California Mortgage Payment Calculator
🏛️ California Tax & Cost Considerations
California's high state income tax rate of 13.3% affects both your available income and the value of mortgage tax deductions. Factor this into your payment calculations.
💡 Key Tax Highlights:
- High 13.3% state tax rate reduces take-home pay
- Mortgage interest deduction more valuable at high tax rates
- Combined federal + state deduction can exceed 35%
- SALT deduction limits may affect high earners
🎯 Payment Considerations:
- Low property taxes (0.58%) reduce total monthly housing costs
- Low insurance costs (0.36% of home value) help keep payments affordable
- High FHA loan limits ($1,149,825) support financing in expensive areas
- Proposition 13 limits property tax increases for long-term owners
- High home prices often require jumbo loans above conforming limits
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Rates updated: Oct 26, 2025 9:00 PM
Loan Details
📊 Current mortgage rates updated 6 hours ago
30 Yr. Fixed
Range: 6.176% - 7.306%
6.236%
15 Yr. Fixed
Range: 5.646% - 6.636%
5.806%
30 Yr. Jumbo
Range: 6.146% - 7.496%
6.186%
7/6 SOFR ARM
Range: 5.636% - 7.296%
5.896%
30 Yr. FHA
Range: 5.946% - 6.666%
5.996%
30 Yr. VA
Range: 5.956% - 6.686%
6.016%
California Costs
Payment Breakdown
$0
Monthly Payment (PITI + PMI + HOA)
Principal & Interest
$0
Property Taxes
$0
Insurance
$0
PMI
$0
HOA Fees
$0
Loan Amount
$0
Total Interest
$0
Total Payments
$0
Closing Costs (Est.)
$0
California Mortgage Information
California Rates & Costs
- Property Tax Rate 0.58%
- Avg. Insurance Rate 0.36%
- Avg. Closing Costs 2.3%
- FHA Loan Limit $1,149,825
- State Tax Rate 13.3%
Available Programs
- CalHFA MyHome Assistance Program
- California Housing Finance Agency (CalHFA)
- First-time buyer down payment assistance
California Considerations
- High property values may require jumbo loans
- Prop 13 limits property tax increases
- High state income tax affects mortgage deduction value
Loan Types
- FHA loans available up to $1,149,825
- VA loans for eligible veterans (no down payment)
- Conventional loans with competitive rates
- Jumbo loans for amounts above $1,149,825
Understanding Mortgage Rates: APR vs Rate vs Points
🏷️ Interest Rate
The interest rate is the annual cost of borrowing money, expressed as a percentage. This is what you see advertised and what's used to calculate your monthly principal and interest payment.
Example: A 6.5% interest rate on a $300,000 loan = ~$1,896/month (P&I only)
📊 APR (Annual Percentage Rate)
APR includes the interest rate PLUS additional costs like origination fees, discount points, and some closing costs. It gives you the "true cost" of the loan.
Key Insight: Always compare APRs, not just interest rates, when shopping for loans.
💰 Discount Points
Points are upfront fees you pay to "buy down" your interest rate. Each point typically costs 1% of your loan amount and reduces your rate by ~0.25%.
Example: On a $300,000 loan, 1 point = $3,000 upfront to reduce rate from 6.5% to 6.25%
💡 Should You Buy Points? The Math Behind the Decision
✅ Points Usually Make Sense When:
- You're staying long-term: Need 5-8+ years to break even
- You have extra cash: Better than investing in low-yield accounts
- You want payment certainty: Locked-in lower payment for life
- Tax benefits: Points may be tax-deductible (consult tax advisor)
⚠️ Common Gotchas & When to Avoid:
- Short-term ownership: You'll lose money if you move/refinance early
- Opportunity cost: That cash might earn more in investments (especially in bull markets)
- Cash flow: Don't deplete your emergency fund for points
- Rate environment: If rates are falling, you might refinance soon anyway
- Seller concessions: Sometimes sellers will pay points instead of lowering price
🧮 Quick Break-Even Formula:
Break-Even Months = (Points Cost) ÷ (Monthly Payment Savings)
Example: $3,000 in points saves $42/month → 71 months (6 years) to break even
Example: $3,000 in points saves $42/month → 71 months (6 years) to break even
🎯 Expert Tips for Rate Shopping
1. Compare APRs, not rates - This accounts for all costs
2. Get quotes on the same day - Rates change daily
3. Ask about rate locks - Protect against rate increases during closing
4. Consider no-point options - Often the best choice for most buyers
5. Negotiate everything - Lender fees, not just rates
6. Check local credit unions - Often have competitive rates
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