Can I Afford a $300K Home in California?
Complete mortgage breakdown for a $300,000 home in California, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,887/mo
P&I: $1,577 + Tax: $178 + Insurance: $133
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $9,000 | $2,344 | $100,446 |
| 5% | $15,000 | $2,302 | $98,650 |
| 10% | $30,000 | $2,197 | $94,159 |
| 20% | $60,000 | $1,887 | $80,891 |
Monthly Cost Breakdown (California)
Principal & Interest
$1,577/mo
Property Tax (0.71%)
$178/mo
Homeowners Insurance
$133/mo
Total Interest (30-yr)
$327,586
Affordability Rules of Thumb
28% Rule (Housing)
$80,891/yr
Minimum gross income
36% Rule (All Debt)
$62,915/yr
If no other debt
3Ã Income Rule
$100,000/yr
Conservative target
Buying a $300K Home in California
A $300,000 home in California falls in the mid-range of the housing market. At $1,887/month with 20% down, you'll need a household income of about $80,891 to comfortably afford this home under the 28% rule. Property taxes in California (0.71%) add $178 monthly to your costs.
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.