Typical California mortgage payment
The median home price in California is roughly $765,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $6,050 | $4,107 |
| 5.50% | $6,251 | $4,344 |
| 6.00% | $6,456 | $4,587 |
| 6.50% | $6,664 | $4,835 |
| 7.00% | $6,876 | $5,090 |
| 7.50% | $7,092 | $5,349 |
| 8.00% | $7,311 | $5,613 |
| 8.50% | $7,533 | $5,882 |
| 9.00% | $7,759 | $6,155 |
| 9.50% | $7,988 | $6,433 |
| 10.00% | $8,221 | $6,713 |
What a California mortgage really costs (PITI)
Principal & interest alone would run about $4,835/month at 6.50% over 30 years. But California's property tax - roughly 0.75% of home value per year here - adds about $478/month, and estimated homeowners insurance adds around $223/month. Your real total monthly payment (PITI) on a $765,000 California home is closer to $5,537/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $237,282/year. A 20% down payment here is $153,000.
California vs. its neighbors
Of California and its neighbors, Arizona has the lowest estimated total monthly payment - about $2,457 less per month than California.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Arizona | $430,000 | 0.66% | $3,080/mo |
| Nevada | $450,000 | 0.60% | $3,201/mo |
| Oregon | $500,000 | 1.09% | $3,760/mo |
| California (this page) | $765,000 | 0.75% | $5,537/mo |
What affects your California payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.