California Mortgage Calculator

In California, Modoc County has the lowest median monthly mortgage payment at $1,060, while San Mateo County has the highest at $9,930. This range in monthly mortgage payments can significantly affect your short-term budget and long-term financial health, impacting your ability to save and invest for the future.

Use MoneyGeek's mortgage calculator in California to estimate your monthly mortgage payment, determine which loan term suits your financial situation better, and see how much interest you pay over your loan's lifetime.

Mortgage Calculator

Simply estimate your California loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from California.

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Key Takeaways

In California, Modoc County has the lowest median monthly mortgage payment at $1,060, while San Mateo County has the highest at $9,930.

Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget and estimate your total interest over the loan's life.

The average APR for a 30-year mortgage in California is 6.4%, and for a 15-year mortgage, it is 5.8%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for California. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our California Mortgage Calculator

MoneyGeek's mortgage calculator in California can help you calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also understand your amortization schedule, providing a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, including the home's sale price and your down payment. We'll guide you through using California's mortgage calculator to estimate these payments.

1
Home Price
The home price directly affects your monthly mortgage payment in California. A lower home price in Modoc County, at a median of $181,610, means lower monthly payments than in San Mateo County, where the median is $1,701,860, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. California's median down payment is $150,000, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in California change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.8%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN CALIFORNIA

Using the mortgage calculator in California, you'll find that the monthly payment for a 30-year fixed-rate mortgage after a 20% down payment on a $275,000 house is $1,376. This figure excludes additional costs like HOA fees and property tax.

Choosing a 15-year repayment term for your home loan raises the monthly payment to $1,833, impacting your budget more immediately. In the long run, this option leads to a total interest savings of $165,497 compared to the 30-year term.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, with mortgage payments consuming a notable portion of your monthly income. Understanding how affordable your mortgage is can significantly impact your financial well-being. MoneyGeek's mortgage calculator for affordability offers a straightforward way to gauge this by simply entering your monthly income and other debts, such as car loans or student loans.

The calculator also reveals your debt-to-income ratio, a vital metric for those planning to secure a mortgage. This ratio shows how much of your income is dedicated to debt payments, which is key for lenders assessing your financial health. According to Experian, the average debt in California stands at $148,428, translating to an average monthly debt of $12,369.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. The key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

You can use our mortgage calculator to estimate the total interest you'll pay over the life of your loan in California. You can also see when your monthly payments begin to go more toward your principal vs. your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in California

Homebuyers in California should consider other mortgage fees that could impact your budget. For example, mortgage insurance and HOA fees can increase your monthly payment. Property taxes and homeowners insurance are also costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in California costs $1,148 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, California's effective property tax rate is 0.75%, ranking it 33rd in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in California?

The average APR for a 30-year fixed loan in California is 6.4%, while a 15-year loan averages 5.8%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay a cost of private mortgage insurance worth $117 per month for a 30-year loan. The amount becomes $115 for a 15-year loan.

MoneyGeek's mortgage calculator in California allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in California. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank, but know you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put an 8% down payment on a home in California priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014. You need 20% equity to cancel PMI, equivalent to $70,000.

Since your down payment was $28,000, you still need to pay $42,000 to accumulate 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI by Year 10.

How to Lower Your Monthly Mortgage Payment in California

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in California at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage. In California, if you put in a down payment between 5% to 20% of the home's sale price, the average APR for a 30-year fixed rate mortgage is 6.8% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.1%. This change in APR makes your monthly mortgage payments go from $1,434 to $1,630.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in California, putting 8% down makes your APR 7.0%, resulting in a monthly mortgage of $1,683. Increasing your down payment to 25% puts your APR at 6.6% and a monthly mortgage of $1,317.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in California has an APR of 5.8%. A 20% down payment makes your monthly mortgage payment $1,833. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in California that may help with your mortgage costs. Institutions like the California Housing Finance Agency and the Housing Authority of the County of San Bernardino offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in California

Using a mortgage calculator can raise questions for potential borrowers, especially with California's specific financial landscape. We've addressed commonly asked questions to help you understand your mortgage options.

How much mortgage can I afford in California?

Mortgage affordability in California depends on your debt-to-income ratio (DTI). Generally, a DTI ratio below 36% is ideal.

What is the average mortgage debt in California?

The average mortgage debt in California in 2023 is $432,456, according to Experian.

How much down payment do I need to purchase a house in California?

The ideal down payment is 20%, but it varies by loan type. Conventional loans often require higher down payments, while FHA loans require as little as 3.5%. VA loans and USDA loans usually don't require a down payment.

Do you really need private mortgage insurance in California?

PMI is often required if your down payment is less than 20%. In California, PMI for a 30-year mortgage is around $117 and for a 15-year mortgage, it's about $115.

What's the effective tax rate in California?

California's effective property tax rate in 2023 is 0.75%, ranking 33rd nationally.

What is the median home price in California?

Median home prices vary by county. Modoc County has the lowest median home price at $181,610, while San Mateo County has the highest at $1,701,860.

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