Watcharu Finance

District of Columbia mortgage calculator

The median home in District of Columbia runs about $610,000. With 20% down that's a loan near $488,000 — the calculator is pre-filled with that figure. The District's property tax rate is low, but high home values keep the annual bill substantial, and a homestead deduction reduces the taxable assessment for owner-occupants. It does not credit a trade-in against vehicle tax.

$3,168.40 / month

Total interest
$652,627
Total paid
$1,140,627
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$122k$244k$366k$488k0612182430Year

How it works

A full District of Columbia payment is more than principal and interest. At the state's 0.57% effective property tax rate, a $610,000 home owes about $3,477 a year in tax, and homeowners insurance averages roughly $1,300 a year here. Together those add about $398 to the monthly payment before any HOA dues or PMI.

District of Columbia's median household income is about $106,000, or $8,833 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,473 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in District of Columbia sell in about 35 days on average.

Frequently asked questions

What is a typical mortgage payment in District of Columbia?
On the state's roughly $610,000 median home with 20% down, the loan is about $488,000. Principal and interest depend on your rate; on top of that, District of Columbia's 0.57% effective property tax rate and about $1,300 a year in homeowners insurance add roughly $398 per month to the payment.
How much are property taxes on a home in District of Columbia?
District of Columbia's effective property tax rate averages about 0.57% of market value — roughly $3,477 a year on the $610,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in District of Columbia?
The average District of Columbia homeowners policy runs about $1,300 a year. The District's property tax rate is low, but high home values keep the annual bill substantial, and a homestead deduction reduces the taxable assessment for owner-occupants. It does not credit a trade-in against vehicle tax.
Can I afford a home in District of Columbia on the median income?
District of Columbia's median household income is about $106,000 a year, or $8,833 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,473 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in District of Columbia?
A for-sale home in District of Columbia spends about 35 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

Other District of Columbia calculators

Related calculators

Mortgage calculator for another state

← Full calculator & all states