California Mortgage Calculator: Estimate Your Monthly Payment

Updated: January 18, 2024

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Approximately 55.9% of residents in California were homeowners in 2020, a slight increase from the 54.8% recorded the previous year. Various factors affect the rate of homeownership in the state. The median home value in California is $550,800. Meanwhile, the average outstanding mortgage amount in the state is $363,891. That means the difference between the average mortgage balance and the cost of a home in California is $186,909.

California also has the second most expensive average monthly mortgage payment in the nation at $1,696. With the average household earning $8,458 per month, California homeowners typically spend 20% of their income on housing.

These are average costs and rates. Your actual mortgage payment will be based on factors specific to you, such as your down payment, loan terms, interest rate, home price and other expenses, like taxes, insurance and homeowners association fees. The MoneyGeek California mortgage calculator can give you a personalized estimate.

Start Here: Plug In Your Mortgage Factors

The California mortgage calculator from MoneyGeek can help you get a holistic estimate of your monthly mortgage payment. To better understand how it is computed, MoneyGeek breaks down some important factors.

Mortgage Calculator

Simply Estimate Your Loan Payments, Taxes & PMI.

Updated: Jul 18, 2024

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30-Year Fixed

Optional: add taxes, insurance, HOA Fees

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Next Steps

Get personalized mortgage rates from California.

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Why and How to Use Our Mortgage Calculator

When buying a house, it is important to properly budget your finances and ensure you can cover the cost. Using a California mortgage calculator can help you with this.

By inputting data based on your circumstances, you get a rough estimate of your mortgage loan costs. You can also use our mortgage calculator in California to compare offers from different lenders and determine which has the best terms. Additionally, it can help you determine the type and length of home loan suitable for you.

Knowing what steps to take and factors to consider when purchasing a home can help you make informed decisions. Below you will find the 12 key factors to consider when planning your mortgage.

Home Price:

Either input the maximum price you’re comfortable paying or enter the loan amount you’re looking for.

Down Payment:

Home loans typically require a down payment. The price depends on the type and lender. Paying a higher down payment leads to lower monthly payments.

Interest Rate:

The annual rate lenders charge for the money you borrowed.

Loan Terms:

This is how long you will have to repay the mortgage loan. Mortgage terms typically last 15, 20 or 30 years.

Payments per Year:

Refers to how many times you will pay in a year. If you plan on making monthly payments, you will have 12 annual payments.

Property Tax:

The annual tax you have to pay to the local government based on the purchase price of the home.

HOA Fees:

If you live in a community with a homeowner’s association (HOA), you will have to pay monthly fees for maintenance and amenities.

Principal & Interest:

The sum of the amount you borrowed and the cost you have to pay to compensate the lender for the loan.

Monthly Payment:

The total amount due every month, including principal, interest, property taxes and HOA dues.

Principal Payment:

This is the part of the monthly payment that reduces the total balance.

Interest Payment:

The interest payment is the amount the lender charges for the mortgage loan based on the interest rate.

Total Cost with Interest:

The total amount you will have to pay the lender based on all relevant factors.

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Depending on the home price, location, type of loan and lender, monthly mortgage payments can be expensive. In California, the average monthly payment is $1,696. That said, there are ways to reduce the cost of your monthly payment.

Here are some tips you can try:

  • Choose a less expensive house.
  • Make a large down payment. Typically, individuals who put down less than 20% for the down payment must purchase private mortgage insurance. The amount is based on the cost of the home.
  • Extend your loan term. If the monthly payment for a 15-year term is too high for you, you can ask to change to a 30-year term. While it leads to more interest payments, it lowers your monthly bills significantly.
  • Check if you qualify for government loans and mortgage relief programs.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

Understanding mortgages can be a bit overwhelming, especially for first-time buyers. MoneyGeek gathered relevant information to help guide you through the homebuying journey. Follow this simple step-by-step guide to get started.

  1. Shop & Compare Rates - There are various lenders offering services in California. The best option may vary per person. Shop around and understand California mortgage rates to find the right plan for you.
  2. Not Ready To Buy? - Evaluate your circumstances and finances to decide whether it is best to rent or buy a house.
  3. Learn More - The best mortgage loan depends on your needs. Learn more about FHA loans, VA home loans and reverse mortgages to find out which is right for you.

Frequently Asked Questions About Mortgages in California

How much mortgage can I afford in California?
What is the average mortgage in California?
Do I have enough cash for a down payment for a mortgage in California?
Do you really need private mortgage insurance in California?
What are the average annual property taxes in California?
What is the average monthly mortgage payment in California?
What is the median home price in California?