Can I Afford a $200K Home in California?
Complete mortgage breakdown for a $200,000 home in California, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,303/mo
P&I: $1,051 + Tax: $118 + Insurance: $133
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $6,000 | $1,607 | $68,869 |
| 5% | $10,000 | $1,579 | $67,671 |
| 10% | $20,000 | $1,509 | $64,677 |
| 20% | $40,000 | $1,303 | $55,832 |
Monthly Cost Breakdown (California)
Principal & Interest
$1,051/mo
Property Tax (0.71%)
$118/mo
Homeowners Insurance
$133/mo
Total Interest (30-yr)
$218,391
Affordability Rules of Thumb
28% Rule (Housing)
$55,832/yr
Minimum gross income
36% Rule (All Debt)
$43,425/yr
If no other debt
3Ã Income Rule
$66,667/yr
Conservative target
Buying a $200K Home in California
A $200,000 home in California is at or below the national median home price. With a 20% down payment of $40,000, your estimated monthly payment of $1,303 is achievable on a salary of $55,832 or more. California's property tax rate of 0.71% is near the national average.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in California.