Monthly Payment on a $150K Mortgage in West Virginia
Using West Virginia's 0.58% property tax rate and $1,400/yr homeowners insurance.
$150K Mortgage in West Virginia: Rate Comparison
Monthly PITI payment using West Virginia's 0.58% property tax and $1,400/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,081 | $1,034 | $871 |
| 6.0% | $1,127 | $1,077 | $909 |
| 6.5% | $1,173 | $1,121 | $948 |
| 7.0% | $1,220 | $1,166 | $988 |
| 7.5% | $1,269 | $1,212 | $1,028 |
| 8.0% | $1,318 | $1,258 | $1,070 |
How This Compares to West Virginia's Median
A $150K home is close to West Virginia's median of $155K — this represents a typical purchase in the state. Cities at this price range include Fairmont, Huntington, Beckley, Princeton.
Income Needed for a $150K Home in West Virginia
To afford this payment of $1,121/mo in West Virginia, you'd need a household income of approximately $48K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in West Virginia
Estimated closing costs in West Virginia: $2K (1.5% of purchase price). West Virginia also charges a 0.22% transfer tax, which may add $330 to your transaction costs.
What to Know About a $150K Mortgage in West Virginia
At $150K, you can afford a home near the median in West Virginia, one of the more affordable states in the South. Lower home prices combined with modest property taxes make West Virginia attractive for buyers looking to maximize purchasing power.
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding West Virginia's 0.58% property tax ($73/mo) and $1,400/yr insurance ($117/mo) brings your total to $1,121/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.