Mortgage Calculator – Washington
Washington has some of the most expensive housing markets in the U.S., especially in the Seattle metropolitan area.
This Washington mortgage calculator helps you estimate realistic monthly payments by factoring in loan terms, interest rates, property taxes, and insurance.
Mortgage Calculator – Washington
Why Mortgage Costs in Washington Are High
Strong job growth, limited housing supply, and high demand have pushed home prices higher, especially near Seattle and Bellevue.
Washington has no state income tax, which improves cash flow, but high purchase prices still result in large mortgage payments.
Insurance costs may increase in coastal and wildfire-prone regions.
Washington Mortgage Examples
Example 1: A $650,000 home with 20% down at 7.0% over 30 years may result in a monthly payment around $3,100 including taxes and insurance.
Example 2: Homes outside the Seattle metro area are significantly more affordable.
Example 3: High home prices amplify the impact of interest rate changes.
15-Year vs 30-Year Mortgage in Washington
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest | Much lower | Much higher |
| Best For | Faster payoff | Flexibility |
Frequently Asked Questions – Washington Mortgage
Is Washington expensive for homebuyers?
Yes. Major metro areas are among the most expensive in the country.
Does this Washington mortgage calculator include property taxes?
Yes. You can include estimated property taxes and insurance.
Are property taxes high in Washington?
Property taxes are moderate, but high home values increase total tax cost.
Do Washington buyers need PMI?
PMI may apply if the down payment is below 20%.
Are mortgage rates higher in Washington?
Rates generally follow national trends.
Does this calculator include HOA fees?
No. HOA fees vary and are not included.
Is refinancing common in Washington?
Yes. Homeowners refinance to manage rates or reduce payments.
Does no income tax help affordability?
Yes. It improves take-home income, but housing costs remain high.
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Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.