Mortgage Payment Calculator for Washington

Mortgage Payments in Washington

The median home value in Washington is $530,000. Seattle metro has moderated from its 2022 peak but remains among the nation's most expensive markets. Eastern Washington (Spokane, Tri-Cities) offers far more affordable pricing and has attracted remote workers.

Conforming Loan Limits in Washington

The conforming loan limit is $1,089,300. King County qualifies for high-cost limits. Most other Washington counties are at the standard limit. Loans up to this amount qualify for standard Fannie Mae/Freddie Mac rates. Above this is jumbo territory with stricter requirements.

Sample Monthly Payments in Washington

At the median home value of $530,000 with a 20% down payment ($106,000), you'd borrow $424,000. At 7% for 30 years, principal and interest runs approximately $2,821/month. Add property taxes (~$384/mo) and insurance (~$150/mo) for a total PITI estimate.

Property Taxes in Washington

Budget for Washington's effective property tax rate of 0.87% (avg. bill: $4,061/year). Lenders include taxes in your PITI calculation and collect them monthly in escrow.

Closing Costs

First-time buyers in Washington should budget for closing costs of approximately $3,300. Washington charges a Real Estate Excise Tax (REET) ranging from 1.1% to 3% of sale price (progressive based on value). This is among the higher transfer tax structures nationally for luxury-priced homes.

Mortgage Payment Calculator for Other States