Quick answer
The median home in Spokane costs $360K. With 20% down ($72K) at 7% for 30 years, the monthly payment is $1,916/month. Total interest paid over 30 years: $401,786.
Calculator · WA · 2026
Mortgage Calculator for Spokane, WA (2026)
Pre-filled with Spokane's median home price of $360K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Spokane Mortgage Payment Scenarios
Median home price: $360K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $18,000 | $342,000 | $2,275 | $3,074 | $477,120 |
| 10% | $36,000 | $324,000 | $2,156 | $2,912 | $452,009 |
| 20% | $72,000 | $288,000 | $1,916 | $2,589 | $401,786 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Spokane
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $360K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$360K home · 20% down ($288K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Spokane?
The median home price in Spokane is $360K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,916. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,276.
Is it cheaper to rent or buy in Spokane?
A 2-bedroom rental in Spokane averages $1,350/month. Buying the median $360K home with 20% down costs approximately $2,276/month (mortgage + taxes + insurance) — $926 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Spokane?
Using the 28% housing rule, you need at least $82K–98K in annual gross income to comfortably afford the median $360K home in Spokane with 20% down. You also need $72K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Spokane?
WA has a state income tax rate of None (W-2). Property taxes vary by county but on a $360K home, expect $300–$600/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.