Mortgage Calculator: How Much You Need To Buy a Home in California at a Rate of 6.60%

The average rate on a 30-year mortgage has decreased to 6.60%. In California, the median home price is $749,000, requiring a 20% down payment of $149,800, resulting in a monthly payment of $3,827. With a 10% down payment, the upfront cost is $74,900, leading to a monthly payment of $4,305. These payments exclude taxes and insurance. Compared to the peak rate of 7.79% in October 2023, monthly payments are now $482 and $543 lower for 20% and 10% down payments, respectively. Pre-approval for a mortgage is recommended to understand affordability.