How Mortgage Payments Work in West Virginia
A standard mortgage payment in West Virginia is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $155K home in West Virginia with a 10% down payment at 6.92% over 30 years, your principal and interest payment comes to approximately $921/month— not including property taxes or homeowner's insurance.
West Virginia's property tax rate of 0.59% adds roughly $76/month to your total housing cost on a $155K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.
West Virginia vs. National Average
| Metric | West Virginia | National Avg |
|---|---|---|
| Median Home Price | $155,000 | $420,000 |
| Property Tax Rate | 0.59% | 1.07% |
| Avg Mortgage Rate | 6.92% | 6.85% |
| Cost of Living Index | 82 | 100 |