Washington mortgage payment calculator

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Washington at a glance

Median home price
$617,990
Typical closing costs
2%–3% of price
Transfer tax
1.1% of sale price, customarily paid by seller
Closing custom
escrow
Homestead exemption
Washington has no ad-valorem homestead exemption that reduces annual property tax bills for the general homeowner (its 'homestead exemption' — currently the greater of $125,000 or the county median home value, under RCW 6.13 — is a bankruptcy/creditor-protection exemption, unrelated to property tax). For actual property tax relief, the Department of Revenue's Property Tax Exemption Program for Senior Citizens, People Retired Due to Disability, and Veterans with Disabilities freezes the home's assessed value and exempts qualifying low-income (county-varying, roughly under $84,000-$90,000+ depending on county) senior/disabled/disabled-veteran homeowners from regular and/or excess levies; a separate deferral program lets qualifying seniors/disabled homeowners postpone paying property taxes.

First-time buyer / down payment assistance programs

  • WSHFC Home Advantage

    Washington State Housing Finance Commission's primary 30-year fixed-rate first mortgage program, available statewide to eligible homebuyers (first-time-buyer requirement waived in targeted areas and for some borrower categories); typically paired with Home Advantage down payment assistance (a 0%-interest deferred second mortgage of 3%-5% of the first-mortgage amount).