The real cost of buying a home in Seattle and Bellevue.

Most buyers fixate on the down payment and underestimate everything else. In a $900,000 Eastside transaction — roughly the median for Bellevue and Kirkland — the non-down-payment costs at closing typically run $18,000–$28,000. Budget for them separately or they will derail your financing.

This guide covers every cost category in the order you will encounter them, with Seattle and Bellevue-specific figures where they differ from national averages.

Conventional loans typically require 5–20% down. On a $900,000 home, that is $45,000–$180,000. FHA loans allow 3.5% down but carry mortgage insurance premiums and loan limits that cap out below the median Bellevue price.

Jumbo loans — required for most Eastside purchases above the conforming loan limit — typically require 10–20% down and have stricter reserve requirements. Your lender should confirm the current conforming limit before you start searching.

If you are putting down less than 20% on a conventional loan, budget for private mortgage insurance (PMI) of 0.5–1.5% of the loan amount annually until you reach 20% equity.

Closing costs in Washington State typically run 1.5–3% of the purchase price. On a $900,000 transaction, expect $13,500–$27,000. Key line items include lender origination fees ($1,000–$3,000), appraisal ($600–$900 for a standard Eastside home), title insurance ($1,500–$2,500 for the lender's policy), escrow fees ($1,500–$2,500), and recording fees ($250–$400).

Washington State does not charge a mortgage recording tax, which saves buyers compared to other states. However, Washington's real estate excise tax (REET) is paid by the seller — not the buyer — so you do not need to budget for that.

Some closing costs are negotiable. Ask your lender for a Loan Estimate within three business days of application, compare it to your Closing Disclosure, and flag any fees that increased without explanation.

Prepaids are not fees — they are expenses you are paying in advance. They include: homeowner's insurance premium for the first year ($1,200–$2,500 for a typical Eastside single-family home), prepaid mortgage interest from the closing date to end of month (varies based on closing date and loan size), and property tax escrow setup — typically 2–3 months of estimated taxes deposited at closing.

Bellevue property taxes run approximately 0.8–1.0% of assessed value annually. On a $900,000 home, that is $7,200–$9,000/year, or $600–$750/month. Your escrow setup will require 2–3 months deposited upfront — budget $1,800–$2,250 for that line item alone.

A standard home inspection in the Seattle area runs $500–$800 for a single-family home. For older homes, complex properties, or due diligence on specific systems, additional inspections are common: sewer scope ($150–$250), radon test ($150–$300), chimney inspection ($200–$350), oil tank sweep ($150–$300 if the property is older and may have had underground storage).

Never waive inspection to win a competitive offer unless you have explicitly decided you are comfortable accepting the property in its current condition. In a multiple-offer situation, an inspection contingency can often be structured as a review period rather than a re-negotiation trigger — your agent should know how to frame this.

If you are buying in a community with a homeowners association, budget for monthly dues ($200–$800+ for most Eastside HOAs), a transfer fee ($200–$500, typically paid by the buyer), and sometimes a move-in deposit ($200–$500, often refundable). Request the HOA's financial statements, reserve fund balance, and meeting minutes from the past 12 months before closing.

A well-funded HOA reserve indicates a community that is not deferring maintenance. An underfunded reserve is a red flag — special assessments get levied against owners when reserves can't cover major repairs.

Local moves within the Seattle metro typically run $1,500–$4,000 for a full-service mover. Long-distance moves — common for tech relocations — can run $5,000–$15,000+ depending on volume and distance. Get three quotes and book early; summer is the peak moving season and availabilty tightens fast.

Even well-prepared buyers get caught off-guard by these three. Budget for them early or they will force a last-minute scramble.

First: homeowners insurance. Most buyers assume a ballpark figure — then discover that some Eastside homes near wooded areas or with older roofs trigger higher premiums or require a separate umbrella policy. Get an actual quote from your insurance agent before you go under contract, not after.

Second: the appraisal gap. In competitive markets, winning bids routinely exceed appraised value. If your offer is $950,000 and the appraisal comes in at $910,000, your lender will only finance based on $910,000. The $40,000 difference comes out of your pocket at closing — in cash, on top of your down payment. In Bellevue and Kirkland, appraisal gaps of $20,000–$60,000 are not unusual on desirable properties. Know your gap tolerance before you write an offer.

Third: the utility and maintenance reserve. Your lender does not ask about this — but it is real. Older Eastside homes routinely surface deferred maintenance during inspection: a furnace near end of life, a roof with 3–5 years left, or aging electrical panels. Budget $5,000–$15,000 as a post-close reserve for the first 12 months. Buyers who don't often find themselves house-rich and cash-poor within 90 days of closing.

With rates holding in the mid-6s and Eastside inventory still tight, the math on waiting rarely works in buyers' favor. Here is what a 6-month delay typically costs at current market conditions.

On a $900,000 purchase at 6.75% on a 30-year fixed, your monthly principal and interest payment is approximately $5,840. If the median Bellevue price rises 4% over six months — roughly half of the historical annual appreciation rate — that same home costs $936,000. At the same rate, your new payment is $6,070. You have added $230/month permanently, plus you have foregone six months of equity accumulation and six months of mortgage interest deductions.

If rates drop 0.5% over those six months, the payment advantage from the lower rate partially offsets the higher price — but appreciation typically outpaces rate savings in this market. The one scenario where waiting wins: a clear inventory surge that shifts pricing power to buyers. Watch active listing counts monthly. RexMont publishes market data for Bellevue, Seattle, and the Eastside — if supply spikes, we will say so. Right now it has not.

If you are sitting on a pre-approval and waiting for the "right time," the most useful thing you can do is run the actual numbers for your price range. Contact a RexMont agent and we will model the cost of waiting vs. buying now with your specific down payment, target price, and timeline.

On a $900,000 Eastside purchase with 10% down, a reasonable all-in liquidity target before you start seriously searching: $90,000 down payment + $22,000 closing costs + $2,500 inspections + $2,000 HOA + $3,000 moving = approximately $120,000 liquid, plus 3–6 months of mortgage payments in reserve (most jumbo lenders require this).

Washington's conforming loan limits are set annually by the FHFA — confirm the current limit with your lender, as most Eastside purchases fall into jumbo territory and carry different reserve requirements. For current rate benchmarks, the Federal Reserve publishes weekly Freddie Mac PMMS data that reflects what buyers are actually locking today.

RexMont's agents work with buyers at every stage of this process. If you want a personalized cost breakdown for a specific price range and property type — including an appraisal gap estimate based on current comparable sales — contact us before you are under contract, not after.