Monthly Payment on a $250K Mortgage in Washington
Using Washington's 0.98% property tax rate and $1,600/yr homeowners insurance.
$250K 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% | $1,825 | $1,746 | $1,473 |
| 6.0% | $1,900 | $1,818 | $1,537 |
| 6.5% | $1,977 | $1,891 | $1,602 |
| 7.0% | $2,056 | $1,966 | $1,668 |
| 7.5% | $2,137 | $2,042 | $1,736 |
| 8.0% | $2,219 | $2,120 | $1,805 |
How This Compares to Washington's Median
A $250K home is 57% below Washington's median of $580K. This is well within reach in many Washington communities.
Income Needed for a $250K Home in Washington
To afford this payment of $1,891/mo in Washington, you'd need a household income of approximately $81K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $80K salary can afford →Closing Costs in Washington
Estimated closing costs in Washington: $4K (1.4% of purchase price). Washington also charges a 1.78% transfer tax, which may add $4,450 to your transaction costs.
What to Know About a $250K Mortgage in Washington
With 10% down ($25,000), your loan of $225,000 at 6.5% over 30 years produces a principal and interest payment of $1,422/mo. Adding Washington's 0.98% property tax ($204/mo) and $1,600/yr insurance ($133/mo) brings your total to $1,891/mo. Because you're putting less than 20% down, PMI adds $131/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $286,975 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $26,920 over the life of the loan.