California Mortgage Calculator — $750,000 Home Price
California's 0.71% property tax rate adds $444/month on a $750,000 home. At current 30-year rates (6.85%), total monthly housing cost reaches $4,484 with 20% down.
Monthly Payment Breakdown (30-Year, 20% Down)
$3,932
Principal & Interest
$444
Property Tax/mo
$108
Home Insurance/mo
$4,484
Total Monthly
| Component | Monthly | Annual |
|---|---|---|
| Principal & Interest (6.85%) | $3,932 | $47,179 |
| Property Tax (0.71% rate) | $444 | $5,325 |
| Homeowner's Insurance | $108 | $1,300 |
| PMI (with 20% down) | $0 | $0 |
| Total Monthly Payment | $4,484 | $53,804 |
With 10% Down (PMI Required)
A 10% down payment on $750,000 means a $75,000 down payment and a $675,000 loan. PMI adds $281/month until you reach 20% equity (estimated: April 2033).
| Component | Monthly |
|---|---|
| Principal & Interest | $4,423 |
| Property Tax | $444 |
| Insurance | $108 |
| PMI (~0.5%/year) | $281 |
| Total | $5,256 |
30-Year vs 15-Year Mortgage
| Metric | 30-Year (6.85%) | 15-Year (6.2%) |
|---|---|---|
| Monthly P&I | $3,932 | $5,128 |
| Total Monthly | $4,484 | $5,680 |
| Total Interest Paid | $815,360 | $323,076 |
| Total Cost | $1,415,360 | $923,076 |
| Interest Saved (15yr) | — | $492,284 |
Equity Growth Over Time
At Purchase
20.0% equity
Balance: $600,000
After 5 Years
24.8% equity
Balance: $563,875
After 10 Years
31.6% equity
Balance: $513,043
Loan Paid Off
100.0% equity
Balance: $0
What Income Do You Need?
Lenders typically require housing costs to stay at or below 28% of gross monthly income. To comfortably afford a $4,484/month payment, you need a gross income of at least $192,156/year ($16,013/month before taxes). With a front-end ratio of 36% (common for conventional loans), you'd need $149,455/year.
Payment at Different Interest Rates
| Interest Rate | Monthly P&I | Total Monthly | Total Interest |
|---|---|---|---|
| 4.8% | $3,166 | $3,718 | $539,814 |
| 5.8% | $3,540 | $4,092 | $674,272 |
| 6.8% current | $3,932 | $4,484 | $815,360 |
| 7.8% | $4,340 | $4,892 | $962,403 |
| 8.8% | $4,763 | $5,315 | $1,114,723 |