DOWN PAYMENT
A down payment is typically 20% of the home’s price, though some loans can require a lower amount. If you put down under 20%, be prepared to pay for monthly Private Mortgage Insurance (PMI).

INTEREST RATE
A mortgage rate is the rate of interest charged on a mortgage. Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Click here to see today’s rates from Mortgage News Daily.

PROPERTY TAX RATE
A good rule of thumb for California homebuyers who are trying to estimate what their property taxes will be is to multiply their home's purchase price by 1.25%. This incorporates the base rate of 1% and additional local taxes, which are usually about 0.25%.

HOME INSURANCE
The average cost of home insurance in California, according to Insurance.com's 2022 data, is $1,380 per year for a policy with $250,000 in dwelling coverage. However, your actual rates may vary depending on a variety of factors. Seek an estimate from a home insurance provider for accuracy.

HOA FEES
An HOA fee is a regular fee (usually monthly or quarterly) assessed by the homeowners association to pay for the services it provides. If you live in a condo, you may pay a similar fee to the condo association. These fees are paid on top of your mortgage, property tax and homeowners insurance payments. Even if your mortgage is paid off, you’ll have to continue paying HOA fees.

This calculator can be used to give you an estimated mortgage payment, seek advise from a lending professional for an accuracy.

We work with special financing teams to get you the best rates and the best monthly payments to live in the home you want. Reach out today & we’ll connect you with our trusted lending partners.