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What will it actually cost per month?
Most calculators show you principal and interest and stop there. In Los Angeles, property tax and insurance can add well over a thousand dollars a month, so this one includes them by default.
Estimated monthly payment
$5,563/ mo
| Principal & interest | $4,551 |
|---|---|
| Property tax1.15% of price per year | $863 |
| Homeowners insurance | $150 |
| Total monthly | $5,563 |
Estimate only. Your actual rate depends on credit, loan type and market conditions. California property tax is assessed at purchase price and reassessed on sale. First-year bills also include a supplemental assessment that catches most buyers by surprise. Not a loan offer or a commitment to lend.
What most calculators leave out
Principal and interest is the number every mortgage calculator shows you. In Los Angeles County it is often only about two thirds of what you actually pay each month.
Property tax is assessed at roughly 1.1% to 1.25% of your purchase price per year, depending on the parcel and any local bonds or assessments. On a $900,000 home that is close to $900 a month on its own. California reassesses at the sale price, so whatever the previous owner was paying is not a useful guide.
The supplemental tax bill catches nearly every first-time buyer. In your first year you get a separate bill covering the gap between the old assessment and your new one. It is a real, sometimes large, one-time cost that no calculator warns you about.
Insurance varies more than people expect across the Valley. If you are looking anywhere near the hillsides, in Chatsworth, West Hills, Tarzana or the Santa Susana foothills, check the fire hazard severity zone early. It affects both the premium and whether standard carriers will write the policy at all.
Mortgage insurance is typically required below 20% down and drops off as you approach 20% equity. It is not permanent, but it belongs in your budget for the first few years.