Mortgage Calculator for California 

Mortgage Payment Calculator for CaliforniaOne of the primary steps to buying a house is getting an idea of how much a monthly payment is going to be. We’ve taken the time to craft an excellent Mortgage Payment Calculator specifically for California residents.

We’ve taken the time to give you some specific insights on how to accurately estimate your California mortgage payment with our calculator. Most online mortgage loan calculators don't provide accurate payments, but if you follow the steps below you'll be able to estimate your mortgage payment accurately.

We've also provided a table below outlining what percentage to use for taxes in your county.

Mortgage Program Overviews:

Other Helpful Resources:

DID YOU KNOW?  A mortgage payment is typically comprised of 4 components: the loan payment (P&I or principal and interest), Property Taxes, Homeowner’s Insurance (HOI) and Mortgage Insurance (PMI).

 

California Mortgage Payment Calculator Tips

Our calculator will help you estimate all four aspects. Before using the mortgage calculator below, here are a few notes and directions:

  1. Loan amount –the loan amount is the amount borrowed after your down payment. If you’re unsure about down payment requirements, check out our detailed home loans guide.
  2. Property value – this is the purchase price or what you think it’ll appraise for if you’re doing a refinance.
  3. Interest rate – interest rates vary based on program and can be dependent on credit score. Give one of our licensed loan advisors a call and we can provide you some quotes and personal options. As of today, rates range anywhere from 4.375%-5.500% on a 30-year fixed in most instances, but will vary based on loan program, credit score, term, down payment and discount points.
  4. Loan term – the most common mortgage term is 30 years, but there are options for 25, 20, 15 and 10. The term itself is the most important factor in determining your monthly payment.
  5. Property tax – the county your home (or future home) is in will assess assesses property taxes and the amount of tax will vary with each home. California has some unique rules on property tax calculations; read below for further information.  

For Property Tax estimates in your specific county in California, see the list below the calculator.

  1. Property Insurance (Homeowner’s Insurance) – if you have good credit and buying a newer home (built in the last 10 years) use .45% of your loan amount for a decent estimate. Use .55% if you’re buying an older home or have fair/poor credit (low-to-mid 600’s).
  2. PMI (Private Mortgage Insurance) – for the calculator to give you a semi-accurate estimate, you have to know how much mortgage insurance will cost. Use the following:
    1. FHA loan use .85%
    2. USDA loan .35%
    3. VA loan use 0%
    4. Conventional loan use .96% (if 5% down), .65% (if 10% down or qualifying first-time buyer with 3% down), or .28% (if 15% down). Use 0% if putting 20%+ down.

PMI for the conventional mortgage are estimates only and should be used for calculating initial payments. Always call one of our loan advisors for more precise estimates.

 

While using a mortgage payment calculator to estimate your monthly mortgage payment is a great first step, once you’re ready to see if you qualify or get specific payment estimates based on your personal scenario, then apply online or give one of our trusted experts a call to help guide you through the process.

 

Property Tax Rules and Rates to use for California Mortgage Payment Calculator

Once your county has assessed your property taxes, California has a statute that restricts the increase in property taxes to 2% per year. So, if your property taxes are currently $2,000, the maximum your taxes can increase is $40 the following year. This 2% rule is unique to California and not all other states have this statute.

The caveat to the 2% rule is when a home is bought and sold. Whenever a home is purchased in California, the county in can recalculate the property taxes based on 1% of the purchase price (plus any additional levies the county votes on). 1% is the California mandated maximum (plus levies), but local counties can charge less if they choose.

So, if you’re looking at a home on Zillow and it says the property taxes are $2,000/year, but you’re buying the home for $300,000, then your taxes on the home are going to be $3,000/year as opposed to $2,000 (or even $2,040 which is the maximum it could be if the 2% rule were in effect).

Essentially, the 2% rule only applies to homeowners on their existing properties. So, when you buy a home in California that rule doesn’t apply, and your tax rate will be based on approximately 1% of the purchase price. Then, going forward, your taxes can only increase a maximum of 2% per year.

Here is a list of the counties in California and their property tax rate. Use these percentages in the mortgage payment calculator above.

 

Alameda – .866%

Alpine – .725%

Amador – .818%

Butte – .698%

Calaveras – .885%

Colusa – .820%

Contra Costa – .943%

Del Norte – .766%

El Dorado – .816%

Fresno – .905%

Glenn – .732%

Humboldt – .634%

Imperial – .940%

Inyo – .656%

Kern – 1.108%

Kings – .828%

Lake – .904%

Lassen – .797%

Los Angeles – .793%

Madera – .895%

Marin – .799%

Mariposa – .702%

Mendocino – .689%

Merced – .940%

Modoc – .701%

Mono – .704%

Monterey – .773%

Napa – .812%

Nevada – .828%

Orange – .715%

Placer – 1.019%

Plumas – .698%

Riverside – 1.102%

Sacramento – .949%

San Benito – .912%

San Bernardino – .920%

San Diego – .781%

San Francisco – .683%

San Joaquin – 1.028%

 

San Luis Obispo – .741%

San Mateo – .701%

Santa Barbara – .698%

Santa Clara – .794%

Santa Cruz – .694%

Shasta – .775%

Sierra – .712%

Siskiyou – .746%

Solano – .939%

Sonoma – .792%

Stanislaus – .999%

Sutter – 1.017%

Tehama – .770%

Trinity – .567%

Tulare – .851%

Tuolumne – .668%

Ventura – .801%

Yolo – .926%

Yuba - .960%

 

Calculate Your Estimated California Mortgage Payment

Disclaimer

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.