Washington Mortgage Calculator

Use this free mortgage calculator to estimate your monthly mortgage payments and annual amortization.

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2024

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Your loan estimate
Total monthly payment

$0.00

Total principal$0

Total interest payments$0.00

Total loan payments$0.00

Monthly mortgage payment$0.00

Payoff date- / -

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Taking out a mortgage in Washington

Written by NerdWallet

Washington, the Evergreen State, has a strong housing market, the sixth most expensive in the country, led by the Seattle metro which now is the sixth most expensive region in the United States. With Seattle-area companies growing rapidly, expect the crunch to only get worse unless housing supply or demand changes meaningfully. While it's hard to predict the future of the housing market, it's likely that Washington will continue to lead the country in apple, hops, and cherry production.

Washington's first-time home buyer programs

The Washington State Housing Finance Commission, or WSHFC, offers several loan programs to help qualified first-time home buyers get a mortgage. Learn more

Average property tax by county

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Washington. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.
CountyAvg. property tax rateMedian home value
Adams County0.86%$216,900
Asotin County0.76%$266,400
Benton County0.82%$394,200
Chelan County0.73%$492,700
Clallam County0.7%$431,400
Clark County0.83%$532,400
Columbia County0.78%$229,600
Cowlitz County0.8%$413,500
Douglas County0.81%$366,800
Ferry County0.59%$252,700
Franklin County0.83%$381,300
Garfield County0.8%$190,000
Grant County0.8%$284,400
Grays Harbor County0.84%$300,600
Island County0.67%$598,700
Jefferson County0.65%$449,300
King County0.78%$862,200
Kitsap County0.79%$538,400
Kittitas County0.65%$417,600
Klickitat County0.61%$352,500
Lewis County0.72%$379,200
Lincoln County0.61%$232,500
Mason County0.8%$429,300
Okanogan County0.71%$251,100
Pacific County0.77%$252,100
Pend Oreille County0.6%$288,200
Pierce County0.91%$538,500
San Juan County0.56%$673,700
Skagit County0.81%$520,900
Skamania County0.61%$443,000
Snohomish County0.79%$713,200
Spokane County0.84%$415,500
Stevens County0.68%$277,300
Thurston County0.88%$488,100
Wahkiakum County0.62%$319,100
Walla Walla County0.88%$331,600
Whatcom County0.71%$601,200
Whitman County0.79%$298,500
Yakima County0.81%$300,000
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

  1. Under "Loan amount," enter the amount you intend to borrow.

  2. Under "Interest rate," enter the mortgage interest rate that you expect to get.

  3. Under "Loan term (years)," enter the length of the mortgage in years. Most mortgages have 30-year terms.

After you enter these three pieces of information, the calculator prominently displays the monthly payment inside the "Your loan estimate" window. It also displays:

  • The loan amount (under "Total principal").

  • How much interest you would pay over the life of the loan ("Total interest payments").

  • The total principal plus interest you would pay over the loan's term ("Total loan payments").

  • The monthly principal and interest payment excluding taxes and insurance ("Monthly mortgage payment").

  • The payoff date, which is the month when you would pay the last scheduled payment.

Calculating costs in addition to principal and interest

The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association fee and monthly cost of mortgage insurance. Note that you'll enter the annual cost for property tax and home insurance, and the monthly cost for HOA fees and mortgage insurance.

Select "Show amortization schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.

Explanation of terminology

  • Loan amount: Also known as principal, this is the amount you borrow. Each mortgage payment reduces the principal you owe.

  • Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.

  • Loan term (years): The term is the number of years it will take to pay off the mortgage. A longer term gives you a lower monthly payment than a shorter term does. But you pay more total interest with a longer term because you're paying interest for more months.

  • Start date: The month that your first mortgage payment is due.

  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.

  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.

  • Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.

  • Private mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender in case a borrower defaults on a mortgage.

Using the mortgage calculator to compare scenarios

This mortgage calculator lets you change the loan amount, interest rate, loan term and other factors so you can see the effect on monthly payments.

Feel free to test it out by entering your loan amount, then altering the interest rate or the loan term (or both). You won't break anything!

If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.

» MORE FOR CANADIAN READERS: Canada mortgage payment calculator

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