17,000 emergency fund
Profile: Combined income: $135,000/year ($90K + $45K), Saved: $55,000, Credit: 740, Debts: $650/month (two cars)
Affordability: Max housing (28%): $3,150/month, With $650 debt, max total (43%): $4,838, Available for housing: $4,188/month
Conventional 15% down: $500,000 home
PMI timeline: Reaches 20% equity in 2-3 years, save $112/month
Profile: Income: $115,000/year, Saved: $15,000 (limited), Credit: 680, Debts: $500/month (car), VA eligible (Corps of Cadets grad)
Affordability: Max housing (28%): $2,683/month, With $500 debt, max total (43%): $4,125, Available for housing: $3,625/month
VA $0 down: $423,000 median
Alternative if disabled veteran (funding fee waived): Payment drops to $3,349/month, Saves $9,095 funding fee
Profile: Combined income: $95,000/year ($50K + $45K), Saved: $20,000, Credit: 700, Debts: $550/month (student loans + car)
Affordability: Max housing (28%): $2,217/month, With $550 debt, max total (43%): $3,408, Available for housing: $2,858/month
Montgomery County USDA: $330,000 home
Keeps entire $20,000 for: Closing costs: $5,000, Moving/immediate repairs: $3,000, Emergency fund: $12,000
Comprehensive payment analysis across Harrisonburg's $256,154-$512,744 neighborhood spectrum reveals total monthly housing obligations $1,822-$3,877 (USDA rural Rockingham entry to Old Town premium conventional) requiring household income $78,100-$166,100 under standard 28% front-end DTI qualification, with loan type selection dramatically impacting accessibility versus long-term economics where FHA's $11,976 down payment (3.5% on $342,179 median) enables immediate entry for young JMU faculty earning $95,000-$110,000 despite $55,440 lifetime mortgage insurance burden, conventional's flexible 3-20% down options ($10,265-$68,436) balance savings timeline against PMI costs canceling in 6-8 years through Harrisonburg's 6-7% appreciation, and VA's $0 down accessibility for 2.8% veteran population offsets $207,684 elevated total cost (7.65% vs 6.28% rate differential) unless disability rating waives $7,357 funding fee narrowing economics.
Income-based reverse calculation demonstrates $75,000 single JMU faculty affordability ceiling $210,000-$240,000 (Northeast Harrisonburg, USDA Rockingham) while $95,000 dual staff households access $280,000-$320,000 tier (Collicello, lower Waterman), $120,000 dual faculty couples reach $360,000-$400,000 range (Sunrise Heights, Park View), and $150,000+ senior professional households comfortably acquire $500,000-$580,000 Old Town premium properties—with 5-year rent-versus-buy analysis revealing homeownership net cost $409/month effective (after $166,539 equity buildup) versus $2,065/month renting ($123,924 paid, $0 equity), creating $99,385 wealth advantage by Year 5 and $344,000 differential by Year 10 as median home appreciates from $342,179 purchase to $612,000 valuation through compounding 6% annual gains.
Strategic insights: Conventional 20% down delivers optimal economics ($761,400 total vs $892,860 with 10% down, $943,920 FHA, $1,035,720 VA) for buyers capable of $68,436 accumulation, FHA serves young professionals prioritizing immediate entry over long-term cost with planned refinance at 6-8 year equity threshold, property tax differential (Harrisonburg 1.01% vs Rockingham 0.68%) creates $90-$140 monthly savings favoring USDA rural locations offsetting commute costs, and appreciation-driven PMI cancellation (6-7% annual) enables aggressive 3-5% down deployment capturing equity gains during savings accumulation years rather than rental wealth leakage in Virginia's culturally diverse, employment-stable Shenandoah Valley university market.
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Last updated: December 13, 2025
About Harrisonburg Mortgage Calculator: Payment calculations for Harrisonburg, Virginia housing market (November 2025) across $256,154-$512,744 neighborhood price range with December 2025 rates (6.28-6.40% conventional 20% down, 6.35-6.47% conventional 10% down, 6.15% FHA, 7.65% VA, 6.00% USDA) including property tax (1.01% Harrisonburg city, 0.68% Rockingham County), insurance ($125-$175/month), and mortgage insurance when applicable (PMI $85-$191/month conventional <20% down canceling at 6-8 years via appreciation, MIP $126-$171/month FHA lifetime, VA funding fee 2.15% first use financed). Income requirements calculated at 28% front-end and 43-50% back-end DTI ratios accommodating JMU employment base ($60,000-$150,000 household earnings typical). Five-year rent-versus-buy analysis incorporates Harrisonburg ZORI $1,743 average rent with 8.5% annual escalation and 6-7% home appreciation (36% cumulative 2020-2025). Ten-year wealth building model demonstrates $344,000 equity accumulation on $342,179 median purchase appreciating to $612,000 valuation. Calculations are estimates based on representative rates, taxes, and insurance—actual payments vary by individual qualification, lender pricing, property details, and market conditions.
Disclaimer: This calculator provides estimated mortgage payments for educational purposes only. Actual payments depend on current interest rates, credit score, down payment amount, property taxes (which vary by exact location and assessment), insurance costs, HOA fees if applicable, and lender-specific pricing. Mortgage insurance costs vary by credit score, down payment, and loan type. Property appreciation estimates based on historical Harrisonburg trends (6-7% annually 2020-2025) and may not continue. Income requirements are general guidelines—actual qualification depends on complete financial profile including employment, assets, debts, and compensating factors. This website generates leads for mortgage lenders and receives compensation for referrals. Always obtain personalized Loan Estimates from licensed lenders and verify all calculations independently before making financial decisions.