Calculate your estimated monthly mortgage payment in Washington, including principal, interest, taxes, and insurance.
15 Years
20 Years
25 Years
30 Years
40 Years
(If down payment is less than 20%)
Estimated Monthly Mortgage Payment
$0.00
Understanding Your Washington State Mortgage Payment
Purchasing a home in Washington State is a significant financial undertaking. Understanding each component of your monthly mortgage payment is crucial for budgeting and making informed decisions. This calculator helps you estimate your total monthly obligation, which typically includes the following:
Principal & Interest (P&I): This is the core of your mortgage payment. The principal is the amount you borrow, and the interest is the cost of borrowing that money. Over the life of the loan, you'll pay both back to the lender.
Property Taxes: Washington State has varying property tax rates across counties and cities. These taxes are levied by local governments to fund public services. The calculator estimates this based on a percentage of your home's value.
Homeowners Insurance: This insurance protects your home against damage from events like fire, theft, or natural disasters. Lenders require this to protect their investment.
Private Mortgage Insurance (PMI): If your down payment is less than 20% of the home's purchase price, lenders typically require PMI. This protects the lender in case you default on the loan. Once you reach 20% equity, you can usually request to have PMI removed.
How the Washington State Mortgage Calculator Works
Our calculator uses standard financial formulas to provide an estimate. Here's a breakdown of the calculations:
Loan Amount Calculation:
Loan Amount = Home Price - (Home Price * Down Payment Percentage / 100)
Important Considerations for Washington Homebuyers
County-Specific Taxes: Property tax rates can differ significantly between Washington counties (e.g., King County vs. Spokane County). The calculator uses a general percentage.
HOA Dues: If your property is part of a Homeowners Association, you will have additional monthly or annual fees not included in this calculation.
Closing Costs: This calculator does not include one-time closing costs associated with buying a home.
Washington State Real Estate Excise Tax (REET): While not part of the monthly payment, buyers should be aware of REET, which is a tax imposed by the state and local governments upon the sale of real estate.
Interest Rate Fluctuations: Mortgage interest rates can change daily. The rate you input is a snapshot and may vary when you formally apply for a loan.
Using this calculator is a great first step in understanding your potential homeownership costs in Washington State. For precise figures and personalized advice, always consult with a qualified mortgage lender or financial advisor.
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPaymentPercent = parseFloat(document.getElementById("downPayment").value);
var loanTermYears = parseInt(document.getElementById("loanTerm").value);
var interestRateAnnual = parseFloat(document.getElementById("interestRate").value);
var annualPropertyTaxPercent = parseFloat(document.getElementById("annualPropertyTax").value);
var annualHomeInsurance = parseFloat(document.getElementById("annualHomeInsurance").value);
var pmiRateAnnual = parseFloat(document.getElementById("pmiRate").value);
var resultContainer = document.getElementById("resultContainer");
var monthlyPaymentDisplay = document.getElementById("monthlyPayment");
// Input validation
if (isNaN(homePrice) || homePrice <= 0 ||
isNaN(downPaymentPercent) || downPaymentPercent 100 ||
isNaN(loanTermYears) || loanTermYears <= 0 ||
isNaN(interestRateAnnual) || interestRateAnnual < 0 ||
isNaN(annualPropertyTaxPercent) || annualPropertyTaxPercent < 0 ||
isNaN(annualHomeInsurance) || annualHomeInsurance < 0 ||
isNaN(pmiRateAnnual) || pmiRateAnnual 0) {
pniPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTermMonths)) / (Math.pow(1 + monthlyInterestRate, loanTermMonths) - 1);
} else { // Handle 0% interest rate case
pniPayment = loanAmount / loanTermMonths;
}
var monthlyPropertyTax = (homePrice * (annualPropertyTaxPercent / 100)) / 12;
var monthlyInsurance = annualHomeInsurance / 12;
var monthlyPmi = 0;
if (downPaymentPercent < 20) {
monthlyPmi = (loanAmount * (pmiRateAnnual / 100)) / 12;
}
var totalMonthlyPayment = pniPayment + monthlyPropertyTax + monthlyInsurance + monthlyPmi;
monthlyPaymentDisplay.textContent = "$" + totalMonthlyPayment.toFixed(2);
resultContainer.style.display = 'block';
}