Mortgage Rates in Lake Monticello, Virginia — March 2026
Updated March 2026 | Based on Lake Monticello market data and regional lending conditions
Lake Monticello is a growing city in Virginia with a population of 11,014. The current 30-year fixed mortgage rate in Lake Monticello is 6.9%, which is 0.25% above the national average. With a median home price of $313,000 and a 20% down payment of $62,600, homebuyers can expect a monthly principal and interest payment of approximately $1,649.
Current Mortgage Rates in Lake Monticello, VA
Below are the current average mortgage rates available in the Lake Monticello area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.9% | 6.65% | +0.25% |
| 15-Year Fixed | 6.11% | 5.89% | +0.22% |
| 5/1 ARM | 6.34% | 6.15% | +0.19% |
| FHA | 6.57% | 6.25% | +0.32% |
| VA | 6.32% | 6.05% | +0.27% |
| Jumbo | 7.15% | 6.85% | +0.3% |
Lake Monticello Housing Market Overview
The Lake Monticello housing market reflects moderate demand with prices near the national average. The median household income in Lake Monticello is $71,000, and the cost of living index is 98.6 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $80,186 to comfortably afford the median-priced home in Lake Monticello, which exceeds the current median household income.
Monthly Payment Breakdown for Lake Monticello
Based on the median home price of $313,000 with 20% down ($62,600), here is what you can expect to pay monthly in Lake Monticello:
15-Year vs. 30-Year Mortgage in Lake Monticello
Choosing a 15-year mortgage in Lake Monticello at 6.11% instead of a 30-year at 6.9% would save you $210,600 in total interest over the life of the loan. However, your monthly payment would be $2,128 instead of $1,649 — an increase of $479 per month.
Calculate Your Lake Monticello Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Lake Monticello
What are the current mortgage rates in Lake Monticello, VA?
As of March 2026, the average 30-year fixed mortgage rate in Lake Monticello, Virginia is 6.9%, while the 15-year fixed rate is 6.11%. FHA loans average 6.57% and VA loans 6.32%. These rates are 0.25% above the national average of 6.65%.
How much is a monthly mortgage payment in Lake Monticello?
Based on the median home price of $313,000 with 20% down, the estimated monthly mortgage payment in Lake Monticello is $1,649 for principal and interest. Including property taxes of $222/month, the total monthly housing cost is approximately $1,871.
What income do I need to buy a home in Lake Monticello?
Using the 28% rule, you would need an annual income of approximately $80,186 to afford the median-priced home in Lake Monticello at $313,000. The median household income in Lake Monticello is $71,000. This means most households would need to either earn above the median or consider homes below $313,000.
Is Lake Monticello a good place to buy a home in 2026?
Lake Monticello offers a below-average cost of living with a cost of living index of 98.6 (national average = 100). The property tax rate in Virginia is 0.85%, which is near the national average. Lake Monticello has a population of 11,014 and offers a balanced lifestyle.
Mortgage Rates in Other Virginia Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Lake Monticello, Virginia area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.