California Mortgage Payment Calculator
Your monthly California mortgage payment includes four main components: principal, interest, property taxes (0.73% average statewide), and homeowners insurance ($1,200-2,500 annually). Use this calculator to estimate your total monthly housing cost including HOA fees and PMI if applicable.
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Understanding PMI (Private Mortgage Insurance)
PMI is required when your down payment is less than 20% of the home's value. In California, PMI costs typically range from 0.3% to 1.5% of the loan amount annually.
PMI on a $600,000 Loan
- At 0.5%: $250/month
- At 0.7%: $350/month
- At 1.0%: $500/month
How to Avoid & Cancel PMI
Avoid PMI
- Put 20% down payment
- Use piggyback loan (80-10-10 structure)
- Get a VA loan (no PMI ever)
Cancel PMI
- Conventional: Automatically at 78% LTV, request removal at 80% LTV
- FHA: PMI for life if down payment < 10%; 11 years if 10%+ down
California Property Tax Rates by County
| County | Avg Tax Rate | $600K Home | $900K Home |
|---|---|---|---|
| Los Angeles | 0.73% | $365/mo | $548/mo |
| Orange | 0.68% | $340/mo | $510/mo |
| San Diego | 0.74% | $370/mo | $555/mo |
| San Francisco | 0.74% | $370/mo | $555/mo |
| Santa Clara | 0.77% | $385/mo | $578/mo |
| Sacramento | 0.79% | $395/mo | $593/mo |
| Riverside | 0.99% | $495/mo | $743/mo |
| Fresno | 1.04% | $520/mo | $780/mo |
Note: Rates include base county tax plus average city and special assessments. Some areas have additional Mello-Roos taxes.
California Homeowners Insurance Costs
California insurance costs vary significantly by region, especially due to wildfire risk. Average annual premiums are:
- Los Angeles County: $1,800 - $2,500
- San Francisco Bay Area: $1,200 - $1,800
- San Diego County: $1,500 - $2,200
- Fire Risk Areas: $3,000 - $8,000+
Factors Affecting Cost
- Wildfire risk zone
- Earthquake coverage (separate policy)
- Home age and construction
- Credit score
How Much House Can You Afford?
| Home Price | 10% Down | Income Needed | Est. Monthly Payment |
|---|---|---|---|
| $500,000 | $50,000 | ~$135,000 | ~$3,750 |
| $600,000 | $60,000 | ~$162,000 | ~$4,500 |
| $750,000 | $75,000 | ~$203,000 | ~$5,632 |
| $900,000 | $90,000 | ~$243,000 | ~$6,758 |
| $1,200,000 | $120,000 | ~$324,000 | ~$9,011 |
Estimates based on a 28% front-end DTI ratio, 6.75% interest rate, and average California taxes & insurance.
Frequently Asked Questions
What's the average mortgage payment in California?
The median is approximately $3,200-$3,800 per month, but this varies dramatically. Payments in Los Angeles and the Bay Area can average $5,000-$8,000+, while Central Valley payments average $2,000-$3,000.
How much is PMI on a California mortgage?
PMI typically costs 0.3-1.5% of the loan amount annually, averaging $250-750 per month on a $600,000 loan. Exact cost depends on credit score, down payment percentage, and loan type. PMI cancels automatically at 78% LTV on conventional loans.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. This represents your total monthly housing payment before HOA fees. California payments also often include PMI if down payment is less than 20%.
Are property taxes higher in California?
California's average property tax rate (0.73%) is actually below the national average. However, high home values mean absolute tax amounts are substantial. Proposition 13 caps annual increases at 2% until the property sells.
How can I lower my monthly payment?
Reduce your payment by increasing your down payment to 20%+, improving your credit score for better rates, choosing a longer loan term, buying in lower-tax counties, shopping for cheaper insurance, or considering a smaller property.
What income do I need for a $700,000 home?
For a $700,000 home with 10% down, you'd need approximately $189,000 in annual income, assuming a 28% front-end DTI ratio, a 6.75% interest rate, and typical California taxes and insurance.