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Gilmer County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Gilmer County, West Virginia based on real HMDA transaction records.

Loan Details

Gilmer County, WV Benchmarks

FHA averages
Typical Property Value$202,273
Average Down Payment20.7%
Average Interest Rate6.216%
Effective Tax Rate0.47%
Median Tax Paid$410/yr
Tax Growth (Historical)-5.8%
Based on 11 regional loans totaling $1,615,000 (HMDA database).
$
%

$41,871 down · $160,402 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$79 / month

$

Annual premium

$

Per month

%

Not required at 20%+ down

Estimated Monthly Payment

$1,299/mo

  • Principal & Interest$1,002
  • Property Tax$79
  • Home Insurance$150
  • FHA MIP$68
Amortization · Remaining Balance

Financed Loan Amount

$163,210

Total Interest

$197,412

Total of Payments

$360,622

*Includes financed FHA Upfront MIP of $2,807

Local Market Insights

Gilmer County FHA Mortgage Overview

In Gilmer County, the typical FHA homebuyer puts down 20.70% on an average property value of $202,272.73. This high down payment for an FHA loan is notable because Mortgage Insurance Premiums (MIP) remain mandatory for the life of the loan, regardless of equity. With a median loan-to-value ratio of 79.30%, buyers are entering with substantial equity, yet cannot cancel the MIP, making this ideal for those with sub-620 credit scores seeking a primary residence. The effective property tax rate of 0.47% is low, and the inflation-adjusted tax decrease of -5.8% further improves monthly affordability. When evaluating an FHA loan with PMI and taxes in Gilmer County, WV, this tax relief slightly offsets the permanent MIP cost, offering stable long-term housing expenses for owner-occupants.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.