Monthly Payment on a $150K Mortgage in Washington
Using Washington's 0.98% property tax rate and $1,600/yr homeowners insurance.
$150K 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% | $1,148 | $1,101 | $937 |
| 6.0% | $1,193 | $1,144 | $975 |
| 6.5% | $1,240 | $1,188 | $1,014 |
| 7.0% | $1,287 | $1,233 | $1,054 |
| 7.5% | $1,335 | $1,279 | $1,095 |
| 8.0% | $1,385 | $1,325 | $1,136 |
How This Compares to Washington's Median
A $150K home is 74% below Washington's median of $580K. This is well within reach in many Washington communities.
Income Needed for a $150K Home in Washington
To afford this payment of $1,188/mo in Washington, you'd need a household income of approximately $51K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in Washington
Estimated closing costs in Washington: $2K (1.4% of purchase price). Washington also charges a 1.78% transfer tax, which may add $2,670 to your transaction costs.
What to Know About a $150K Mortgage in Washington
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Washington's 0.98% property tax ($123/mo) and $1,600/yr insurance ($133/mo) brings your total to $1,188/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.