District of Columbia Mortgage Calculator
Calculate your District of Columbia mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Washington DC neighborhoods including Capitol Hill, Georgetown, Dupont Circle, Adams Morgan, and Navy Yard.
Useful for home buyers in Washington DC neighborhoods including Capitol Hill, Georgetown, Dupont Circle, Adams Morgan, and Navy Yard.
Why use a District of Columbia Mortgage Calculator?
DC has high home prices and unique transfer tax rules. This calculator estimates your payment, PMI, property tax, recordation tax, and closing costs.
DC has high home prices and unique transfer tax rules. This calculator estimates your payment, PMI, property tax, recordation tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
District of Columbia Property Tax: The average effective property tax rate is about 0.56%. DC also has a recordation tax that varies by property value, with lower rates for first-time homebuyers.
Average Home Prices in District of Columbia Neighborhoods (2024)
| Neighborhood | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Georgetown | $2,100,000 | $1,800,000 | $1,500,000 | $800,000 |
| Capitol Hill | $1,600,000 | $1,400,000 | $1,200,000 | $650,000 |
| Dupont Circle | $1,900,000 | $1,700,000 | $1,400,000 | $700,000 |
| Navy Yard | N/A | N/A | $1,100,000 | $600,000 |
| Adams Morgan | $1,800,000 | $1,500,000 | $1,200,000 | $550,000 |
Note: Prices are approximate averages for 2024 and may vary by specific location and property features.
How Mortgage Rules Work in the District of Columbia
- Property Tax: DC's average effective property tax rate is about 0.56%. Property taxes are paid semi-annually and may be included in your monthly payment.
- Recordation Tax: DC has a tiered recordation tax structure. For properties under $400,000, the rate is 0.725%. For properties valued at $400,000 or higher, the rate is 1.1% on the first $400,000 and 1.45% on the amount above $400,000. First-time homebuyers may qualify for reduced rates.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: DC's closing costs include title insurance, escrow fees, recordation taxes, and other expenses, typically totaling 2-5% of the purchase price.
Example: On a $800,000 home with 10% down in DC, you pay PMI and property tax. The recordation tax would be $10,750 ($4,400 for the first $400,000 at 1.1% and $5,800 for the remaining $400,000 at 1.45%).
Frequently Asked Questions
DC's average effective property tax rate of 0.56% is lower than the national average and also lower than neighboring Maryland (1.06%) but slightly higher than Virginia (0.80%). However, DC home prices are typically higher, which can result in higher absolute property tax amounts.
DC's recordation tax is a transfer tax paid when recording a deed. For properties under $400,000, the rate is 0.725%. For properties valued at $400,000 or higher, the rate is 1.1% on the first $400,000 and 1.45% on the amount above $400,000. First-time homebuyers with income below certain thresholds may qualify for a reduced rate of 0.725% for properties under $625,000.
Yes, DC offers several first-time homebuyer programs, including the Home Purchase Assistance Program (HPAP), which provides interest-free loans and closing cost assistance. First-time homebuyers may also qualify for reduced recordation tax rates if they meet income requirements. Additionally, the DC Tax Abatement Program can provide exemption from recordation taxes and property taxes for a period for eligible first-time buyers.
Closing costs in DC are typically 2-5% of the purchase price, not including recordation taxes. These costs include title insurance, escrow fees, attorney fees, inspections, and lender fees. The recordation tax adds significantly to these costs, making DC one of the more expensive jurisdictions for closing costs in the US.