California mortgage calculator
This California mortgage calculator adds a typical California property tax rate to your payment, along with insurance and PMI, so you see the real monthly cost.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,023.74 | $23,281.54 | $355,976.26 |
| 2 | $4,293.23 | $23,012.05 | $351,683.03 |
| 3 | $4,580.74 | $22,724.54 | $347,102.29 |
| 4 | $4,887.54 | $22,417.74 | $342,214.75 |
| 5 | $5,214.86 | $22,090.42 | $336,999.89 |
| 6 | $5,564.10 | $21,741.18 | $331,435.79 |
| 7 | $5,936.74 | $21,368.54 | $325,499.05 |
| 8 | $6,334.36 | $20,970.92 | $319,164.69 |
| 9 | $6,758.56 | $20,546.72 | $312,406.13 |
| 10 | $7,211.21 | $20,094.07 | $305,194.92 |
| 11 | $7,694.13 | $19,611.15 | $297,500.79 |
| 12 | $8,209.45 | $19,095.83 | $289,291.34 |
| 13 | $8,759.24 | $18,546.04 | $280,532.10 |
| 14 | $9,345.86 | $17,959.42 | $271,186.24 |
| 15 | $9,971.76 | $17,333.52 | $261,214.48 |
| 16 | $10,639.61 | $16,665.67 | $250,574.87 |
| 17 | $11,352.15 | $15,953.13 | $239,222.72 |
| 18 | $12,112.44 | $15,192.84 | $227,110.28 |
| 19 | $12,923.61 | $14,381.67 | $214,186.67 |
| 20 | $13,789.13 | $13,516.15 | $200,397.54 |
| 21 | $14,712.62 | $12,592.66 | $185,684.92 |
| 22 | $15,697.96 | $11,607.32 | $169,986.96 |
| 23 | $16,749.29 | $10,555.99 | $153,237.67 |
| 24 | $17,871.02 | $9,434.26 | $135,366.65 |
| 25 | $19,067.87 | $8,237.41 | $116,298.78 |
| 26 | $20,344.87 | $6,960.41 | $95,953.91 |
| 27 | $21,707.41 | $5,597.87 | $74,246.50 |
| 28 | $23,161.19 | $4,144.09 | $51,085.31 |
| 29 | $24,712.34 | $2,592.94 | $26,372.97 |
| 30 | $26,372.97 | $937.91 | $0.00 |
Buying a home in California
Beyond the loan itself, a California homebuyer pays property tax, insurance and closing costs that differ from the national average. Our estimate uses an effective property tax rate near 0.75%, but your actual figure depends on county, assessed value and exemptions. Ask your lender for an itemized estimate and compare insurers, since premiums vary widely by location and coverage.
$360,000 loan: 15-year vs 30-year
On a $360,000 mortgage, a 30-year loan at 6.5% costs $2,275.44 a month in principal and interest and $459,164 in total interest. A 15-year loan at a rate about 0.6 points lower costs $3,018.47 a month, $743.03 more, but cuts the interest to $183,324, saving $275,840. The right choice depends on whether the higher payment fits your budget with room to spare.
| Loan | Principal & interest | Total interest | Total paid |
|---|---|---|---|
| 10-year at 5.9% | $3,978.68 | $117,442 | $477,442 |
| 15-year at 5.9% | $3,018.47 | $183,324 | $543,324 |
| 20-year at 5.9% | $2,558.43 | $254,022 | $614,022 |
| 30-year at 6.5% | $2,275.44 | $459,164 | $819,164 |
What each 6.5% ± 1 point does to the payment
A one-point change in your mortgage rate moves the payment on $360,000 by roughly $241.73 a month and the lifetime interest by about $87,020 over 30 years. That is why it pays to compare several lenders on the same day.
| Rate | Principal & interest | Total interest | Difference vs 6.5% |
|---|---|---|---|
| 5.5% | $2,044.04 | $375,855 | −$83,309 |
| 6% | $2,158.38 | $417,019 | −$42,145 |
| 6.5% | $2,275.44 | $459,164 | +$0 |
| 7% | $2,395.09 | $502,231 | +$43,067 |
| 7.5% | $2,517.17 | $546,184 | +$87,020 |
Down payment and PMI on a $450,000 home
With less than 20% down, lenders charge private mortgage insurance (PMI), commonly 0.3% to 1.5% of the loan per year. This page assumes 0.6%. PMI usually ends when you reach 80% of the home's original value, which you can reach sooner with extra payments.
| Down payment | Loan amount | PMI / month | Total monthly payment |
|---|---|---|---|
| 5% ($22,500) | $427,500 | $213.75 | $3,347.09 |
| 10% ($45,000) | $405,000 | $202.50 | $3,193.63 |
| 20% ($90,000) | $360,000 | $0.00 | $2,706.69 |
California property tax
This page uses an effective property tax rate of about 0.75% of the home's value, which is a statewide estimate. Your actual bill depends on the county, the assessed value and any exemptions, so look up the local rate and change it in the calculator.
What income does a $450,000 home need?
Lenders often look at a front-end ratio of about 28% of gross income for housing costs. A total payment of $2,706.69 implies a gross income near $116,000 a year, and lenders also weigh your other debts, which usually must keep total payments under about 36% to 43% of income.
In the first year, $23,282 of your payments goes to interest and only $4,024 to principal, so equity builds slowly at first.
How fast you build equity
Equity here is the home price minus the loan balance, assuming the price stays flat. Appreciation, if any, would add to it.
| After | Loan balance | Principal repaid | Equity (flat value) |
|---|---|---|---|
| 5 years | $337,000 | $23,000 | $113,000 |
| 10 years | $305,195 | $54,805 | $144,805 |
| 15 years | $261,214 | $98,786 | $188,786 |
| 20 years | $200,398 | $159,602 | $249,602 |
Frequently asked questions
What is the monthly payment on a $360,000 mortgage?
At 6.5% over 30 years, principal and interest on $360,000 is $2,275.44. With the estimated tax, insurance, HOA and PMI above, the total comes to about $2,706.69 a month.
What is included in a monthly mortgage payment?
Principal and interest are the loan itself. Many lenders also collect property tax and homeowners insurance in escrow, and charge PMI if your down payment is under 20%. HOA dues are paid separately.
How can I pay off my mortgage faster?
Add extra principal each month, make one extra payment a year, or refinance to a shorter term. Use the extra payment field above to see the interest you would save.
Are these numbers a loan offer?
No. They are estimates from standard formulas. Your lender’s quote can differ because of fees, rounding, escrow and your credit profile.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.