Mortgage on a $1M house in California
$6,480 a month with 20% down — $5,382 principal and interest plus $599 property tax and $500 insurance.
California's typical property tax is 0.72% of the home's value a year (U.S. average 0.9%), which adds $599 a month on a $1M home. The typical home in California is worth $761,538, so $1M is 31% above the typical price.
$1M home in California: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $200,000 | $800,000 | $5,382 | $0 | $1,099 | $6,480 | $277,700 |
| 10% down | $100,000 | $900,000 | $6,054 | $375 | $1,099 | $7,528 | $322,600 |
| 5% down | $50,000 | $950,000 | $6,391 | $396 | $1,099 | $7,885 | $337,900 |
| 3.5% down (FHA) | $35,000 | $981,888 | $6,605 | $442 | $1,099 | $8,146 | $349,100 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.72% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in California does $1M buy a typical home?
In these counties the typical home value is within 15% of $1M:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Santa Barbara County | $988,595 | 0.65% | $6,419 |
| Alameda County | $1,044,951 | 0.78% | $6,529 |
| San Diego County | $926,979 | 0.68% | $6,445 |
| San Luis Obispo County | $897,661 | 0.68% | $6,451 |
| Los Angeles County | $871,674 | 0.68% | $6,449 |
| Ventura County | $869,794 | 0.68% | $6,446 |
| Napa County | $869,491 | 0.69% | $6,456 |
| Santa Cruz County | $1,136,188 | 0.64% | $6,412 |
51 of 58 California counties tracked by Zillow have a typical home value at or below $1M. See all California home prices.
Other prices in California
Frequently asked questions
What is the mortgage on a $1M house in California?
About $6,480 a month with 20% down at 7.11%: $5,382 principal and interest, $599 property tax and $500 insurance.
How much do I need to make to buy a $1M house in California?
About $277,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $1M house in California?
At California's typical effective rate of 0.72%, about $7,184 a year. Rates vary by county and city — see the county pages.