Washington Mortgage Calculator
Calculate your Washington mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Seattle, Spokane, Tacoma, Vancouver, Bellevue, and all of Washington.
Useful for home buyers in Seattle, Spokane, Tacoma, Vancouver, Bellevue, and all of Washington.
Why use a Washington Mortgage Calculator?
Washington has a graduated real estate excise tax and no state income tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to Washington.
Washington has a graduated real estate excise tax and no state income tax. This calculator estimates your payment, PMI, property tax, and closing costs specific to Washington.
Result
Enter your details to see the estimated payment here.
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Washington Property Tax: The average effective property tax rate is about 0.92%. Washington also has a graduated real estate excise tax ranging from 1.10% to 3.00% depending on the sale price.
Average Home Prices in Major Washington Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Seattle | $950,000 | $850,000 | $750,000 | $600,000 |
| Spokane | $420,000 | $375,000 | $340,000 | $310,000 |
| Tacoma | $550,000 | $480,000 | $430,000 | $380,000 |
| Vancouver | $520,000 | $470,000 | $420,000 | $370,000 |
| Bellevue | $1,650,000 | $1,200,000 | $900,000 | $750,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Washington
- Property Tax: Washington's average effective property tax rate is about 0.92%. Property taxes are paid annually or semi-annually and may be included in your monthly payment.
- Real Estate Excise Tax: Washington has a graduated real estate excise tax that ranges from 1.10% to 3.00% of the sale price, depending on the value of the property:
- 1.10% for properties valued up to $500,000
- 1.28% for the portion valued from $500,001 to $1,500,000
- 2.75% for the portion valued from $1,500,001 to $3,000,000
- 3.00% for the portion valued above $3,000,000
- 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: Washington's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-3% of the purchase price plus the real estate excise tax.
Example: On a $700,000 home with 10% down in Seattle, you pay PMI and property tax. Closing costs typically include the real estate excise tax (about $8,440) plus 2-3% of the purchase price.
Frequently Asked Questions
Washington has a moderate property tax rate with an average effective rate of about 0.92% of the assessed value. Property taxes are paid annually or semi-annually and may vary significantly by county and municipality. King County, where Seattle is located, has one of the higher property tax rates in the state.
Washington has a graduated real estate excise tax that varies based on the property value. The rates are 1.10% for properties up to $500,000, 1.28% for the portion valued from $500,001 to $1,500,000, 2.75% for the portion from $1,500,001 to $3,000,000, and 3.00% for the portion above $3,000,000. This tax is typically paid by the seller but is often factored into negotiations and can affect the overall price.
Yes, the Washington State Housing Finance Commission offers several first-time homebuyer programs, including the Home Advantage Program and the House Key Opportunity Program. These programs provide competitive interest rates, down payment assistance, and other benefits for eligible first-time homebuyers. Additionally, some local jurisdictions offer their own homebuyer assistance programs.
Closing costs in Washington typically range from 2-3% of the purchase price, plus the real estate excise tax. These costs include title insurance, appraisal fees, attorney fees, escrow fees, and other expenses. The real estate excise tax is significant in Washington, especially for higher-priced properties, and can add substantially to the total closing costs.