California mortgage payment calculator

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California at a glance

Median home price
$904,640
Typical closing costs
2%–5% of price
Transfer tax
0.11% of sale price, customarily paid by seller
Closing custom
escrow
Homestead exemption
California's homestead exemption (Code of Civil Procedure §704.730, as amended by AB 1885) protects home equity from most creditors' judgments — it is a debtor/creditor-protection exemption, not a property-tax exemption. The exemption is the greater of $300,000 or the county's median single-family home sale price for the prior calendar year, capped at $600,000, and both the floor and ceiling are adjusted annually for inflation (for 2026, roughly $371,841-$743,681 depending on county, per multiple bankruptcy-law trackers). Separately, California also has a small annual property-tax Homeowners' Exemption (a flat $7,000 reduction in assessed value, worth roughly $70-$80/year in actual tax savings) — a different, much smaller benefit that predates AB 1885 and is unrelated to the equity-protection homestead exemption described above.

First-time buyer / down payment assistance programs

  • CalHFA Dream For All Shared Appreciation Loan

    California Housing Finance Agency down payment/closing cost assistance loan, paired with a CalHFA Dream For All Conventional first mortgage, providing up to 20% of the purchase price (capped at $150,000) with no monthly payments; repaid at sale/refinance/payoff as the original amount plus a share of the home's appreciation. Distributed via a registration period and randomized voucher drawing when demand exceeds funding, not first-come-first-served.

  • CalHFA MyHome Assistance Program

    Deferred-payment, 0%-interest (simple interest) junior loan for down payment and/or closing costs — up to 3.5% of the purchase price when paired with an FHA/government first mortgage, or up to 3% with a conventional CalHFA first mortgage; repaid only upon sale, refinance, or payoff of the first mortgage.