Mortgage Refinance Calculator for California

Refinancing a Mortgage in California

With a median home value of $785,000 in California, many homeowners have accumulated significant equity since 2020. California remains the most expensive state for housing. After a 2022-2023 correction of 10-15%, prices have recovered in most metros. San Jose, San Francisco, and Orange County lead nationally.

Refinance Closing Costs in California

Refinancing costs approximately $7,200 in California. California charges a documentary transfer tax of $1.10/$1,000 of value statewide, with most counties and cities adding their own transfer taxes. Los Angeles city charges an additional 0.45%, and properties over $5M face higher rates. Your break-even is when cumulative monthly savings equal these upfront costs.

Conforming Refinance Limits

To qualify for a conventional rate-and-term refinance in California, your balance must stay under $1,089,300. Most California coastal counties qualify for high-cost area limits of up to $1,089,300. San Francisco, Santa Cruz, and Marin counties are at the national ceiling.

Property Taxes After Refinancing

Refinancing doesn't trigger a property reassessment in California. Your 0.71% effective rate stays constant — only the principal and interest portion of your payment changes. Long-term California homeowners often pay taxes on valuations 30-50% below market, while recent buyers pay on current market value. A $2M home bought in 1985 may carry a $6,000/year tax bill while a neighbor who bought in 2023 pays $22,000+.

Mortgage Refinance Calculator for Other States