If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
Buying a home is easier with online tools that simplify the process and help you make well-informed decisions. Just input a few numbers into this Washington mortgage calculator, and you can learn what your monthly mortgage payment would be, as well as the total interest you’ll pay over the life of the home loan. You can experiment with different scenarios to find the combination of home price, down payment, loan term, and interest rate that suits your budget.
Key Points
• A mortgage calculator can help homebuyers understand key factors affecting home affordability.
• Use a home affordability calculator to estimate monthly payments and total costs.
• Consider the impact of different home prices, down payment amounts, loan terms, and interest rates on your budget.
• It’s easy to factor in property taxes with this calculator.
• First-time homebuyers can seek out help with their down payment and closing costs.
Washington Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A larger down payment can potentially eliminate the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the home loan, anywhere from 10 to 30 years. A 30-year term offers lower monthly payments but results in more interest paid over the life of the loan. A shorter term can help you build equity faster and pay less interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan. A lower interest rate can significantly reduce your monthly payments.
• Annual property tax: Property tax is levied by local governments on land and buildings as a percentage of its assessed value. To find your property tax rate, search the ZIP code or county name and “effective property tax rate” or use the Washington State average of .75%.
• Monthly payment: The monthly payment is what you pay toward the principal and interest each month. This calculator also includes property taxes. Additional costs like PMI, homeowners insurance, and HOA fees can further impact your budget.
• Total interest paid: This is the amount of interest you will pay over the life of the loan.
• Total loan cost: This is the all-in amount you will repay for the loan, including principal and interest.
How to Use the Washington Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. This figure might differ from the listing price or your initial bid.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you agree to pay upfront. A down payment calculator can help you see how much you’ll need to hit the 20% mark that eliminates the need for PMI. If you need a jumbo loan you may need to put down at least 10%.
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.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your home’s value that you will pay each year to the local government. Property taxes vary by location.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate affordability. Input a home price, down payment amount, interest rate, loan term, and property tax rate, and the calculator will quickly estimate monthly payments and total cost. Particularly if you are buying your first home, it is helpful to use a mortgage calculator to explore how different down payments, loan terms, and interest rates impact monthly costs and total interest. A mortgage payment calculator is an invaluable aid in responsible financial planning.
In Washington State, the median home sale price in mid-2025 was $647,000, well above the national average. To afford a home at this price, a buyer who can put down 20% ($129,400) would need an annual income of around $144,000. This assumes that you contribute 28% of your monthly income to your mortgage payment (the maximum lenders like to see). With a 7.00%, 30-year mortgage, your monthly payment would be $3,444, factoring in property tax and homeowner’s insurance. If you have other big debts, like a car loan, you might need to earn more to make the numbers work.
It might be helpful to also work backward from your income, using a home affordability calculator to compute the maximum home price you can afford based on your earnings and debts. You could also go through the mortgage preapproval process with a lender, submitting complete financial details and getting the lender’s evaluation of whether you would likely qualify for a loan and, if so, how much you might be able to borrow.
Current mortgage rates by state.
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
A mortgage payment includes principal (loan balance) and interest (borrowing cost). This mortgage calculator also factors in property tax, because property taxes are often included as part of monthly loan payments. (It’s in your lender’s interest to make sure you keep up on your tax bills, after all.) Your monthly payment could also include private mortgage insurance (PMI, necessary if your down payment is below 20%), home insurance, and homeowners association (HOA) fees, depending on your specific situation.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Washington’s relatively high cost of living could have an impact on your budget. The state has a cost of living index of 114.1 on a scale where the U.S. average equals 100. Higher home prices are typical, as we see in the median sale price listed above. Utilities, maintenance, health care, and transportation are often more costly in a high cost of living area.
While not the most affordable state, Washington does have some areas that landed on a list of the best affordable places in the U.S., including Yakima, Kennewick, and Spokane. A longer list of cities and their cost-of-living indices is shown here, from data compiled by the Council for Community and Economic Research.
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.
Tips on Reducing Your Mortgage Payment
Homebuyers in Washington are looking to do whatever they can to lower their mortgage bill. Here are some things you can do after purchasing a home to reduce the payment:
• Request that your lender remove PMI when you reach 20% home equity.
• Recast your mortgage by making a lump-sum payment toward the principal and asking your lender to recompute your payments.
• Undertake a mortgage refinance if current rates are lower (or if your credit score has improved significantly and you can qualify for a sweet rate). Factor in closing costs when you’re determining whether a refi is a wise move.
• Appeal your property taxes if you feel they are unusually high.
• If you have encountered true financial hardship, request that your lender modify your loan.
• Shop for cheaper homeowners insurance by increasing your deductible or bundling policies.
Washington First-Time Homebuyer Assistance Programs
Those in Washington State who qualify as a first-time homebuyer may be eligible for assistance programs that cover some or all of the initial costs of buying a home. A first-time buyer is someone who hasn’t owned a primary residence in three years. Down payment assistance programs help with down payments and/or closing costs, making homeownership more accessible and easing the financial burden. There are several Washington first-time homebuyer programs available through the Washington State Housing Finance Commission.
The Takeaway
When considering a home loan in Washington, the Washington mortgage calculator is a key tool. It helps you estimate your monthly payment, total interest, and overall loan cost, taking into account factors like your down payment, interest rate, and even property taxes. Using this calculator can help you better understand your financial capacity and make informed decisions about the home you can afford.
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.
How does my credit score affect my mortgage loan interest rate?
A higher credit score generally leads to a lower mortgage rate, while a lower score may result in a higher rate. Aim for a score of at least 700. Lenders perceive buyers with higher credit scores to be less risky and reward them with lower rates.
What are principal and interest on a mortgage loan?
Principal is the portion of your mortgage payment that goes to repay the original amount you borrowed. Interest is what a lender charges you for the privilege of borrowing. An amortization schedule provided by your lender will show you how much of each payment you make on your home loan will go toward principal versus interest (the proportion changes over the life of your loan).
How much should I put down on a mortgage?
A down payment of 20% of the home’s purchase price can help you avoid having to pay for private mortgage insurance (PMI) and also helps you secure better interest rates. But many buyers — especially first-time buyers — don’t put down that much. If a down payment is challenging, explore down payment assistance programs and government-backed loans.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower monthly payments, but if you go this route, you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford. A 30-year term is the most popular choice.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
SOHL-Q325-119
