West Virginia Mortgage Calculator
Calculate your West Virginia mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Charleston, Huntington, Morgantown, Parkersburg, Wheeling, and all of West Virginia.
Useful for home buyers in Charleston, Huntington, Morgantown, Parkersburg, Wheeling, and all of West Virginia.
Why use a West Virginia Mortgage Calculator?
West Virginia has affordable home prices and a transfer tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to West Virginia.
West Virginia has affordable home prices and a transfer tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to West Virginia.
Result
Enter your details to see the estimated payment here.
Related Calculators
West Virginia Property Tax: The average effective property tax rate is about 0.58%. West Virginia also has a transfer tax of 0.22% of the property's value.
Average Home Prices in Major West Virginia Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Charleston | $210,000 | $180,000 | $160,000 | $145,000 |
| Huntington | $170,000 | $150,000 | $140,000 | $125,000 |
| Morgantown | $290,000 | $250,000 | $220,000 | $190,000 |
| Parkersburg | $160,000 | $140,000 | $130,000 | $115,000 |
| Wheeling | $175,000 | $155,000 | $145,000 | $130,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in West Virginia
- Property Tax: West Virginia has one of the lowest property tax rates in the country with an average effective rate of about 0.58%. Property taxes are paid annually or semi-annually and may be included in your monthly payment.
- Transfer Tax: West Virginia charges a transfer tax of 0.22% of the property's value, which is typically paid by the seller but may be negotiated.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: West Virginia's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-3% of the purchase price.
Example: On a $200,000 home with 10% down in Charleston, you pay PMI and property tax. Closing costs typically range from 2-3% of the purchase price.
Frequently Asked Questions
West Virginia has one of the lowest property tax rates in the country with an average effective rate of about 0.58% of the assessed value. Property taxes are paid annually or semi-annually and may vary by county and municipality. The tax is based on 60% of the property's market value, which contributes to the lower effective rate.
West Virginia charges a transfer tax of 0.22% of the property's value, which is paid when the deed is recorded. This tax is typically paid by the seller but may be negotiated between the buyer and seller. Some counties may charge additional transfer taxes, so it's important to check local regulations.
Yes, the West Virginia Housing Development Fund (WVHDF) offers several programs for first-time homebuyers, including the Homeownership Program, which provides below-market interest rates, and the Down Payment and Closing Cost Assistance Program, which offers loans up to $10,000 for down payment and closing costs.
Closing costs in West Virginia typically range from 2-3% of the purchase price. These costs include title insurance, appraisal fees, attorney fees, and other expenses. West Virginia's relatively low property values mean that these costs are generally lower in absolute terms compared to many other states.