Monthly Payment on a $100K Mortgage in California
Using California's 0.73% property tax rate and $2,200/yr homeowners insurance.
$100K Mortgage in California: Rate Comparison
Monthly PITI payment using California's 0.73% property tax and $2,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $839 | $808 | $698 |
| 6.0% | $869 | $836 | $724 |
| 6.5% | $900 | $866 | $750 |
| 7.0% | $932 | $895 | $776 |
| 7.5% | $964 | $926 | $804 |
| 8.0% | $997 | $957 | $831 |
How This Compares to California's Median
A $100K home is 87% below California's median of $785K. This is well within reach in many California communities.
Income Needed for a $100K Home in California
To afford this payment of $866/mo in California, you'd need a household income of approximately $37K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in California
Estimated closing costs in California: $1K (1.2% of purchase price). California also charges a 0.11% transfer tax, which may add $110 to your transaction costs.
What to Know About a $100K Mortgage in California
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding California's 0.73% property tax ($61/mo) and $2,200/yr insurance ($183/mo) brings your total to $866/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.