Monthly Payment on a $350K Mortgage in Washington
Using Washington's 0.98% property tax rate and $1,600/yr homeowners insurance.
$350K 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% | $2,501 | $2,391 | $2,009 |
| 6.0% | $2,607 | $2,492 | $2,098 |
| 6.5% | $2,715 | $2,594 | $2,189 |
| 7.0% | $2,825 | $2,699 | $2,282 |
| 7.5% | $2,938 | $2,805 | $2,377 |
| 8.0% | $3,053 | $2,914 | $2,474 |
How This Compares to Washington's Median
A $350K home is 40% below Washington's median of $580K. You'll find homes at this price in cities like Longview, Moses Lake, Yakima.
Income Needed for a $350K Home in Washington
To afford this payment of $2,594/mo in Washington, you'd need a household income of approximately $111K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in Washington
Estimated closing costs in Washington: $5K (1.4% of purchase price). Washington also charges a 1.78% transfer tax, which may add $6,230 to your transaction costs.
What to Know About a $350K Mortgage in Washington
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Washington's 0.98% property tax ($286/mo) and $1,600/yr insurance ($133/mo) brings your total to $2,594/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.