California Mortgage Calculator
Amortization Schedule
What You Should Know
- This California mortgage calculator allows you to estimate your monthly expenses related to mortgage and homeownership in California.
- It can show you a clear breakdown of costs related to buying a house in California as well as provide you with insightful charts.
- The California market is quite expensive, but there are some federal and state government programs that may help you buy a house there.
About This California Mortgage Calculator
This mortgage calculator is designed for the California housing market. This calculator enables you to estimate your principal, interest, property tax, and other homeownership expenses. There is also a California transfer tax below for you to evaluate the transfer tax on the property purchase. You need to adjust the following inputs to get the results for buying a home in California:
- Home Price: The home price you are planning to pay for the house you are buying.
- Down Payment: The amount you will contribute as a down payment. The minimum amount of your down payment depends on the loan you choose. Conventional loans may have a down payment as low as 3%, but usually, people put down at least 20%.
- Interest Rate: The interest rate your loan will have. The interest rate will determine how expensive your monthly mortgage payments are. Your credit score may play an important role in the interest rate you are offered. If you do not know your interest rate, you can use current mortgage rates as an estimate.
- Property Assessed Value: To assess property value, you may need to hire an appraiser. If you do not know the value of your property, you can input a home price as an estimate.
- Length of Loan: Your loan term. Usually, loans are taken for 15 years or 30 years, but they can also be taken for a different duration. The longer term of your home loan, the more interest you will pay over time.
The results section of the mortgage calculator for California has different charts that help you understand your mortgage situation. It estimates your monthly mortgage payments, property tax, homeowners insurance , HOA fees, and private mortgage insurance (PMI) when applicable. It also has a pie chart that clearly breaks down monthly payments. Lastly, it has a breakdown of monthly mortgage payments into principal and interest.
Below the results section, there is a detailed mortgage payment schedule that reflects your mortgage payment plan. It has a graph that shows how your mortgage is amortized over time. It also has a mortgage amortization schedule that you can download for your own use.
California Transfer Tax Calculator
Transfer tax is one of the most expensive parts of closing costs. The calculator below allows you to accurately estimate how much transfer tax you will have to pay when you purchase your house.
| Estimated Transfer Tax: | $1,950.00 |
| Total Transfer Tax Rate: | 0.65% |
| State Transfer Tax: | $330.00 |
| County Transfer Tax: | $1,620.00 |
| Mortgage Tax: | $0.00 |
Current Best California Mortgage Rates
A mortgage rate is one of the most important factors in a mortgage loan. The mortgage interest rate will determine how much you will have to pay in interest. Factors like loan amount and loan term can also affect your monthly payments. On the other hand, these factors may not always be easy to change, but interest rates may change depending on the bond yields and your credit score. The table below shows the best current mortgage rates in California.
Current Best California Mortgage Rates
† While we try our best to get your the best rates, we cannot guarantee that they are always accurate. Casaplorer assumes no liability and provides no warranty for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use. Rates shown are for informational purposes only and may differ by zipcode, county, and state. Estimated payments do not include taxes and insurance. Some state and county maximum loan amount restrictions may apply. Casaplorer is not endorsed or sponsored by any mortgage lender or government agency. For information regarding any of these rates, please contact the relevant mortgage lender.
California Housing Market
California is a state in the United States with around 39.2 million residents. It is the most populous state, and it is the third largest state by land area. The economy of California is the largest in the United States due to a high concentration of IT companies and startups located there. It is also a popular destination for tourists from all over the world with the two most popular cities being Los Angeles and San Francisco.
Currently, California’s median home price is around $755,000, which is 0.5% higher than the last year’s median home price in California. Even though the median price has increased over the past year, the number of houses sold decreased by 37.5% to 22,884 units over the year. At the same time, the average time a house is listed on the market is around 37 days.
California Home Buying Programs
California has different home buying programs available to first time home buyers as well as homebuyers who already own a home. The first option available to homebuyers in California is getting a loan including a government-backed loan. The other option is to get assistance from the government of California through the California Housing Finance Agency.
Home Loan Programs in California
There are four different home loans available in California for eligible homebuyers: conventional loan, FHA loan, USDA loan and VA loan. Conventional loans are not backed by the government, but they are the most popular and are not restricted to a certain demographic. FHA loans are backed by the Federal Housing Administration, and they provide secured mortgage loans to US citizens. USDA loans are backed by the US Department of Agriculture, and they offer secured loans for home purchases in rural areas. VA loans are backed by the Department of Veteran Affairs, and they are offered to eligible veterans and servicemen.
Minimum Requirements for Loan Types Available in California
| Criteria | Requirement | |||
|---|---|---|---|---|
| Conventional Loan | FHA Loan | USDA Loan | VA Loan | |
| Credit Score | ≥ 620 | ≥ 500 | ≥ 640 | ≥ 300 |
| Debt-to-Income Ratio | < 41% | < 43% | < 41% | < 50% |
| Down Payment | ≥ 3% | ≥ 3.5% | ≥ 0% | ≥ 0% |
| Income & Employment | Required | Required | Required | Required |
| Type of Residence | Any | Primary | Primary | Primary |
| Mortgage Insurance | Required for LTV > 80% | Required | Required | Required |
| Other | A House Must Be Purchased In a Rural Area. | Only Some Veterans and Servicement Are Eligible. | ||
All of the mentioned loan types may require mortgage insurance, which may be a significant additional expense. Usually, government-backed loans including FHA loans, USDA loans and VA loans require mortgage insurance. Conventional loans require private mortgage insurance only when the down payment is less than 20%. Different loans may also have different mortgage insurance fees.
Mortgage Insurance Cost for Different Loan Types
| Type of Fee | Conventional Loan | FHA Loan | USDA Loan | VA Loan |
|---|---|---|---|---|
| Upfront Fee | 0% | 1.75% | 1.00% | 0.50% - 3.60% |
| Annual Fee | 0.5% - 2% | 0.45% - 1.05% | 0.35% | 0% |
First Time Home Buyers Programs in California
If you decide to buy your first property in California, you should also check out the loan programs offered by the state government. California Housing Finance Agency has three first time home buyers programs in California . These programs are offered by the government of California with the intent to provide affordable financing solutions to the residents of California.
- CalHFA Conventional Loan: It is a 30-year mortgage loan with a fixed interest rate throughout the 30 years. It is similar to conventional loans and does not provide any significant benefits to the borrower. On the other hand, since it is backed by the government of California, some lenders may have lower restrictions for loan eligibility.
- CalPLUS Conventional Loan: This loan program is similar to CalHFA, but it has a slightly higher interest rate with some extra features. It is still a 30-year mortgage loan with a fixed interest rate throughout the loan term. It also is combined with the CalHFA Zero Interest Program (ZIP) to assist the buyers with closing costs.
- MyHome Assistance Program: This program is not a mortgage loan, but it is an add-on that some buyers in California can apply to. This program offers a junior loan to first time home buyers only. The money received with this program can be used towards closing costs or a down payment. The assistance may differ depending on the details of the primary mortgage loan.