Monthly Payment on a $800K Mortgage in California
Using California's 0.73% property tax rate and $2,200/yr homeowners insurance.
$800K 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% | $5,429 | $5,178 | $4,304 |
| 6.0% | $5,670 | $5,407 | $4,507 |
| 6.5% | $5,917 | $5,641 | $4,715 |
| 7.0% | $6,170 | $5,880 | $4,928 |
| 7.5% | $6,427 | $6,124 | $5,145 |
| 8.0% | $6,690 | $6,373 | $5,366 |
How This Compares to California's Median
A $800K home is close to California's median of $785K — this represents a typical purchase in the state. Cities at this price range include Santa Rosa, Riverside, Sacramento, Stockton.
Income Needed for a $800K Home in California
To afford this payment of $5,641/mo in California, you'd need a household income of approximately $242K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $250K salary can afford →Closing Costs in California
Estimated closing costs in California: $10K (1.2% of purchase price). California also charges a 0.11% transfer tax, which may add $880 to your transaction costs.
What to Know About a $800K Mortgage in California
With 10% down ($80,000), your loan of $720,000 at 6.5% over 30 years produces a principal and interest payment of $4,551/mo. Adding California's 0.73% property tax ($487/mo) and $2,200/yr insurance ($183/mo) brings your total to $5,641/mo. Because you're putting less than 20% down, PMI adds $420/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $918,320 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $86,144 over the life of the loan.