FinanceCalc

California Mortgage Calculator

Calculate your California mortgage payment with accurate CA property tax rates. See median home prices and closing costs for California.

Loan Details

?The purchase price of the home you're considering buying.
?The amount you plan to pay upfront when purchasing the home.
?The annual interest rate on your mortgage loan.
?The length of your mortgage in years. Common terms are 15 or 30 years.
?The annual property tax rate as a percentage of home value.
?Annual homeowners insurance premium.
?Monthly homeowners association (HOA) fees, if applicable.
End of inputs

Results

Monthly Payment
$5,601.33

Total / month

Loan Amount
$719,000.00

After down payment

Total Interest
$917,044.05

Over 30 years

Monthly Payment Breakdown
Amortization Schedule
Payment Schedule
MonthPrincipalInterestBalance

360 months · Showing 0 rows

Key Insights
Over the life of this loan you'll pay $917,044.05 in interest — more than the principal itself. A shorter loan term or biweekly payments could dramatically reduce this cost.
Since your down payment is below 20%, you'll pay Private Mortgage Insurance (PMI) of about $467.35/month. Once your loan-to-value ratio reaches 80%, you can request to have PMI removed.
Making one extra payment per year (about $378.71/month) could save approximately $208,292.79 in interest and pay off your loan 5.8 years earlier.
Your down payment of 10.01% is moderate. Reaching 20% would eliminate PMI and reduce your monthly housing costs by $467.35/month.
Your interest rate of 6.50% is in line with recent market averages. Shopping around with at least three lenders could still save you thousands over the life of the loan.
PMI required: Your down payment is 10.01% of the home price (below 20%). Estimated PMI cost: $467.35/month.

California Housing Facts

Median Home Price
$799,000
Average Property Tax Rate
0.71%
Annual Tax on Median Home
$5,673
State Income Tax
Yes (graduated, 1%-13.3%)
Homebuyer Programs
CalHFA MyHome + Dream For All
Property Tax Relief
Prop 13 assessment cap

How to Use This State Mortgage Calculator

  1. 1The calculator opens pre-filled with your state's median home price and average property tax rate. Adjust the Home Price slider to match the listing you are considering.
  2. 2Set your down payment. Toggle between a dollar amount and a percentage of the home price; a 20% down payment avoids PMI entirely.
  3. 3Enter the interest rate quoted by your lender. The default reflects a recent market average, but your rate depends on your credit score, loan type, and down payment.
  4. 4Review the Property Tax Rate slider — it starts at your state's average, but your actual rate depends on your county and any homestead exemptions you qualify for.
  5. 5Add annual home insurance and monthly HOA fees if applicable, then review the monthly payment breakdown, amortization chart, and AI-powered insights.

How Your Monthly Payment Is Calculated

The monthly principal-and-interest payment uses the standard amortization formula:

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where:
- M = monthly payment (principal + interest)
- P = loan amount (home price minus down payment)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)

Your total monthly housing payment (PITI) adds monthly property tax, home insurance, HOA fees, and PMI (if your down payment is under 20%). Property tax uses the rate entered for your state applied to the home price, divided by 12.

Key Mortgage Terms

California Mortgage FAQ

What is the median home price in California?

California is one of the most expensive housing markets in the U.S.; the median home price of about $799,000 is far above the national median, and coastal metros are significantly pricier than inland areas. This calculator uses $799,000 as the default home price so you can see a typical monthly payment in California.

What is the average property tax rate in California?

The average effective property tax rate in California is about 0.71%. California's Proposition 13 caps annual assessed-value increases at 2% and limits property tax to 1% of assessed value plus local voter-approved bonds, which is why the statewide effective rate is a relatively low 0.71%. Reassessment to full market value only happens on sale or major new construction. The calculator applies 0.71% by default, but your actual rate depends on your county and assessed value.

What homebuyer assistance programs are available in California?

The California Housing Finance Agency (CalHFA) offers first-time buyer programs including the MyHome Assistance down payment grant, CalPLUS conventional/FHA loans, and the California Dream For All shared-appreciation loan. Eligibility is income-capped and varies by county.

Does California offer a homestead exemption or property tax relief?

California's Proposition 13 caps annual assessed-value increases at 2% and limits property tax to 1% of assessed value plus local voter-approved bonds, which is why the statewide effective rate is a relatively low 0.71%. Reassessment to full market value only happens on sale or major new construction. Check with your county assessor to confirm which exemptions apply to your property.

What closing costs should I expect when buying a home in California?

Expect closing costs in California of roughly 0.8%-1.5% of the purchase price, excluding the down payment. These cover title insurance, escrow, lender fees, and prepaid taxes; county transfer taxes vary and are often split with the seller.

How does California's tax structure affect my overall housing costs?

California has the highest top marginal state income tax in the U.S. (up to 13.3%), so while property taxes are modest, your overall tax burden is significant. Mortgage interest and property taxes may be deductible on your state return if you itemize. With an average property tax rate of 0.71% and a median home price near $799,000, your total monthly housing cost includes principal, interest, taxes, and insurance (PITI).

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