Refinance Calculator for Washington

Refinancing in Washington

Whether refinancing makes sense depends on how much equity you've built, the rate differential, and how long you plan to stay. In Washington, where the median home value is $530,000, many homeowners have accumulated significant equity since 2020. Seattle metro has moderated from its 2022 peak but remains among the nation's most expensive markets. Eastern Washington (Spokane, Tri-Cities) offers far more affordable pricing and has attracted remote workers.

Conforming Loan Limits in Washington

For a rate-and-term refinance to qualify as a conventional loan in Washington, the balance must stay under $1,089,300. King County qualifies for high-cost limits. Most other Washington counties are at the standard limit. Refinancing above this requires a jumbo product.

Closing Costs on a Washington Refinance

Expect to pay $3,300 in closing costs on a refinance in Washington. Washington charges a Real Estate Excise Tax (REET) ranging from 1.1% to 3% of sale price (progressive based on value). This is among the higher transfer tax structures nationally for luxury-priced homes. Your break-even point is when your monthly interest savings equal these upfront costs.

Property Tax Considerations

Refinancing doesn't affect your property tax assessment in Washington — the effective rate stays at 0.87% regardless. Washington has no state income tax, making property taxes crucial to fund public services. King County's median home value exceeds $750,000, generating among the highest dollar property tax bills in the western US despite a below-average effective rate.

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