West Virginia Mortgage Calculator

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. Follow the comprehensive step-by-step guide provided below for assistance.

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 initial aspect to consider is the home price, representing the amount you intend to invest in your future property. A down payment constitutes a portion of this price paid upfront, with a recommendation of at least 20% to avoid costly insurance, particularly with conventional loans. The remaining balance forms the principal, typically 80% of the home price with a 20% down payment.

The loan term denotes the duration for full repayment of your mortgage through scheduled payments. Fixed-rate conforming loans usually extend up to 30 years, while adjustable-rate options often feature shorter terms.

An interest rate represents a fixed or floating fraction of the principal that must be paid over the loan's duration. It's important to note that you're actually charged an annual percentage rate (APR), which encompasses not just the interest rate but also various fees like origination fees, closing costs, and insurance payments.

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

Median property taxes in West Virginia counties

Property taxes are another important factor to consider when choosing a future residence. Many lenders require a dedicated mortgage account to ensure that the borrower is up to date on tax and insurance costs.

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

West Virginia Housing Market 2025

The market value of housing in the West Virginia has increased significantly over the past year, continuing a long-standing trend reinforced by the COVID pandemic. However, the rate of increase has slowed from the previous year, and purchase and refinance rates have been steadily rising for some time and are expected to climb even higher in the near future.

How do I calculate my mortgage payment?

The most convenient way is to use our calculator. It works with a simple formula that you can also use to calculate the amount due manually:

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

Firstly, various federal agencies such as USDA, FHA, and VA offer loan guarantees for selected borrowers, providing many first-time homebuyers with options that best suit their budget.

In addition to these government-backed programs, it is beneficial to explore offers from UHC (West Virginia Housing Corporation) accessible to residents of West Virginia. Specifically, first-time homebuyers meeting the qualifications for an FHA loan with a FICO score of at least 660 can apply for the FirstHome program, which provides assistance with down payment and closing costs, covering up to 6% of the loan amount. It's important to note that this assistance is provided as a 30-year-fixed-rate second loan. If you do not qualify for the FirstHome program, there's still an alternative option with the West Virginia Housing Score Loan, which covers up to 4%, requiring a minimum satisfactory credit score of 620.

Here are some useful tips for first-time homebuyers:

1. Obtain pre-approval in advance to enhance your creditworthiness in the eyes of home sellers. It's advisable to obtain pre-approval letters from multiple lenders, ideally two or three.
2. Compare mortgage rates from different lenders. Consider at least three lenders to ensure you find the best rates available.
3. Conduct preliminary calculations based on your pre-approved amount to plan your future expenses effectively.
4. Save for a down payment as much and as early as possible. A larger down payment reduces the principal amount, potentially lowering your overall expenses. Starting to save early is crucial.
5. If eligible, prioritize VA loans as they often offer favorable terms for eligible individuals.
6. Explore government-backed plans and local assistance programs, as they may provide enticing offers that shouldn't be overlooked.
7. If feasible, pay off any previous debts to improve your financial standing.