Washington Mortgage Calculator

In Washington, Garfield County has the lowest median monthly mortgage payment at $1,280, compared to King County's highest at $5,080. This difference can impact your immediate budget, long-term savings and investment plans.

MoneyGeek's mortgage calculator in Washington helps you estimate your monthly payment, determine which loan term better suits your financial situation and understand the total interest over the life of the loan. Input your purchase details into the calculator to see your financial commitment.

Mortgage Calculator

Simply estimate your Washington loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Home Price

Down Payment (20%)

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30-Year Fixed

Interest Rate

Optional: add taxes, insurance, HOA Fees

Principal & interest

Property tax

Homeowner's insurance

PMI

HOA fees

Total monthly payment

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Get personalized mortgage rates from Washington.

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Key Takeaways

Washington counties with the lowest and highest median monthly mortgage payments are Garfield County at $1,280 and King County at $5,080.

A mortgage calculator can help you find a monthly payment that fits your budget, adjust loan terms or down payments and estimate your total interest over the loan's life.

The average APR in Washington is 6.5% for a 30-year mortgage and 5.8% for a 15-year mortgage.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Washington. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs). See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in October 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Washington Mortgage Calculator

MoneyGeek's mortgage calculator in Washington can calculate your monthly payments, determine your mortgage's affordability and show your amortization schedule.

Calculate Your Monthly Mortgage Payment

The home's sale price and down payment, among other factors, affect your monthly mortgage payment. Here's a breakdown of each factor that contributes to your potential payments.

1
Home Price
The home price affects your monthly mortgage payment in Washington. A lower home price in Garfield County, at a median of $224,730, means lower monthly payments than in King County, where the median is $891,950, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Washington's median down payment is $122,000, according to ATTOM data.
3
Annual Percentage Rate (APR)
Your APR impacts your monthly mortgage payment. A lower APR means lower payments. The current mortgage rates in Washington change over time and vary by loan type. The average APR for a 15-year fixed mortgage is 5.8%, and for a 30-year fixed mortgage, it's 6.5%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. A 30-year term typically has lower monthly payments but accrues more interest over time.

SAMPLE MONTHLY PAYMENT CALCULATION IN WASHINGTON

Using the mortgage calculator in Washington, the monthly mortgage payment for a 30-year fixed-rate mortgage on a $275,000 house with a 20% down payment is $1,434, excluding HOA fees and property taxes.

Choosing a 15-year repayment term for your home loan increases your monthly mortgage payment to $1,868. This adjustment raises your short-term expenses but results in a total interest savings of $180,014 over the life of the loan.

Determine Your Mortgage's Affordability

Buying a home is a major expense; mortgage payments often take up a big part of your income. MoneyGeek's affordability calculator helps you see how much you can afford by factoring in your income and debts like car or student loans.

The calculator also provides your debt-to-income ratio, which shows the portion of your income that goes to debt payments. The average annual debt in Washington is $150,462, or about $12,539 monthly, according to Experian.

See Your Amortization Schedule

Mortgage amortization involves paying off a loan over time through regular payments. Key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. This shows your loan's total price.

MoneyGeek's mortgage calculator shows your amortization schedule and estimates the total interest you'll pay over the life of your loan in Washington. It also helps you see when your monthly payments start going more toward the principal than the interest, helping you understand your payment allocation over time.

Additional Mortgage Fees in Washington

Homebuyers in Washington should consider additional mortgage fees that can impact their budget. For example, mortgage insurance, HOA fees, property taxes and homeowners insurance can increase monthly payments.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Washington costs $1,410 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Washington's effective property tax rate is 0.87%, ranking it 29th in the U.S.

HOA Fees

HOA fees are monthly or annual payments to homeowners associations for property management, maintenance and community amenities.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Washington?

The average APR for a 30-year fixed loan in Washington is 6.5%. For a 15-year fixed loan, it's 5.8%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 monthly if they get a 30-year fixed-rate loan. This drops to $115 for a 15-year loan.

MoneyGeek's Washington mortgage calculator shows your amortization schedule and determines when to stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in Washington. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank, but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

Your Expenses

Upfront Insurance Costs

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Mortgage Loan
Monthly Payment

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Monthly Mortgage
Insurance Cost (PMI)

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WHEN CAN YOU CANCEL YOUR PMI?

If you put down 8% on a $350,000 home in Washington with a 6.8% APR for a 30-year fixed-rate loan, your monthly payment will be $2,099. You need 20% equity to cancel PMI, equivalent to $70,000.

Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI before the end of Year 10.

How to Lower Your Monthly Mortgage Payment in Washington

Your mortgage is likely your biggest monthly expense. For a $225,000 loan in Washington at 6.8% interest, you'll pay $1,434 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,398. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $13,120 in total interest.

This example shows the importance of lowering monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Credit score affects your mortgage. In Washington, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 6.62% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.85%. This change in APR makes your monthly mortgage payments go from $1,508 to $1,614.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Washington, putting 8% down makes your APR 6.75%, resulting in a monthly mortgage of $1,752. Increasing your down payment to 25% puts your APR at 6.45% and a monthly mortgage of $1,372.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Washington has an APR of 5.8%. A 20% down payment makes your monthly mortgage payment $1,833. Compare this to $1,391, which you'll have to pay monthly if you change loan terms to 30 years, even if your APR increases to 6.5%.

Explore homeownership assistance programs

Washington offers homeowners assistance programs that may help with mortgage costs. Institutions like the Washington State Housing Finance Commission (WSHFC) and the Washington State Community Action Partners assist eligible homeowners.

FAQ: Mortgage Calculations in Washington

Using a mortgage calculator can lead to questions for potential borrowers in Washington. We've addressed common questions about mortgage calculators.

How much mortgage can I afford in Washington?

Your mortgage affordability in Washington depends on your debt-to-income ratio (DTI). Lenders typically prefer a DTI ratio below 36%.

What is the average mortgage debt in Washington?

The average mortgage debt in Washington was $344,397 as of 2023, according to Experian.

How much down payment do I need to purchase a house in Washington?

The ideal down payment is 20%, but requirements vary. Conventional loans typically require 3% to 20%, FHA loans require 3.5%, and VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in Washington?

If your down payment is less than 20%, you might need private mortgage insurance (PMI). In Washington, the PMI is about $115 for a 15-year mortgage and $117 for a 30-year mortgage.

What's the effective tax rate in Washington?

Washington's effective property tax rate is 0.87%, ranking 29th nationally.

What is the median home price in Washington?

The median home price in Washington varies by county. Garfield County has the lowest, at $224,730, while King County has the highest, at $891,950.

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