The expected annual monetary loss (EAL) is a powerful seismic performance indicator for a building as it quantifies repair and replacement costs considering a wide range of possible earthquake scenarios. Existing methods for the estimation of EAL are admirably rigorous but also represent a significant departure from current code assessment methods. By introducing simple loss vs. intensity relationships that are anchored to engineering limit states (set considering both structural and non-structural elements) it is shown that one can predict EAL values quickly, through a closed form expression that could be implemented easily in practice. The validity of the approach is demonstrated by comparing predictions of EAL with those obtained using refined EAL assessments, for a number of case study buildings. The limitations with the accuracy of the approach are discussed and the possibility of developing empirical loss vs. intensity relationships as part of future research is proposed.