This paper investigates the seismic loss assessment of seismically isolated and non-isolated buildings with steel moment or braced frames, designed by the seismic design standard of ASCE/SEI 7-16. The seismic loss is calculated from the damage to structural and non-structural components, as well as the demolition and the collapse of buildings. This study demonstrates that the expected annual losses for seismically isolated buildings are half or less than half of those calculated for non-isolated buildings. These losses depend on the types of seismic isolation systems and seismic force resisting systems used. Among the cases of isolated buildings studied in this paper, the most cost-effective systems are found to be the buildings designed by minimum strength requirement in ASCE/SEI 7-16 and with isolators which have displacement capacity 1.5 times larger than the minimum required in ASCE/SEI 7-16, in terms of expected annual losses. This study also compares the results obtained from different approaches of selection and scaling of ground motions. The following research finds that when Incremental Dynamic Analysis approach with far-field ground motion set in FEMA P695 is used, the computed expected total annual losses become doubled from the Conditional Spectra approach.