Buying in the Evergreen State? Use this washington state mortgage calculator to estimate your monthly PITI (Principal, Interest, Taxes, and Insurance) payments based on local tax rates and WSHFC loan programs.
Washington State Mortgage Calculator
Washington State Mortgage Calculator Formula
To calculate the total monthly payment for a Washington State home, we combine the principal and interest (P&I) with the monthly portions of property taxes and insurance:
Variables
- P: Principal Loan Amount (Home Price – Down Payment).
- i: Monthly Interest Rate (Annual Rate / 12).
- n: Total Number of Months (Years × 12).
- Tax: Annual Property Taxes (varies by county, e.g., King County vs. Spokane).
Related Calculators
- WSHFC Down Payment Assistance Calculator
- Seattle Affordability Calculator
- Refinance Breakeven Calculator
- Closing Cost Estimator WA
What is Washington State Mortgage Calculator?
A washington state mortgage calculator is a tool tailored for homebuyers in Washington. While the state has no personal income tax, property taxes can vary significantly, with King County (Seattle area) having higher assessed values but often lower millage rates compared to other counties.
This calculator helps you estimate your “all-in” monthly cost, which is critical in competitive markets like Seattle, Bellevue, and Tacoma. It allows you to input specific tax figures to get a realistic PITI (Principal, Interest, Taxes, Insurance) estimate.
How to Calculate Washington State Mortgage (Example)
Let’s calculate a scenario for a home in Seattle:
- Home Price: $750,000.
- Down Payment: 20% ($150,000). Loan Amount = $600,000.
- Interest Rate (r): 6.5% on a 30-year fixed loan.
- Property Tax: Approx. 1.0% = $7,500/year.
- Insurance: $1,200/year.
- Calculation:
- P&I Payment: ~$3,792.
- Monthly Tax: $625.
- Monthly Ins: $100.
- Total Monthly: ~$4,517.
Frequently Asked Questions (FAQ)
The average effective property tax rate in Washington State is approximately 1.03%, though this varies. For example, the rate in Pierce County might differ from King County or Snohomish County.
Yes. The Washington State Housing Finance Commission (WSHFC) offers down payment assistance programs and homebuyer education courses which can help eligible buyers purchase a home with little to no money down.
Washington State has a Real Estate Excise Tax (REET) which is typically paid by the seller, but buyers still face standard closing costs (title, escrow, recording fees) generally ranging from 2% to 5% of the purchase price.
If you put down less than 20% on a conventional loan, Private Mortgage Insurance (PMI) is usually required. This calculator estimates the PITI payment; you should add PMI separately if your down payment is low.