West Virginia Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of West Virginia and the rest of the United States. On this page we offer a convenient West Virginia home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in West Virginia.

Mortgage details
Home price
Down payment
Loan term
Interest rate
Mortgage results
Total amount paid
Total principal & interest$0
Monthly payment$0
Total interest paid$0
Payoff dateDate
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance

Today's Mortgage Rates Trends in West Virginia

Best mortgage lenders in West Virginia

The most popular mortgage lenders in West Virginia operate nationwide. These include such recognizable names as Pentagon Federal Credit Union, Rocket Mortgage, First Citizens Bank. Several lesser known but trustworthy options include West Virginia-based Premier Mortgage LLC, Homespire Mortgage.

How to calculate mortgage payment in West Virginia

Use our fast and simple mortgage calculator WV to evaluate your future monthly expenses. A detailed step-by-step instruction follows below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator West Virginia for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in West Virginia parameters.

The first piece of the puzzle is the home price – that is, how much you are planning to spend on your future property. A down payment is the portion of this price to be paid upfront. To avoid costly insurance, you must come up with at least 20% down (in case of a conventional loan). The remaining amount makes up the principal (e.g. 80% of the home price given a 20% down payment).

A loan term is the period of full repayment of your mortgage by making scheduled payments. Fixed-rate conforming loans are allowed to last 30 years most, while adjustable-rate options typically have shorter terms.

An interest rate is a fixed or floating fraction of the principal that you must pay through the duration of the loan. It is worth mentioning that you are actually charged an annual percentage rate (commonly abbreviated as APR), which is not exactly the same as the interest rate. Although the interest rate makes up the bulk of the APR value, the latter also includes various fees (e.g. origination fee, closing costs, insurance payments etc).

For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in West Virginia, given a $400,000 home price and a 10% down payment.

Median property taxes in West Virginia counties

The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.

County Avg. property tax rate Avg. home value
Barbour County $324 $101,200
Berkeley County $1,121 $174,000
Boone County $431 $71,800
Braxton County $340 $91,100
Brooke County $520 $91,000
Cabell County $617 $139,700
Calhoun County $297 $79,900
Clay County $335 $79,100
Doddridge County $435 $105,900
Fayette County $404 $86,400
Gilmer County $345 $91,600
Grant County $383 $144,600
Greenbrier County $397 $115,400
Hampshire County $543 $136,700
Hampshire County $508 $136,700
Hancock County $508 $89,800
Hardy County $453 $121,900
Harrison County $571 $120,400
Jackson County $584 $113,300
Jefferson County $1,379 $227,300
Kanawha County $622 $111,900
Lewis County $434 $98,600
Lincoln County $293 $82,000
Logan County $366 $85,800
Marion County $564 $110,100
Marshall County $428 $99,800
Mason County $487 $78,300
McDowell County $244 $34,800
Mercer County $362 $89,400
Mineral County $613 $129,800
Mingo County $365 $71,000
Monongalia County $695 $216,800
Monroe County $343 $105,700
Morgan County $769 $170,600
Nicholas County $346 $88,900
Ohio County $608 $114,800
Pendleton County $387 $107,900
Pleasants County $502 $104,700
Pocahontas County $320 $117,200
Preston County $343 $106,600
Putnam County $776 $157,500
Raleigh County $465 $101,200
Randolph County $332 $99,800
Ritchie County $419 $82,100
Roane County $299 $92,700
Summers County $262 $95,100
Taylor County $458 $100,200
Tucker County $330 $104,300
Tyler County $469 $92,400
Upshur County $433 $111,900
Wayne County $429 $90,600
Webster County $235 $68,400
Wetzel County $453 $90,700
Wirt County $371 $81,400
Wood County $612 $130,700
Wyoming County $304 $67,900

Source: American Communities Survey 2016, U.S. Census

West Virginia Housing Market 2023

The past year has seen a steep increase in the market value of housing in West Virginia. This continues a longstanding trend amplified by the COVID pandemic. Nevertheless, the pace of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the increase for some time and are expected to rise further in the near future.

How do I calculate my mortgage payment?

The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in West Virginia

First, there are several federal agencies (USDA, FHA and VA) that guarantee loans for selected borrowers. Many first-time homebuyers can find options which most fit their budget.

Besides these government-guaranteed programs, it is worth considering some offers from UHC (West Virginia Housing Corporation) available to West Virginians. In particular, first-time home buyers can apply for FirstHome – down payment and closing costs assistance program, if they qualify for a FHA loan and their FICO score is at least 660. This option covers up to 6% of the loan amount toward down payment and/or the closing costs. It is important to note that this option comes in the form of a 30-year-fixed-rate second loan only. If you do not qualify for the FirstHome program, do not despair. West Virginia Housing Score Loan is an alternative program that covers up to 4%. The minimum satisfactory credit score is 620.

Some useful tips for first-timers:

  1. Get pre-approved beforehand. This will increase your creditworthiness in the home sellers’ eyes. It is highly recommended to get the pre-approval letters from not only one, but at least two or three different lenders.
  2. Compare different mortgage rates. Choose at least three lenders. The more, the better.
  3. Do preliminary calculations based on the amount you have been pre-approved for. Plan your future expenses.
  4. Set aside for a down payment as much as possible – and as early as possible. The down payment will decrease the principal amount, which, in turn, can reduce your potential expenses. So it is important to start saving in advance.
  5. If you are eligible for a VA loan, consider this option first of all.
  6. Consider government-backed plans, as well as local assistance programs. There can be tempting offers – don't miss the boat.
  7. Pay off previous debts, if possible.


How much house can I afford in West Virginia?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in West Virginia?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in West Virginia?

At the time of writing, the average rates for conventional fixed-rate mortgages are 7.3640% and 6.6370% for a 30-year and a 15-year loan term, respectively.