homeowner calculating the average mortgage payment in California

Average Mortgage Payment In California

Key Topics In This Article: Calculating The Average Payment | Payment Scenarios | Differences In Payments | National Data | California Mortgage Statistics

Based on the average value index for California1, twenty percent equity, and current mortgage rates, the average monthly mortgage payment in California is $3,759.21 (principal and interest). Throughout 2024, this average will adjust based on adjusted values, loan amounts, and interest rates.

In 2023, the average monthly mortgage payment in California was $3,468.35; in 2022, it was $3,605.12; and in 2021, the average mortgage payment was $2,015.08 (principal and interest). This was 29.64% of the median monthly income2 in California. According to Business Insider, California ranks third in the nation3 for home price valuations.

Homeownership is important to a majority of Californians. According to the St. Louis Fed4, 54.2% of all Californians own a home.

Do You have a question or need a quote?

Contact Kevin

Low rates, fast closings, and exceptional service.

Calculating The Average Monthly Mortgage Payment In California

Every month thousands and thousands of Californians look for a new home to buy, or they’re looking to refinance their current mortgage. Some mortgage loan amounts are over $1,000,000.00, and some are below $100,000.00, but no matter what size the loan amount is, everyone wants a low mortgage rate.

The lower the rate, the lower the monthly mortgage payment and every person can agree that lower is better when it comes to a mortgage payment.

There are thousands and thousands of mortgages in the state of California, and because of that, it’s tough to nail down the exact average. Also, thousands of mortgages get paid off every month, and new ones with lower or higher mortgage loan amounts and different rates are originated.

So to calculate the average monthly mortgage payment in California, you would have to have all that information and do some serious math to find the exact average.

Average Mortgage Payment Scenarios

We can create some generic scenarios where we can figure out payment amounts based on specific loan amounts for the most popular mortgages (30-year fixed-rate mortgages, 20-year fixed-rate mortgages, and 15-year fixed-rate mortgages).

This way, you can have a general idea of the average mortgage payment based on various loan amounts. Below are some general/information numbers to review; keep in mind that this is not a quote and only an example of payments and loan amounts.

*this is not a quote and is only for discussion purposes

Average 30-Year Fixed Monthly Mortgage Payment In California

30-Year Fixed Rate$300,000.00$500,000.00

Average 20-Year Fixed Monthly Mortgage Payment In California

20-Year Fixed Rate$300,000.00$500,000.00

Average 15-Year Fixed Monthly Mortgage Payment In California

15-Year Fixed Rate$300,000.00$500,000.00

Understanding The Differences In Monthly Payments

As mentioned, the above is just for information purposes and is not a quote (your specific mortgage rate may differ); however, the above will give you a good idea of various mortgage payments at those loan amount levels.

When reviewing the various payments, you’ll notice that the difference in payments from one rate to the next is insignificant. Remember that these mortgage rates do not factor in closing costs which is a big part of structuring the loan to match your needs and long-term goals.

Additional Items To Consider

The above payments do not include property taxes, property insurance, HOA dues (if applicable), and Mortgage Insurance/Private Mortgage Insurance (if applicable). If your property taxes and insurance are included with your monthly mortgage payment, then that is considered an impound account.

If your loan-to-value ratio (the amount you’re borrowing compared to the value of your home) is above 80.00%, then you are usually required to impound your property taxes and insurance.

The Benefits Of Impounds

Impounding your property taxes and insurance is a great way to budget your housing expenses. Breaking these items into twelve payments allows the homeowner to avoid a large bill come tax time (or insurance). Especially for First Time Home Buyers, this is a great way to manage your first home.

National Data On Average Monthly Mortgage Payments

Below are links to five articles on the average national mortgage payment going back to 2017.

Business Insider

According to this 2023 Business Insider article, Liz Knueven and Molly Grace claim the most accurate measurement of the average national mortgage payment is from the U.S. Census Bureau.


In this 2022 Bloomberg article, Claire Ballentine says the average mortgage payment nationally is $1,230.00, up 36% from the previous year. There are two reasons, increasing home values and a big jump in mortgage rates.

Lending Tree

According to a 2020 report from Hannah Rounds at Lending Tree the average mortgage payment nationally was $1,159.00 in 2019. That takes up nearly 15% of a homeowner’s annual income. California placed third behind Hawaii and Washington DC for the highest average mortgage payment.

Lending Tree analyzed data from the 2016 U.S. Census Bureau’s American Community Survey (their article appeared online in July 2018).

The Balance

According to this 2018 article from The Balance, the “median” monthly mortgage payment for 2017 was $1,015.00. The author, Justin Pritchard, points out that the “median” differs from the “average.” This is the only article I know of to point out this basic fact.

It makes you wonder if websites like ValuePenguin know the difference between them.

Kudos to The Balance for pointing out the difference and providing a link to understand the difference better. The Balance used the American Housing Survey data from the U.S. Census Bureau.

The Motley Fool

Using data from the Mortgage Bankers Association, The Motley Fool claims the 2017 average national mortgage payment was $1,494.00 – significantly higher than the other surveys from 2017.

California Mortgage Statistics

  • According to the Census Bureau, the population of California is 39.54 million.
  • 54.8% of all households in California own a home.
  • The median home price in California topped $600,000 in May 2018 and over $800,000 in 2022.
  • The average mortgage rate is sometimes higher in California compared to other states.

Home Loan Pre-Approval

A quick pre-approval with exceptional service and low rates.

Averages Change From City to City

Another aspect of this discussion is that the average monthly mortgage payment in San Francisco, Los Angeles, and San Diego will be vastly different than in Stockton, Modesto, or Riverside. This is an important fact to remember when discussing California’s average mortgage payment.

It will be interesting to see how the average mortgage payment in California changes over time. Without a significant increase in personal income, it will be difficult for California’s average mortgage payment to increase further.

Article Citations:

  1. Source: Zillow California home value index
  2. Source: Statista median household income in California
  3. Source: Business Insider report on home prices by state
  4. Source: St. Louis Fed report on homeownership in California
Loan Officer Kevin O'Connor

About The Author

Loan Officer Kevin O'Connor has over 17 years of experience as a Mortgage Loan Originator and is a trusted resource for mortgage education and information. He's the content creator of K.O. Home Loan Solutions and is licensed by the state of California and the Nationwide Mortgage Licensing System. He has a top rating with the Better Business Bureau, Google, Yelp, and Zillow. You can contact him at 1-800-550-5538. CA DRE #01499872 / NMLS #247447