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A Spokane, Washington, mortgage calculator helps you estimate monthly payments, total interest, and the overall cost of the mortgage, allowing you to make informed decisions about your home purchase. Simply input the home price, down payment, loan term, and interest rate. Here’s how to use the calculator to your advantage during your home search.
Key Points
• A Spokane mortgage calculator helps estimate monthly mortgage payments, total interest, and overall loan costs.
• The loan term, typically 15 or 30 years, impacts monthly payments and total interest paid, with shorter terms offering faster payoff and lower interest but higher payments.
• Spokane’s property tax rate is around 0.86% of the home’s assessed value.
• Down payment assistance programs can significantly reduce upfront costs, making homeownership more accessible, especially for first-time buyers.
• Strategies to lower monthly housing expenses include dropping PMI once you have 20% equity, refinancing your home loan, and shopping for lower homeowners insurance rates.
Spokane Mortgage Calculator
Calculator Definitions
• Home price: The home loan amount is directly influenced by the home price, which is the purchase price you have agreed to with the home seller. This price may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, typically expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%.
• Loan term: The loan term is the length of time you have to repay the home loan. A 15-year mortgage term can help you pay off your loan faster and save on interest, but it comes with higher monthly payments. A 30-year term offers lower monthly payments but results in more interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Interest rates vary based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax represents a component of your total monthly mortgage payment. In the city of Spokane, the property tax rate is typically around 0.86% of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal loan amount and the interest accrued. It may also include property taxes, homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. This figure can be significantly impacted by the interest rate and loan term. A higher interest rate or longer loan term will result in more interest paid. Conversely, a lower interest rate or shorter term can help you save thousands of dollars in interest over the life of the loan.
How to Use the Spokane, WA Mortgage Calculator
The Spokane mortgage calculator will provide an estimate of your monthly payment, total interest paid, and the overall loan cost. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. Property taxes vary by location; the Spokane property tax rate is 0.86%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on price, down payment, interest rate, and loan term, helping you determine affordability before house hunting. It allows you to compare rates and terms to see their impact on expenses and interest. It also shows you how down payments affect your loan, with higher down payments lowering the loan amount and the monthly payment.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
In 2025, Spokane’s median home sale price was $380,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, HOA) under 28% of gross monthly income. To afford a $380,000 home, you’d need about $86,700 in yearly income, assuming 20% down ($76,000) and a 7.00%, 30-year mortgage. The monthly payment would be $2,023.
Using a home affordability calculator can help you estimate what you can afford. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment include the principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money.
Additionally, your monthly payment may factor in property tax. In Spokane, the property tax rate is 0.86% of the home’s assessed value. Your payment might also include private mortgage insurance (PMI) if your down payment is less than 20%, homeowners insurance, and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Spokane, WA
Spokane’s cost of living is 3-4% lower than the national average, mostly due to less expensive housing. Spokane has higher costs when it comes to groceries, transportation, and health care. The national average cost of living is benchmarked at 100. In Spokane, the cost of living index is 96.5. Here’s how Spokane compares to the national average in other areas:
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
If you’re buying your first home in Spokane, there are several down payment assistance programs available to help you cover the initial costs associated with purchasing a property. These programs can provide financial aid specifically designated for the down payment, closing costs, or both, making homeownership more accessible and affordable. To qualify for these programs, you typically must not have owned a primary residence within the past three years.
If you’re looking to lower your mortgage payment, there are a few things you can do, including:
• Drop private mortgage insurance (PMI) once you have 20% equity in your home. This can be achieved through regular payments or home appreciation, and it can significantly lower your monthly costs.
• Consider mortgage recasting if possible. If you receive a bonus or large sum of money, consider making an extra payment toward your mortgage principal. This can lead to mortgage recasting, where your lender re-amortizes the loan with the same interest rate and term, resulting in a new, smaller balance and lower monthly payments.
• If you believe your property taxes are too high, you have the right to appeal them. By successfully appealing your property taxes, you may reduce your annual property tax bill, which in turn can lower your overall monthly mortgage payment and ease your financial burden.
• If you face financial hardship, consider modifying your loan. Your lender may agree to change the loan term or other terms to make your monthly payments more manageable, providing temporary financial relief and helping you avoid defaulting on your mortgage or other secured debts.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop around for a lower homeowners insurance rate. You may discover opportunities to reduce your premium amount by strategically increasing your deductible, bundling your homeowners insurance policy with your auto insurance, or making certain upgrades that enhance your home’s overall security or storm resistance capabilities.
The Takeaway
Using a Spokane mortgage calculator can provide you with a clearer picture of your financial readiness for homeownership. The calculator helps estimate monthly mortgage payments, the total interest you’ll pay over the life of the loan, and the total loan costs.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
The average mortgage in Spokane was $2,660 per month in 2025. Mortgage payments can fluctuate based on several factors, including the home price, down payment, and interest rate.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining the interest rate you’ll receive for a mortgage loan. A higher credit score can secure more favorable interest rates, reducing your monthly payments and the total interest you pay over the life of the loan. Conversely, a lower credit score may result in higher interest rates, making the loan more expensive.
What are principal and interest on a mortgage loan?
The principal on a mortgage loan is the amount borrowed initially to purchase the home, while the interest is the cost associated with borrowing that principal amount. Over time, a larger portion of your monthly payment is directed toward the principal, gradually reducing the outstanding loan balance.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A larger down payment (20% or more) can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI), while a smaller down payment may help you get into a home sooner.
Can I afford a $500K house on a $100K salary?
When assessing affordability for a $500,000 house on a $100,000 salary, lenders recommend your monthly mortgage payment should not exceed 28% of your gross monthly income. A 30-year fixed mortgage at a 6.50% interest rate and a 20% down payment ($100,000) would result in a monthly payment of around $2,500 (excluding taxes and insurance). The ideal salary for a $2,500 mortgage would be $107,000. That means someone with a $100K salary would find a $500K home a financial stretch, if they even qualify for a mortgage.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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