California Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of California and the rest of the United States. On this page we offer a convenient California home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in California.

Mortgage details
Home price
$
Down payment
$
Loan term
Y
Interest rate
%
Calculate
Reset
Mortgage results
Total amount paid
Interest
$125 050
Principal
$360 000
Total principal & interest$485 050
Monthly payment$4 042.08
Total interest paid$125 050
Payoff dateApril 2035
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance
May 20254 042.082 167.081 875357 832.92
June 20254 042.082 178.371 863.71355 654.55
July 20254 042.082 189.721 852.37353 464.83
August 20254 042.082 201.121 840.96351 263.71
September 20254 042.082 212.591 829.50349 051.12
October 20254 042.082 224.111 817.97346 827.02
November 20254 042.082 235.691 806.39344 591.32
December 20254 042.082 247.341 794.75342 343.99
January 20264 042.082 259.041 783.04340 084.94
February 20264 042.082 270.811 771.28337 814.14
March 20264 042.082 282.631 759.45335 531.50
April 20264 042.082 294.521 747.56333 236.98
May 20264 042.082 306.471 735.61330 930.50
June 20264 042.082 318.491 723.60328 612.02
July 20264 042.082 330.561 711.52326 281.45
August 20264 042.082 342.701 699.38323 938.75
September 20264 042.082 354.901 687.18321 583.85
October 20264 042.082 367.171 674.92319 216.68
November 20264 042.082 379.501 662.59316 837.19
December 20264 042.082 391.891 650.19314 445.30
January 20274 042.082 404.351 637.74312 040.95
February 20274 042.082 416.871 625.21309 624.08
March 20274 042.082 429.461 612.63307 194.62
April 20274 042.082 442.111 599.97304 752.51
May 20274 042.082 454.831 587.25302 297.68
June 20274 042.082 467.621 574.47299 830.06
July 20274 042.082 480.471 561.61297 349.59
August 20274 042.082 493.391 548.70294 856.21
September 20274 042.082 506.371 535.71292 349.83
October 20274 042.082 519.431 522.66289 830.40
November 20274 042.082 532.551 509.53287 297.85
December 20274 042.082 545.741 496.34284 752.11
January 20284 042.082 5591 483.08282 193.11
February 20284 042.082 572.331 469.76279 620.79
March 20284 042.082 585.731 456.36277 035.06
April 20284 042.082 599.191 442.89274 435.87
May 20284 042.082 612.731 429.35271 823.14
June 20284 042.082 626.341 415.75269 196.80
July 20284 042.082 640.021 402.07266 556.78
August 20284 042.082 653.771 388.32263 903.02
September 20284 042.082 667.591 374.49261 235.43
October 20284 042.082 681.481 360.60258 553.94
November 20284 042.082 695.451 346.64255 858.50
December 20284 042.082 709.491 332.60253 149.01
January 20294 042.082 723.601 318.48250 425.41
February 20294 042.082 737.781 304.30247 687.63
March 20294 042.082 752.041 290.04244 935.58
April 20294 042.082 766.381 275.71242 169.20
May 20294 042.082 780.791 261.30239 388.42
June 20294 042.082 795.271 246.81236 593.15
July 20294 042.082 809.831 232.26233 783.32
August 20294 042.082 824.461 217.62230 958.86
September 20294 042.082 839.171 202.91228 119.69
October 20294 042.082 853.961 188.12225 265.73
November 20294 042.082 868.821 173.26222 396.90
December 20294 042.082 883.771 158.32219 513.14
January 20304 042.082 898.791 143.30216 614.35
February 20304 042.082 913.881 128.20213 700.47
March 20304 042.082 929.061 113.02210 771.41
April 20304 042.082 944.321 097.77207 827.09
May 20304 042.082 959.651 082.43204 867.44
June 20304 042.082 975.071 067.02201 892.38
July 20304 042.082 990.561 051.52198 901.81
August 20304 042.083 006.141 035.95195 895.68
September 20304 042.083 021.791 020.29192 873.88
October 20304 042.083 037.531 004.55189 836.35
November 20304 042.083 053.35988.73186 783
December 20304 042.083 069.26972.83183 713.74
January 20314 042.083 085.24956.84180 628.50
February 20314 042.083 101.31940.77177 527.19
March 20314 042.083 117.46924.62174 409.73
April 20314 042.083 133.70908.38171 276.03
May 20314 042.083 150.02892.06168 126.01
June 20314 042.083 166.43875.66164 959.58
July 20314 042.083 182.92859.16161 776.66
August 20314 042.083 199.50842.59158 577.17
September 20314 042.083 216.16825.92155 361.01
October 20314 042.083 232.91809.17152 128.10
November 20314 042.083 249.75792.33148 878.35
December 20314 042.083 266.68775.41145 611.67
January 20324 042.083 283.69758.39142 327.98
February 20324 042.083 300.79741.29139 027.19
March 20324 042.083 317.98724.10135 709.21
April 20324 042.083 335.26706.82132 373.94
May 20324 042.083 352.64689.45129 021.30
June 20324 042.083 370.10671.99125 651.21
July 20324 042.083 387.65654.43122 263.56
August 20324 042.083 405.29636.79118 858.26
September 20324 042.083 423.03619.05115 435.23
October 20324 042.083 440.86601.23111 994.37
November 20324 042.083 458.78583.30108 535.60
December 20324 042.083 476.79565.29105 058.80
January 20334 042.083 494.90547.18101 563.90
February 20334 042.083 513.10528.9898 050.79
March 20334 042.083 531.40510.6894 519.39
April 20334 042.083 549.79492.2990 969.60
May 20334 042.083 568.28473.8087 401.31
June 20334 042.083 586.87455.2283 814.45
July 20334 042.083 605.55436.5380 208.90
August 20334 042.083 624.33417.7576 584.57
September 20334 042.083 643.21398.8872 941.36
October 20334 042.083 662.18379.9069 279.18
November 20334 042.083 681.25360.8365 597.93
December 20334 042.083 700.43341.6661 897.50
January 20344 042.083 719.70322.3858 177.80
February 20344 042.083 739.07303.0154 438.72
March 20344 042.083 758.55283.5450 680.18
April 20344 042.083 778.12263.9646 902.05
May 20344 042.083 797.80244.2843 104.25
June 20344 042.083 817.58224.5039 286.67
July 20344 042.083 837.47204.6235 449.20
August 20344 042.083 857.45184.6331 591.75
September 20344 042.083 877.54164.5427 714.21
October 20344 042.083 897.74144.3423 816.47
November 20344 042.083 918.04124.0419 898.43
December 20344 042.083 938.45103.6415 959.98
January 20354 042.083 958.9683.1212 001.02
February 20354 042.083 979.5862.518 021.45
March 20354 042.084 000.3141.784 021.14
April 20354 042.084 021.1420.940

California Mortgage Calculator

Purchasing a home in California can be a significant milestone, especially for low to average-income individuals. With the soaring housing prices in various parts of California and the United States, a mortgage becomes a vital financial tool for many prospective home buyers. To help you navigate through the complex process, we provide an innovative California Mortgage Calculator, designed to assess your potential expenses accurately. Our calculator empowers you to make informed decisions by calculating mortgage payments, interest rates, and loan terms specific to the California housing market. In addition, we address commonly asked questions related to buying a house in California, keeping you up-to-date with the latest information

Best mortgage lenders in California

The highly sought-after mortgage providers in California function across the entire country. These encompass well-known brands like Rocket Mortgage, Homenda Mortgage, First Citizens Bank, and AmeriSave. Additionally, several reliable alternatives may not be as widely recognized, such as OneTrust Home Loans, Bay Equity LLC.

How to calculate mortgage payment in California

Utilize our rapid and uncomplicated CA mortgage calculator to assess your prospective monthly costs. A comprehensive guide with clear instructions can be found below.

Why and How to Use Our Mortgage Calculator

Utilize our California Mortgage Calculator to plan your forthcoming expenditures. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in California.

The primary component of the puzzle is the dwelling cost – the amount you intend to allocate toward your upcoming property. An initial payment is the segment of this cost to be paid in advance. To evade exorbitant insurance charges, you must come up with a minimum of 20% down (in the case of a traditional loan). The remaining sum constitutes the principal (e.g., 80% of the dwelling cost given a 20% down payment).

A loan duration denotes the period required for complete repayment of your mortgage through regular payments. Fixed-rate conforming loans typically have a maximum duration of 30 years, while adjustable-rate alternatives usually offer shorter terms.

An interest rate represents a fixed or fluctuating fraction of the principal that you must remunerate over the loan's duration. It is important to note that you are levied an annual percentage rate (commonly abbreviated as APR), which is not precisely identical to the interest rate. Although the interest rate forms the majority of the APR value, the latter also encompasses various fees (e.g., origination fee, closing costs, insurance payments, etc.).

For a more precise evaluation, the interest rate employed for these computations is based on the current mortgage rates in California, assuming a home price of $400,000 and a down payment of 10%.

California Housing Market 2023

Over the past year, there has been a significant surge in the market worth of real estate in California. This ongoing trend has been magnified by the impact of the COVID pandemic. However, the rate of expansion has slowed down compared to the previous year, while both acquisition and refinancing rates have been progressively rising and are anticipated to increase further in the foreseeable future.

Median property taxes in California counties

The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.

County Avg. property tax rate Avg. home value
Alameda County $3,993 $781,000
Alpine County $2,244 $343,800
Amador County $1,932 $278,600
Butte County $1,548 $268,900
Calaveras County $2,193 $273,400
Colusa County $1,403 $223,600
Contra Costa County $3,883 $642,300
Del Norte County $1,416 $185,900
El Dorado County $2,744 $472,100
Fresno County $1,666 $248,700
Glenn County $1,433 $214,600
Humboldt County $1,651 $325,200
Imperial County $1,343 $200,700
Inyo County $1,414 $243,100
Kern County $1,746 $205,700
Kings County $1,353 $224,500
Lake County $1,645 $210,500
Lassen County $1,234 $177,500
Los Angeles County $2,989 $588,700
Madera County $1,616 $240,800
Marin County $5,500 $1,014,000
Mariposa County $1,482 $259,500
Mendocino County $2,002 $409,900
Merced County $1,558 $253,700
Modoc County $953 $143,100
Mono County $2,299 $311,700
Monterey County $2,894 $517,200
Napa County $3,342 $628,500
Nevada County $2,697 $437,200
Orange County $3,404 $679,400
Placer County $3,441 $468,400
Plumas County $1,475 $228,900
Riverside County $2,618 $352,700
Sacramento County $2,204 $353,400
San Benito County $3,716 $459,700
San Bernardino County $1,997 $326,600
San Diego County $2,955 $563,800
San Francisco County $4,311 $1,104,100
San Joaquin County $2,340 $349,200
San Luis Obispo County $3,002 $574,400
San Mateo County $4,424 $1,087,100
Santa Barbara County $2,919 $567,600
Santa Clara County $4,694 $971,300
Santa Cruz County $3,661 $775,000
Shasta County $1,595 $248,900
Sierra County $1,486 $157,100
Siskiyou County $1,245 $176,600
Solano County $2,700 $411,700
Sonoma County $3,160 $628,400
Stanislaus County $1,874 $288,200
Sutter County $1,858 $278,300
Tehama County $1,186 $191,400
Trinity County $1,081 $286,500
Tulare County $1,320 $204,300
Tuolumne County $1,755 $273,500
Ventura County $3,372 $592,500
Yolo County $2,708 $430,400
Yuba County $1,566 $253,000

Source: American Communities Survey 2016, U.S. Census

How do I calculate my mortgage payment?

Our calculator employs a simple formula, which you can utilize to determine the sum to be paid manually:

M = P * i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to ascertain this, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed APR of 6.99% (which is equivalent to .0699 as a unit fraction). The cost of the house is $500k, with 10% ($50,000) to be paid as a down payment. In this case, the principal amount (P) would be 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699% / 12 = .005825%.

Lastly, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000 * .005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

Thus, you can expect to pay approximately $4042 per month.

It is important to emphasize that the calculated M value is only an approximation, as it does not take into account any additional fees.

Tips for first-time home buyers in California

To begin with, there are various federal agencies (USDA, FHA, and VA) that ensure loans for eligible borrowers. Numerous first-time homebuyers can discover choices that best suit their budget.

Apart from these government-guaranteed initiatives, it is worthwhile to consider some offerings from UHC (California Housing Corporation) accessible to residents of California. Specifically, first-time homebuyers have the opportunity to apply for FirstHome – a program that provides assistance with down payments and closing costs, if they meet the requirements for an FHA loan and have a FICO score of at least 660. This alternative covers up to 6% of the loan amount towards the down payment and/or the closing expenses. It's crucial to note that this option is available solely as a 30-year fixed-rate second loan.

If you don't qualify for the FirstHome program, there's no need to lose hope. California Housing Score Loan presents an alternative program that covers up to 4%. The minimum acceptable credit score required is 620.

For first-time homebuyers, here are some valuable tips:

  1. Obtain pre-approval in advance. This step will enhance your creditworthiness in the eyes of home sellers. It is highly advisable to acquire the pre-approval letters from not just one, but a minimum of two or three different lenders.
  2. Compare diverse mortgage rates. Select at least three lenders. The more, the preferable.
  3. Strategize your future expenses.
  4. Allocate funds for a down payment to the maximum extent possible – and as early as possible. The down payment will diminish the principal amount, which, consequently, can decrease your potential expenses. Hence, it is crucial to commence saving in advance.
  5. If you qualify for a VA loan, prioritize this alternative above all else.
  6. Evaluate government-backed schemes, along with local assistance programs. There might be enticing offers – ensure you don't miss out.
  7. Repay prior debts, if possible.

FAQ

How much house can I afford in California?

To determine if a particular property falls within your budgetary constraints, it is essential to be aware of its worth and the provisional loan conditions. Input this information into the calculator provided on this webpage. Be sure to consider your additional financial obligations as well. Many experts recommend ensuring that your mortgage payment amounts to less than 28% of your monthly earnings while keeping your overall debt below 36%.

What credit rating do I need to qualify for a mortgage loan in California?

Determining an exact answer to this question can be challenging. When it comes to conventional loans, credit scores that commence at 620 are generally deemed acceptable. Nevertheless, the specific criteria can vary significantly, encompassing vital factors such as your earnings, existing debt amount, and more. In the case of government-backed FHA programs, there exists no predefined threshold, and each lender retains the autonomy to establish their prerequisites. Typically, a credit score of 500 or higher could potentially qualify you.

What is the average mortgage rate in California?

At the time of writing, the average rates for conventional fixed-rate mortgages are :30_year_fixed_today_rate% and :15_year_fixed_today_rate% for a 30-year and a 15-year loan term, respectively. Use our California Mortgage Calculator to estimate your mortgage payments accurately.