California Down Payment Calculator 2026 — How Much to Save
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
For the California median home price of $785,000, you need: $23,550 for a 3% conventional loan, $27,475 for FHA (3.5%), $78,500 for 10% down (lower PMI), or $157,000 for 20% (no PMI). VA and USDA loans offer 0% down for eligible buyers.
California Housing & Mortgage Data
| Median Home Price | $785,000 |
| 30-Year Fixed Rate | 6.95%(State average, Apr 2026) |
| Property Tax Rate | 0.73%(Effective rate) |
| Avg HO Insurance | $1,400/yr ($117/mo) |
| Typical Down Payment | 15% ($117,750) |
| Median Household Income | $84,000/yr |
Key Facts for California
- ✓California median home price is $785,000 as of 2026
- ✓30-year fixed mortgage rates in California average 6.95%
- ✓Property taxes in California are 0.73% — near the national average of 1.10%
- ✓Homeowners insurance averages $1,400/year in California
- ✓A household earning $196,250/year can typically afford the median California home
More California Calculators
Frequently Asked Questions — Down Payment Calculator in California
- Are there down payment assistance programs in California?
- Yes. California offers state-level down payment assistance (DPA) programs through its Housing Finance Agency. Programs typically offer 2–5% of the purchase price as a forgivable grant or low-interest second loan for first-time buyers who meet income and purchase price limits. Search "California Housing Finance Agency" for current programs.
- Is a 20% down payment required to buy a home in California?
- No. The 20% down payment is a myth. Conventional loans start at 3% down, FHA loans at 3.5% down, and VA/USDA loans offer 0% down for eligible buyers. The tradeoff: anything below 20% requires PMI on a conventional loan. On a $785,000 home, 20% down is $157,000 vs $23,550 for 3% down.
- What is the average mortgage payment in California?
- The average monthly mortgage payment (principal + interest) in California is approximately $4,417 for a $667,250 loan at 6.95% over 30 years. Adding property tax ($478/mo) and homeowners insurance ($117/mo) brings total PITI to about $5,011/month.
- What credit score do I need for a mortgage in California?
- Most California lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in California, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $100,088 over the life of a 30-year loan.
- How much down payment is required to buy a home in California?
- You can buy a home in California with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the California median home price of $785,000, a 20% down payment is $157,000 and lets you avoid PMI. California also has state-level down payment assistance programs for first-time buyers.
- What are current mortgage rates in California?
- Current 30-year fixed mortgage rates in California average 6.95% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best California mortgage rate.
- What is the property tax rate in California?
- California's effective property tax rate is 0.73%. On the California median home value of $785,000, annual property taxes are approximately $5,731 ($478/month). Property taxes in California are typically escrowed in your monthly mortgage payment.