Washington Buyer Closing Costs Explained

Direct answer

Washington buyers often plan for 2% to 3% of the purchase price for closing costs. This cost is separate from your down payment. Your total will vary by loan, property, lender, and date.

Washington buyers usually do not pay the state real estate excise tax. The seller usually pays this tax. It is called REET. If the seller does not pay it, the buyer must pay it instead.

How to set your planning range

Multiply your price by 2%. Then multiply your price by 3%. This gives you a low number and a high number. It is not a quote. Your loan type, lender, and closing date can change your total.

For worked examples at specific price points, see closing costs on a $400,000 house and closing costs on a $300,000 home. For the full method, read how to calculate closing costs.

What the estimate includes

Lender charges

Origination charges may include application, underwriting, processing, verification, and rate-lock fees. These come from your lender.

Appraisal and lender's title insurance

Your closing costs may include an appraisal fee. They may also include lender's title insurance. Both show as separate charges on your Loan Estimate.

Title, escrow, and recording

Your closing costs may include escrow or settlement fees and recording fees. You can shop some of these. Your Loan Estimate shows which ones.

Prepaids and reserves

Buyers often prepay loan interest. Buyers also often prepay six to twelve months of home insurance. Lenders may also collect money for property tax and insurance. This is called a reserve.

What changes the final number

Your final cost depends on your loan type, lender, address, closing date, credits, and contract terms. A lender credit can lower your closing costs. It may also raise your interest rate. Always check your own numbers.

Calculate your cash to close

Cash to close is your down payment plus closing costs. Then subtract your deposit, seller credits, and other adjustments. Try your own numbers with the calculator before you make an offer.

Open the Washington closing cost calculator

Before you sign

Loan Estimate

Your Loan Estimate lists your origination charges. It also shows which services you can shop. Compare it to your final numbers before closing day.

Closing Disclosure

Your lender must send your Closing Disclosure three business days before closing. Check it against your Loan Estimate for any changes.