Mortgage Calculator for California — Includes Property Tax & Insurance
In California, the median home costs $780,000, and property taxes there are among the lowest in the country at an average of 0.76% of assessed value — which adds roughly $494 to the monthly payment on a median-priced California home. Homeowners insurance in California averages $1,300 a year ($108/month), below the national average. Putting 20% down at California's typical 30-year fixed rate of 6.92%, your full PITI payment — principal, interest, taxes, and insurance — comes to about $4,720 per month. The calculator below is pre-filled with these California figures so you can adjust any input and see the impact instantly.
A buyer earning California's median household income of $84,000 would dedicate roughly 67% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$780,000
Avg 30-yr Rate
6.92%
Property Tax Rate
0.76%/yr
Est. Monthly PITI
$4,720
Mortgage Calculator
Total Monthly Payment
$4,720.35
Loan Amount
$624,000
Total Paid
$1,482,486
Total Interest
$858,486
How to Get a Mortgage in California
- 1 Check your credit score. In California, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $780,000 California home, 20% down is $156,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in California average 6.92%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $18,720–$31,200 on a median California purchase.
- 5 Budget for ongoing costs: California property taxes average 0.76%/yr ($5,928/yr on the median home), plus homeowner's insurance averaging $1,300/yr.
Monthly Cost Breakdown — Median California Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
California Mortgage FAQs
What is the average home price in California?
The median home price in California is $780,000 (2024 estimate). With a typical 20% down payment of $156,000, a buyer would finance $624,000 at a 30-year fixed rate.
What are property taxes like in California?
California has an average effective property tax rate of 0.76% of assessed home value. On a $780,000 home, that's approximately $5,928 per year ($494/month) — below the national average of 1.07%.
How much income do I need to buy a home in California?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced California home, you'd need to earn roughly $202,301 per year. The state's median household income is $84,000, meaning the typical household allocates about 67% of gross income to housing — significantly strained.
What is the average mortgage rate in California?
The average 30-year fixed mortgage rate in California is approximately 6.92% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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