Editorial review by Robert Lee, President of 1st Nations Mortgage Corp. — not a loan originator
1st Nations Mortgage Corp. | NMLS #2924 | nmlsconsumeraccess.org
1st Nations Mortgage Corp. | NMLS #2924 | nmlsconsumeraccess.org
Materially updated: September 2, 2026 · Reviewed for mortgage terminology and source accuracy
Talk to a licensed loan officer or start your application online — no obligation, no cost to check your options.
Three months ending June 2026, per Redfin. Historical citywide figures, not a property-specific valuation or forecast.
This example uses the citywide median sale price as a round planning case. It is not a property valuation, current rate quote, underwriting decision, or a statement that a median-priced property matches your specific situation.
| Input | Illustrative value | What to verify |
|---|---|---|
| Purchase price | $758,000 | Contract price and appraisal |
| 10% down | $75,800; $682,200 loan | Program LTV, closing costs, reserves, and prepaid items |
| Principal and interest | ~$4,312/month | Hypothetical 6.5% rate, 30-year amortization |
| Alexandria real estate tax | ~$645/month | Uses the published $1.135/$100 city rate; verify current assessed value and bill — rates vary by ZIP |
| Insurance and HOA | Not included | Obtain quotes and association documents for the specific property |
| Modeled payment (P&I + tax only) | ~$4,957/month | Excludes insurance, PMI, HOA, and lender-specific adjustments |
At $758,000, a 5%, 10%, and 20% down payment equal approximately $37,900, $75,800, and $151,600 respectively. Cash needed also includes closing costs, prepaid taxes and insurance, and any lender-required reserves.
The City of Alexandria's Office of Housing offers a shared equity loan of up to $75,000 toward down payment and closing costs for buyers who live or work in the city and earn below 80% of area median income — on top of statewide Virginia Housing programs (Down Payment Assistance Grant, Closing Cost Assistance Grant). Income and sales price limits apply; verify current program terms with the City before budgeting around this assistance.
Tax rate varies by ZIP within the city. Alexandria's citywide rate is $1.135 per $100 of assessed value for 2026, but effective bills vary by neighborhood due to assessment differences — verify your specific property's assessed value directly with the City before finalizing a budget.
Annual reassessment. Alexandria reassesses property annually (unlike many Virginia localities that reassess every two years), so assessed value — and therefore your tax bill — can shift year to year even without a sale.
Old Town remains the most in-demand and highest-priced, prized for historic character and walkability. Del Ray and Rosemont draw buyers wanting a residential feel close to the core. Potomac Yard is Alexandria's fastest-growing area, driven by new Metro access and proximity to Virginia Tech's Innovation Campus, with new-construction condos offering a lower entry point than the established neighborhoods.
Rates depend on your credit score, loan type, and down payment, and change daily. Use the estimator above for a preliminary figure, or contact a licensed loan officer for today's exact pricing.
Approximately $758,000 as of mid-2026, up about 9.4% year over year, per Redfin.
Yes — the City of Alexandria offers up to $75,000 in shared equity assistance for income-qualifying buyers, in addition to statewide Virginia Housing programs.
Talk to a licensed loan officer or start your application online — no obligation, no cost to check your options.
Materially updated September 2, 2026. Robert Lee reviewed the mortgage terminology, illustrative payment calculation, local tax figures, and primary-source links on this page.
Reviewed by Robert Lee · President of 1st Nations Mortgage Corp. · NMLS #2924 · NMLS Consumer Access