Monthly Payment on a $100K Mortgage in Washington
Using Washington's 0.98% property tax rate and $1,600/yr homeowners insurance.
$100K Mortgage in Washington: Rate Comparison
Monthly PITI payment using Washington's 0.98% property tax and $1,600/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $810 | $779 | $669 |
| 6.0% | $840 | $807 | $695 |
| 6.5% | $871 | $836 | $721 |
| 7.0% | $902 | $866 | $747 |
| 7.5% | $935 | $897 | $774 |
| 8.0% | $967 | $928 | $802 |
How This Compares to Washington's Median
A $100K home is 83% below Washington's median of $580K. This is well within reach in many Washington communities.
Income Needed for a $100K Home in Washington
To afford this payment of $836/mo in Washington, you'd need a household income of approximately $36K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Washington
Estimated closing costs in Washington: $1K (1.4% of purchase price). Washington also charges a 1.78% transfer tax, which may add $1,780 to your transaction costs.
What to Know About a $100K Mortgage in Washington
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Washington's 0.98% property tax ($82/mo) and $1,600/yr insurance ($133/mo) brings your total to $836/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.