CALCMONEY // MORTGAGE REFINANCE // WA
Washington average rate: 6.76%. On the median loan of $481,236, a 1% rate drop saves $313/month and breaks even in 39 months.
Calculate Your Refinance6.76%
$601,545
$3,124
$12,031
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.26% (save 0.5%) | $2,966 | $158/mo | 6yr 4mo | $44,958 |
| 5.76% (save 1.0%) | $2,811 | $313/mo | 3yr 3mo | $100,673 |
| 5.26% (save 1.5%) | $2,660 | $464/mo | 2yr 2mo | $155,046 |
The median home price in Washington is $601,545. At 80% LTV, the typical loan is $481,236 at the current 6.76% average rate, producing a monthly P+I payment of $3,124. Total interest over 30 years at this rate: $643,579.
Property taxes in Washington average 0.75% of assessed value, or $4,512 per year on the median home. This adds $376/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Washington has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
New Jersey
$584,072 median home
DCDistrict of Columbia
$577,041 median home
UTUtah
$539,949 median home
COColorado
$538,932 median home