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Mortgage Calculator for Washington, District of Columbia

Estimate your monthly payments with local Washington, District of Columbia tax rates.

Calculate your monthly payments for a home in Washington, District of Columbia using the local property tax rate of roughly 0.85%. The average home price in Washington is currently around $640,000.

Market Trendbalanced
Avg Insurance$1450/yr
Tax RuleHomestead Deduction
Affordability

Income Needed to Buy in Washington

Common Question: 'How much income do I need to buy a house in Washington?' Based on the median home price of $640,000, lenders typically look for an annual household income of roughly $44,800. This ensures your payment stays below 28% of your gross pay.

Closing Costs in District of Columbia

Don't forget cash to close. In District of Columbia, buyer closing costs typically range from 2% to 5%. For a home in Washington, you should budget between $12,800 and $32,000 on top of your down payment.

Rent vs Buy in Washington

Is it better to rent or buy in Washington? With a calculated monthly payment of ~$4,480, buying is currently more expensive monthly than the average rent. However, buying locks in your housing cost against future District of Columbia inflation.

Hidden Costs: Property Taxes

Generic calculators often get Washington wrong because they underestimate taxes. Our Washington Mortgage Calculator uses the specific District of Columbia property tax rate of 0.85%, which adds roughly $453/mo to your real payment.

First-Time Buyer Tips (FHA & PMI)

First-time buyers in Washington often utilize FHA loans. Note that putting less than 20% down will trigger Private Mortgage Insurance (PMI), which can add 0.5-1% annually to your loan balance until you reach 20% equity.

(FAQ) Common Mortgage Questions

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Tools & Data Verified by the EverydayCalculators Financial Research Team.

Last updated: December 2025.