2024 West Virginia Mortgage Calculator

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Updated: January 18, 2024

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In 2021, 79% of the West Virginia population were homeowners, the highest homeownership rate in the United States. At $99,000, West Virginia has the country’s lowest median home value. The state's average outstanding mortgage balance is $110,464, which is also the country's lowest. That's an $11,464 discrepancy.

West Virginia's average monthly payment of $989 is one of the lowest mortgage payments in the country. Given the state's average monthly household income of $5,102, mortgage payments account for around one-fifth of monthly income for West Virginians.

Note that these are average costs; your mortgage payment can depend on many factors. Our West Virginia state mortgage calculator can give you a rough estimate of your mortgage payments based on the loan amount, down payment, term and interest rate you provide.


Start Here: Plug In Your Mortgage Factors

MoneyGeek's mortgage calculator considers 12 different factors to provide you with a close estimate of your monthly mortgage payment in West Virginia. Below, you can find explanations of the factors to understand the details of a mortgage more.


Why and How to Use Our Mortgage Calculator

You must plan your finances carefully before buying a house with a mortgage to make sure you can afford it. Using a mortgage calculator makes it easier. By providing data specific to your situation, you may obtain an estimate of your monthly mortgage payment.

MoneyGeek's West Virginia mortgage calculator covers the 12 factors of a mortgage. You can play around with different amounts, like home price, term and down payment, to see how your mortgage payment varies when altering a variable. MoneyGeek’s mortgage calculator is a great tool to determine how much more or less you would pay in West Virginia by changing loan terms.

Below are what you should be aware of and can find in our mortgage calculator:


Home Price:

This is roughly the cost of your home, excluding the closing costs. You can enter the price of a home you want or what price you think you can afford.


Down Payment:

Mortgages usually need a down payment; 20% is typical. Enter what you plan to pay as a dollar amount or percentage. Your monthly payments reduce if you make a higher down payment.


Interest Rate:

A mortgage includes lender interest charges set by this rate. By adjusting this, your monthly payment changes. Enter what interest rate you qualify for or find today’s rates.


Loan Terms:

This is the amount of time to pay off the mortgage completely. A mortgage term is generally 15 or 30 years, but 10 and 20 are also possible.


Payments per Year:

This refers to the number of times you pay in a calendar year. Monthly or 12 payments a year is the most common.


Property Tax:

The annual tax the state government levies on the purchase price of the property - you can use West Virginia’s average property tax of $1,269.


HOA Fees:

A homeowners association (HOA) charges this to cover the cost of common area maintenance and other things. If you plan to purchase a home in a community with an HOA, enter the monthly fee.


Principal & Interest:

The amount you pay the lender every month includes principal (towards what you borrowed) and the interest charge you pay them for lending you money.


Monthly Payment:

The monthly payment for the loan includes principal, interest, insurance, property taxes and HOA dues.


Principal Payment:

This is the portion of the monthly payment that goes toward paying down the mortgage balance.


Interest Payment:

This is the amount the lender charges as a fee for obtaining the loan. It does not affect your overall balance, but as you pay down principal, the interest charge goes down.


Total Cost With Interest:

The total amount you pay during the loan term for principal and interest.

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Monthly mortgage payments can be costly depending on the home's price, location, loan type and lender. However, you can consider the following options to lower the amount you pay for a mortgage in West Virginia:

  • Choose a less expensive house. If you want a lower mortgage payment, purchase a less expensive house.
  • Find a house in a different location. If you don't mind the location, purchase a home in a state with cheaper average property taxes. However, West Virginia has one of the lowest average real estate tax rates in the country at 0.58%.
  • Find a mortgage with a lower interest rate. You can look at various lenders to obtain a loan with the lowest interest rate or make a substantial down payment to reduce the rate.
  • Extend your loan term. If the monthly payment for the current term, say 15 years, is too much for you, you can request a longer term, such as 20 or 30 years. While you may have to pay more interest, your monthly expenses significantly decrease.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

Mortgages can be confusing, especially for first-time buyers. MoneyGeek has useful resources to help you with your West Virginia home purchase.

  1. Shop & Compare Rates - Before taking out a mortgage loan, make sure you shop around and compare interest rates from various lenders. You can find more information on our West Virginia mortgage rates page.
  2. Not Ready To Buy? - If you're on the fence about renting or buying a house in the state, there are a few things to consider.
  3. Learn More - The best mortgage loan is different for each person. Find out more about FHA loans, VA loans and reverse mortgages to determine the best option for your situation.

Frequently Asked Questions About Mortgages in West Virginia

It's preferable if the borrower's debt-to-income (DTI) ratio does not exceed 43%. However, most lenders demand a debt-to-income ratio of less than 36%, with mortgage debt accounting for no more than 28% of total debt.

The average outstanding mortgage in West Virginia is $110,464, the lowest in the nation.

Generally, a larger down payment lowers the monthly mortgage payment. Your lender may have minimum down payment requirements. If you can afford it, pay 20% or more to avoid private mortgage insurance (PMI). For example, a 20% down payment on a $300,000 home in West Virginia is $60,000.

A down payment of less than 20% on a conventional mortgage causes borrowers to acquire private mortgage insurance or PMI. PMI is also usually necessary with an FHA or USDA loan.

For West Virginians, the average annual property tax is $1,269, among the lowest in the United States.

West Virginia homeowners spend an average of $989 per month on a mortgage payment. That's around $170 less than the national average.

The median home price, as the name implies, is the point at which half of the home prices analyzed are higher, and the other half are lower. West Virginia's median home price is $99,000.