Estimate fees for buying a home - Oakland, California
Use this 2026 mortgage calculator to compare scenarios and plan your budget.
Unlike simple calculators, this tool provides a complete financial picture. It doesn't just calculate principal and interest; it factors in critical costs that determine your actual monthly payment:
Use the interactive charts to visualize how your equity grows over time versus the interest paid to the bank. Perfect for comparing 15-year vs. 30-year loan terms.
Local tax rules and insurance costs vary—check official sources and lenders for current figures.
Use these estimates as a starting point and confirm details with local professionals.
First-time homebuyers estimating monthly costs
Refinancing to get a lower interest rate
Comparing 15-year vs 30-year mortgages
Commonly known as: home loan calculator, house payment calculator, mortgage payment estimator, home affordability calculator.
Prop 13 limits property taxes to 1% of the purchase price plus local bonds, with annual increases capped at 2%. This means long-time homeowners pay much less than new buyers.
It's not legally required but highly recommended. The California Earthquake Authority (CEA) offers policies. Standard homeowners insurance does NOT cover earthquake damage.
Closing costs typically range from 2-5% of the home price. For a $400,000 home, expect $8,000-$20,000 in fees including title insurance, appraisal, attorney fees, escrow, and lender origination charges.
Buyers typically pay 2-5% of the home price in closing costs. Sellers usually pay 6-10% (mostly agent commissions). In some markets, sellers may offer to cover part of the buyer's closing costs.
A general rule is that your monthly mortgage payment should not exceed 28% of your gross monthly income (the 28/36 rule). For example, if you earn $6,000/month, aim to keep your payment under $1,680. Our calculator helps you test different scenarios.
Your monthly payment typically includes PITI: Principal (loan balance), Interest (cost of borrowing), Taxes (property taxes), and Insurance (homeowners). Some payments also include HOA fees and PMI if your down payment is under 20%.
A larger down payment reduces your loan amount, which lowers your monthly payment and total interest cost. Put down 20% to avoid PMI (Private Mortgage Insurance), which typically costs 0.5-1% of your loan annually.
Conventional loans typically require 620+, FHA loans accept 580+ (or 500 with 10% down), VA loans have no minimum but lenders prefer 620+. A score of 740+ gets you the best interest rates, potentially saving tens of thousands over the loan term.