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McDowell County FHA Loan Calculator

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

Loan Details

McDowell County, WV Benchmarks

FHA averages
Typical Property Value$95,714
Average Down Payment12.1%
Average Interest Rate6.671%
Effective Tax Rate0.40%
Median Tax Paid$337/yr
Tax Growth (Historical)+17.6%
Based on 14 regional loans totaling $1,210,000 (HMDA database).
$
%

$11,581 down · $84,133 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$32 / month

$

Annual premium

$

Per month

%

$36 / month

Estimated Monthly Payment

$768/mo

  • Principal & Interest$551
  • Property Tax$32
  • Home Insurance$150
  • FHA MIP$36
Amortization · Remaining Balance

Financed Loan Amount

$85,605

Total Interest

$112,643

Total of Payments

$198,247

*Includes financed FHA Upfront MIP of $1,472

Local Market Insights

McDowell County FHA Mortgage Overview

In McDowell County, the 12.14% average down payment on an FHA loan provides accessible entry for buyers, though mandatory Mortgage Insurance Premiums (MIP) are required for the loan's life, regardless of equity. The 87.86% loan-to-value ratio confirms this is standard for owner-occupied homes, ideal for those with sub-620 credit scores. The effective property tax rate of 0.40% is low, but the recent 17.6% inflation-adjusted tax increase impacts monthly affordability. When evaluating an FHA loan down payment in McDowell County, West Virginia, remember to account for both PMI and property taxes to assess true costs.

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.