Mortgage Calculator

Here are some tips when thinking about purchasing a new home:

Down payment:

The down payment percentage is multiplied by the price you pay for the home. This amount is due at closing (when the deal is done and before you’re given keys). The average buyer puts about 15% down in our area. You can put as little as zero. However, if you put less than 20%, you’ll also need to pay PMI, which is explained below.

Mortgage term:

There are many lengths of loans, but the most common ones in our area are a 30 year loan or a 15 year loan.

Interest rate:

We’re seeing mortgage rates between 3.4 - 3.9% for people with good credit.

Property tax:

If you’re purchasing in the Seattle area, the average King County tax rate is 0.930% of your property value annually.

Property insurance:

The average cost of homeowner’s insurance right now in Washington is about $1002 per year. (This varies with the size of your home and its location.)


You’ll need to pay Private Mortgage Insurance (PMI) if you pay less than 20% down payment. The amount also varies but is usually between 0.3% - 1.5% of the loan.

First payment date:

Most mortgage loans can “close” (meaning, the time it takes from starting the lending process to when your loan is complete, and you get the keys to your home) in an average of 30 days. This timeline would start the day you “go mutual” - which means you and the seller have agreed upon terms and all have signed the Purchase Agreement for the property.

Not in the calculator:

HOA dues:

If you’re buying a condominium, expect to also pay Homeowners Association dues (HOA dues) monthly. Downtown Seattle condos are averaging about 85¢ per square foot. The average size of a condo is about 750 sq ft for a 1 bedroom, which equals about $638 per month.

When you hit “Calculate” at the bottom, you’ll see a graph that shows:

  • How much your monthly payment will be (in the upper left),
  • When your loan would be fully paid off (in the upper right),
  • The total amount you’ll pay over your entire loan term (in the top middle), and
  • A graph that lays out exactly how your loan will be paid off over time.

*Based on market date winter 2022

Scroll to Top