Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Washington

Washington Mortgage Calculator

Set to Washington’s own property tax rate of 0.79% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($120,400)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$3,641
Monthly payment
$3,069
Principal & interest
$396
Taxes
$176
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $481,600 Interest paid $623,392
20262056
Total of 360 payments$1,310,882
Principal$481,600
Interest$623,392
Taxes$142,680
Insurance$63,210
HOA fees$0
P&I 84.3% Taxes 10.9% Insurance 4.8%
15- vs 30-year term at 6.58%
15-year
$4,216/mo P&I
$277,363 total interest
30-year · current
$3,069/mo P&I
$623,392 total interest
The 15-year term saves $346,029 in interest. Which term is right for you?

What these numbers come from

Median home value
$602,200
Median tax bill
$4,729
Effective tax rate
0.79%
Rank of 51
24th highest

Washington taxes property at about 0.79% of value against 0.89% nationally. On a $602,000 home that is $50 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Washington home prices

20% down, 30-year fixed at 6.58%, with Washington property tax of 0.79% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$361,000 $288,800 $1,841 $238 $2,184
$482,000 $385,600 $2,458 $317 $2,915
$602,000 median $481,600 $3,069 $396 $3,641
$753,000 $602,400 $3,839 $496 $4,555
$903,000 $722,400 $4,604 $594 $5,462

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Washington taxes alone add $396 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $429 $2,641 $572 $481,171
Sep $431 $2,638 $572 $480,740
Oct $433 $2,636 $572 $480,307
Nov $436 $2,634 $572 $479,871
Dec $438 $2,631 $572 $479,433
2026 $2,167 $13,180 $2,860 $479,433
Jan $441 $2,629 $572 $478,993
Feb $443 $2,626 $572 $478,550
Mar $445 $2,624 $572 $478,104
Apr $448 $2,622 $572 $477,656
May $450 $2,619 $572 $477,206
Jun $453 $2,617 $572 $476,753

Refinancing in Washington

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Washington home loans in detail

Washington Mortgage Overview

Washington is home to 7.8 million people and is known as the Evergreen state because of its vast amount of evergreens. The average home price in Washington is around $645,000.

If you're ready to buy a home in Washington, here are your loan options.

Washington conventional loans

Conventional financing is traditional financing. You don't need a 20 percent down payment. You can get a loan with 3 percent down as a first-time homebuyer or 5 percent if you've owned a home before. You'll need a 660 credit score and low debt to income ratio of around 36 percent to qualify. Conventional loans charge PMI but only until you owe less than 80 percent of the home's value.

Washington FHA loans

FHA loans are for borrowers with less than perfect credit. You can get an FHA loan with a 3.5 percent down payment with a credit score as low as 580. You can even get a loan with a 500 - 579 credit score with a 10 percent down payment. You may use down payment assistance in some cases, but some lenders require you to invest your own funds too. FHA loans have mortgage insurance for the life of the loan.

Washington VA loans

VA loans are for veterans. If you served 90 days during wartime or 181 days during peacetime, you may be eligible. VA loans offer 100 percent financing and only require a 620 credit score. VA loans have flexible debt ratio guidelines, allowing debt ratios up to 50 percent. VA loans don't require mortgage insurance but do have an upfront funding fee.

Washington USDA loans

USDA loans are for borrowers who don't qualify for other financing options, including low to moderate-income families. You'll need a 640 credit score and a max 41 percent debt ratio. You must live within the USDA boundaries, but the USDA has loose guidelines regarding what's rural.

First-Time Homebuyer

Programs in Washington

Home Advantage

The Home Advantage program offers low mortgage rates and flexible terms for first-time homebuyers. You can combine it with the down payment assistance program for even more help buying a home.

Home Advantage Down Payment Assistance

If you use the Home Advantage loan program, you can secure the DPA too. Your household income must be less than $145,000 and you need a 620 credit score. Most homebuyers can obtain up to $10,000 in down payment assistance.

The House Key Opportunity Program

This program is for low to moderate-income families. Each county has a separate loan limit and loan requirements. All eligible borrowers must attend homebuyer education courses to qualify.

Washington mortgage FAQ

How much is property tax on a home in Washington?
Washington homeowners pay an effective property tax rate of about 0.79 percent of home value — the 24th highest of the 50 states and DC. On the state's median home value of $602,200 that works out to roughly $4,756 a year, or $396 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Washington home?
At $602,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $3,069 a month. Adding Washington property tax of roughly $396 a month and an estimated $176 of homeowner insurance brings the full payment to around $3,641.
What loan options do Washington homebuyers have?
Washington buyers can pick conventional loans with 3 percent down for first-time buyers, a 660 credit score, and a debt ratio around 36 percent, FHA loans with a 580 score and 3.5 percent down, VA loans with 100 percent financing and a 620 score for eligible veterans, or USDA loans requiring a 640 score for homes within USDA boundaries.
Which first-time buyer programs are available in Washington?
Washington offers the Home Advantage program with low mortgage rates and flexible terms, Home Advantage Down Payment Assistance for borrowers with a 620 credit score who meet the household income limit, and the House Key Opportunity Program for low to moderate-income families, which sets loan limits by county and requires buyers to attend homebuyer education courses.
What credit score is needed for a mortgage in Washington?
Conventional loans in Washington call for a 660 credit score, FHA loans accept 580 with 3.5 percent down or 500 to 579 with 10 percent down, VA loans require just 620, and USDA loans need 640 with a maximum 41 percent debt ratio. The Home Advantage down payment assistance program also requires a 620 score.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.