Monthly Payment on a $750K Mortgage in California
Using California's 0.73% property tax rate and $2,200/yr homeowners insurance.
$750K 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% | $5,101 | $4,866 | $4,046 |
| 6.0% | $5,327 | $5,080 | $4,237 |
| 6.5% | $5,559 | $5,300 | $4,432 |
| 7.0% | $5,795 | $5,524 | $4,631 |
| 7.5% | $6,037 | $5,753 | $4,835 |
| 8.0% | $6,283 | $5,986 | $5,042 |
How This Compares to California's Median
A $750K 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 $750K Home in California
To afford this payment of $5,300/mo in California, you'd need a household income of approximately $227K/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: $9K (1.2% of purchase price). California also charges a 0.11% transfer tax, which may add $825 to your transaction costs.
What to Know About a $750K Mortgage in California
With 10% down ($75,000), your loan of $675,000 at 6.5% over 30 years produces a principal and interest payment of $4,266/mo. Adding California's 0.73% property tax ($456/mo) and $2,200/yr insurance ($183/mo) brings your total to $5,300/mo. Because you're putting less than 20% down, PMI adds $394/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $860,925 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $80,760 over the life of the loan.