Monthly Payment on a $300K Mortgage in California
Using California's 0.73% property tax rate and $2,200/yr homeowners insurance.
$300K 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% | $2,150 | $2,056 | $1,729 |
| 6.0% | $2,241 | $2,142 | $1,805 |
| 6.5% | $2,333 | $2,230 | $1,883 |
| 7.0% | $2,428 | $2,320 | $1,963 |
| 7.5% | $2,525 | $2,411 | $2,044 |
| 8.0% | $2,623 | $2,504 | $2,127 |
How This Compares to California's Median
A $300K home is 62% below California's median of $785K. This is well within reach in many California communities.
Income Needed for a $300K Home in California
To afford this payment of $2,230/mo in California, you'd need a household income of approximately $96K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in California
Estimated closing costs in California: $4K (1.2% of purchase price). California also charges a 0.11% transfer tax, which may add $330 to your transaction costs.
What to Know About a $300K Mortgage in California
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding California's 0.73% property tax ($183/mo) and $2,200/yr insurance ($183/mo) brings your total to $2,230/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.