We have included the average US interest rates in this section. Rates will vary depending on your credit score, the term, whether it is fixed or adjustable, and the type of loan product offered. You can use the rate shown here as a good starting point.
The base tax rate in California is 1% of your purchase price plus any bonds and local assessments. If you know the tax rate of the home that you are considering input it, otherwise the default is set at 1.25% which should be a good guess unless there are high Mello-Roos taxes.
This is how many years it will take to pay off the loan. The most common Amortization Period for mortgages in the US is 30 years, but there are different loan options that carry different repayment terms. One popular loan term is a 15 yr loan.
If your down payment is less then 20% down, you will most likely need to figure on paying mortgage insurance. Exceptions to this would be VA loans, USDA loans, and special financing programs. PMI rates vary depending on down payment and credit scores, but may range between 0.3% and 1.2% of the loan amount on an annual basis. To build an estimate with the mortgage calculator above I would recommend using .075% for Mortgage Insurance if you are considering loans with down payments lower then 20% (except VA and USDA).
Most mortgage calculators only calculate the loan and leave off the rest of the costs of home ownership But not us. We have included a calculator that includes what others leave out like property insurance, mortgage insurance, taxes, and HOA dues. If the home that you are considering is in an HOA make sure you include that cost in the calculator. Some neighborhoods have 2 HOAs so you will want to add both costs and input one number.