California Mortgage Calculator

California is the one state where the purchase price, not the tax rate, drives almost every number on this page. Proposition 13 limits the general levy to 1% of assessed value, and assessed value is reset to the price you pay, so two identical houses on the same street can carry very different bills depending on when each changed hands. Expect a supplemental tax bill a few months after you close: the county reassesses from the seller's old value to your price and bills the difference for the rest of the fiscal year, and lenders often do not escrow for it.

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A median California home costs $759,500 (2nd of 51). Borrowing 80% at 7.40% gives $4,794.15 per month once $449.33 of tax and $137.92 of insurance are added to $4,206.90 of principal and interest; at 5% down with PMI, budget $5,883.58.

Homestead exemptions and property tax relief

The Homeowners' Exemption takes $7,000 off the assessed value of an owner-occupied principal residence, which saves roughly $70 a year at the 1% base rate. You claim it once on form BOE-266 with the county assessor; filing by February 15 gets the full exemption, and filing by December 10 still gets 80%. Many counties mail the form automatically after a recorded sale.

First-time buyer programs

The California Housing Finance Agency runs the state's buyer programs through approved lenders. Its MyHome Assistance Program is a deferred-payment second loan of up to 3.5% of the price with a CalHFA FHA first mortgage, or 3% with a conventional one, for first-time buyers who complete homebuyer education. California Dream For All is a shared-appreciation loan of up to 20% of the price (capped at $150,000) for first-generation buyers; vouchers are awarded by random drawing (the 2026 application window closed March 16), and at sale you repay the loan plus a share of the home's gain.

Transfer and recording taxes

Counties charge a documentary transfer tax of $1.10 per $1,000 of value (Revenue and Taxation Code §11911), about $835 on a $759,500 home. Many charter cities add their own tax on top, and in a few large cities the combined rate on high-value sales is several times the county rate, so check the city where the home sits.

Closing costs to plan for

Government charges are small next to the price here. Budget mostly for lender fees, title and escrow, which scale with the loan, plus prepaid property tax and insurance. The supplemental bill described above is the item buyers most often miss.

When property tax bills are due

California's secured property tax is billed in two installments. The first is due November 1 and becomes delinquent after December 10; the second is due February 1 and becomes delinquent after April 10. A buyer who closes mid-year also gets one or more supplemental bills, because the county reassesses the home at the purchase price as of the change in ownership, and those supplemental bills are usually not paid through escrow.

Before you buy in California

File the one-time Homeowners' Exemption claim (BOE-266) with the county assessor once the home is your principal residence. It removes $7,000 of assessed value. Filed by February 15 it applies in full; a late claim filed from February 16 through December 10 gets 80% of the exemption ($5,600). Budget for supplemental bills in the first year, since your lender's escrow account is typically sized only for the regular annual bill.

2026 loan limit in California

FHFA 2026 one-unit conforming limits: high-cost limits apply in 17 of 58 counties, as high as $1,249,125 (Alameda County, Contra Costa County, Los Angeles County and 7 more). The typical $607,600 loan stays conforming.

California numbers used above

MeasureCaliforniaU.S.
Median home value (ACS 2024)$759,500$360,600
Effective property tax rate0.71% (30th highest)0.89%
Average HO-3 premium (NAIC 2023)$1,655$1,737
Median household income$100,149$81,604
Median gross rent$2,104$1,487
Income needed at 28% (20% down)$205,464–

Frequently asked questions

Does the seller's tax bill tell me what I will pay?

No. Your bill starts at about 1% of your purchase price plus local bonds, and a supplemental bill covers the months after you close.

What is the median-home payment in California?

About $4,794.15 a month on a $759,500 home with 20% down at 7.40%, including tax and insurance.

What income do lenders want for that?

Roughly $205,464 a year under the 28% rule, or $252,153 with 5% down and PMI.

How does California insurance compare?

The 2023 average HO-3 premium was $1,655, below the $1,737 U.S. average.

Sources

See also: all states · house affordability · California paycheck