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Buying a home in West Virginia is exciting, especially if you’re considering a higher-priced property. A jumbo loan could be the perfect fit. Our West Virginia jumbo loan calculator helps you estimate your potential monthly payment and total costs. Use this guide to make an informed decision about purchasing your next home in West Virginia.
Key Points
• Jumbo loans are required for large amounts that exceed the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
• To qualify for a jumbo loan, typically you will need to make a significant down payment (at least 10%) and have substantial cash reserves.
• A jumbo loan calculator helps homebuyers estimate monthly payments, total interest, and overall costs of a jumbo mortgage.
• The West Virginia jumbo mortgage calculator also includes property tax, but not homeowners insurance or HOA fees.
West Virginia Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA).The conforming loan limit in 2025 for a single-family home in most counties in West Virginia is $832,750; Jefferson County has a $1,249,125 limit.
• Home price: The home price is the purchase price you’ve agreed upon with the home seller. It affects your estimated monthly mortgage payment, total interest paid, and overall loan cost.
• Down payment: The down payment is the upfront payment amount. Jumbo loan requirements can be more strict, and you’ll typically need to put down at least 10% of the home price with a jumbo loan.
• Loan term: The loan term is the total amount of time you have to repay a loan, and it affects your monthly payments and the total interest you pay over the life of the loan. Loan terms are typically 30 or 15 years, although loan terms of 10 or 20 years are also available. A longer term lowers monthly payments but increases total interest paid while a shorter term saves on interest but increases monthly payments.
• Interest rate: The interest rate, expressed as a percentage of the loan amount, is the cost of borrowing.
• Annual property tax: Property tax is levied by local governments on land and buildings. It is typically a percentage of the property’s assessed value, which may differ from its market value.
Here’s how to use the West Virginia jumbo loan calculator effectively:
Step 1: Enter Your Home Price
Enter the home price listed on your contract.
Step 2: Enter Your Down Payment Amount
Specify how much you will pay for a down payment. A jumbo loan requires at least 10% of the home price upfront.
Step 3: Select a Loan Term
Choose a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Input your anticipated interest rate to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Enter your annual property tax rate as a percentage. West Virginia’s average rate is 0.55%.
What Are Jumbo Loans and Conforming Loan Limits?
So what is a jumbo loan? It’s a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit in 2026 for a single-family home in most counties in West Virginia is $832,750; Jefferson County has a $1,249,125 limit. For a loan amount above these limits, you will need a jumbo loan.
As you compare jumbo loans vs. conventional loans, you will see that jumbo loans often have more stringent qualification criteria. A borrower needs a higher credit score (700+) and significant cash reserves to qualify. Lenders also typically require a down payment of 10%, although some look for 20%. As a plus, it’s typically not required to have private mortgage insurance (PMI) for down payments less than 20%.
The West Virginia jumbo loan mortgage calculator has many benefits, especially for first-time homebuyers. This tool can help you budget by providing an estimate of your monthly mortgage payment, including principal, interest, and property taxes.
To make an informed decision, use the calculator to compare offers from multiple lenders and find the loan that best serves your needs. Our calculator also shows how changes in interest rates can affect your payments, allowing you to plan for different scenarios.
How to Use the Jumbo Loan Calculator to Compare Scenarios
As you plan to make a new home purchase in West Virginia, use the West Virginia jumbo loan calculator to compare loan scenarios that meet your budget and financial goals. Here’s the process:
• Change the home price and see how it affects affordability. Remember that you may qualify for a higher loan amount than you can comfortably afford.
• Consider a larger down payment to reduce your overall interest costs.
• Explore shorter loan terms to save on interest, although that will mean higher monthly payments.
• Enter different interest rates to explore the implications of an adjustable-rate loan.
• Use the calculator to evaluate how minor rate changes could affect a jumbo loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Deciding How Much House You Can Afford in West Virginia
As you pursue buying a higher-priced home in West Virginia, you will need to determine how much house you can afford. You might use the guideline that housing costs shouldn’t exceed 28% of your gross monthly income. Let’s say you are considering purchasing a $1 million home in West Virginia with a 10% down payment ($100,000), a 30-year term, and 6.75% interest rate. Your monthly payment would be $5,837, excluding taxes and insurance. You would need to earn an annual income of around $250,000 to comfortably afford that payment, assuming no other debts.
Additionally, lenders suggest your total debt payments be less than 36% of your gross monthly income; other debt shouldn’t exceed about $1,600 monthly in this case. If you want to factor in other payments, such as a car loan, student loan, or credit card debt, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Even with different types of mortgage loans out there, you will see the main components of any mortgage payment are the principal and interest, and the same is true for a jumbo loan. Our Virginia jumbo loan calculator also includes annual property tax, which may be part of your monthly payment.
Other considerations that may be included in your monthly mortgage payment are homeowners insurance and homeowners association (HOA) dues. Getting a handle on all of these components helps you get a more accurate picture of your total commitment, ensuring you are well-prepared for the financial responsibilities of homeownership.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Cost of Living in West Virginia
As you set your sights on purchasing a home in West Virginia, it’s a good idea to research the cost of living to help you determine how far your dollar goes. A lower cost of living typically means more affordable home prices along with more reasonable expenses for utilities, maintenance, and transportation.
With a cost of living index of 88.1, West Virginia is a very affordable place to live. Housing costs, at 70.8, are almost 1/3 more affordable, and utilities, at 89.2, are also cheaper, by about 11%. Still, if you are seeking a pricier home in West Virginia, you will need a jumbo loan.
Tips on Reducing Your Jumbo Loan Payment
Homebuyers looking to lower their monthly payment can explore a variety of strategies:
Shop around for less expensive homeowners insurance, opt for a higher deductible, or combine policies to secure a discount.
Increase the term of your loan, although this also increases the total interest you’ll pay.
If you face financial hardship in the future, talk to your lender about a loan modification.
If interest rates drop, consider a mortgage refinance; just remember that to refinance a jumbo loan requires that you pay closing costs again.
A jumbo mortgage loan in West Virginia may be in your future as you consider a higher-priced home. Our jumbo loan calculator helps you estimate your monthly payments and total costs, and it can even help you as you experiment with different down payment amounts, various interest rates, and loan term options. By being proactive, you can be better prepared to locate and pay for your forever home.
When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.
SoFi Mortgages: We make mortgage loan applications smart and simple.
The conforming loan limit in 2025 for a single-family home in most counties in West Virginia is $832,750 (in Jefferson County, the limit is $1,249,125). For a loan amount above these conforming limits, you will need to seek a jumbo loan.
How much are closing costs on a jumbo loan?
Closing costs for a jumbo loan in West Virginia typically range from 2% to 5% of the property’s price. For a $1 million home, the estimated expense is around $20,000 to $50,000.
How can I get the best rate on a jumbo loan?
To secure the best rate on a jumbo loan, shop around and compare offers from multiple lenders. Monitor your credit score and work on reducing your debt-to-income ratio by paying down debts and increasing the size of your down payment. Use a jumbo loan calculator to see how different rates affect monthly payments and total interest paid.
What credit score is needed for a jumbo loan?
Lenders typically like to see a credit score of 700 or higher to secure a jumbo loan (for a conventional conforming mortgage, the credit score is usually 620), although some lenders prefer a credit score of at least 720. Jumbo loans have stricter criteria, including a low debt-to-income ratio and significant cash reserves. To increase your chances of approval, work on improving your credit score by paying down credit card debt and higher-interest loans.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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