Find Out How Much You Can Save — California Hero Home Loan Calculator (2026)

Updated: June 2026  |  Rates: Bankrate · Veterans United · CalHFA — as of June 7, 2026

How Much Can California Heroes Save? — 2026 Savings Calculator

Enter your profession and home price to see your real numbers

This calculator shows your estimated monthly payment, down payment savings, and total closing savings across every program you qualify for — including program stacking.

This is Post 4 of 5 in the California Hero Loan Series. Read Post 1 for full program details and Post 3 for document checklists before applying.

Rates used in this calculator: Conventional 6.60% · FHA 6.15% · CalHFA FHA 5.875% · VA 5.75% · CalHFA Conventional 6.00% — sourced from Bankrate and Veterans United as of June 7, 2026. Rates change daily — use this calculator for estimation only.

California Hero Loan Savings Calculator

Your Profession — Select your profession — Military / Veteran Teacher (PreK–12) Firefighter Police Officer / Law Enforcement Nurse / Healthcare Worker EMT / Paramedic

Your City Other California City Los Angeles (City) San Francisco San Diego (City) Sacramento

Home Purchase Price California median: $854,000 (March 2026)

Annual Household Income Used to check CalHFA income limits

First-Time Buyer? Yes — I have not owned a home in 3+ years No — I currently own or recently owned a home

Veteran / Service-Connected Disability? No disability rating Yes — service-connected disability (VA funding fee waived)

Your Hero Loan Savings Summary

Programs You Qualify For

Program	Type	Your Benefit	Status

Monthly Payment Comparison

Rates as of June 7, 2026: Conventional 6.60% · FHA 6.15% · CalHFA FHA 5.875% · VA 5.75%. Calculations are estimates for informational purposes only. Actual payments will vary based on credit score, lender, taxes, insurance, and HOA fees. Always verify with a licensed lender before making financial decisions.

How the Calculator Works — Program Eligibility Rules

Program	Eligible Professions	First-Time Buyer Required?	Max Benefit
VA Loan	Veterans / Military only	No	$0 down + 5.75% rate
CalHERO	All hero professions	No	2% down payment grant
CalHFA MyHome	All (income limits apply)	Yes	3.5% down payment loan
Good Neighbor Next Door	Teacher, Firefighter, Police, EMT only	Yes (no ownership in past 12 months)	50% off HUD home price
Homes for Heroes	All hero professions	No	~0.7% of price cash back
MCC Tax Credit	All (income limits apply)	Yes	$2,000/yr federal tax credit
LIPA (LA only)	All (income ≤80% AMI)	Yes	Up to $161,000
DALP / FRDALP (SF only)	First responders / Teachers (SF employees)	Yes	Up to $500,000
SDHC (San Diego only)	All (income limits apply)	Yes	Up to 22% + $10,000 grant

Current Rates Used in This Calculator — June 2026

Loan Type	Rate	Down Payment	PMI	Source
30-yr Conventional	6.60%	3%–20%	Required if <20% down	Bankrate, June 7, 2026
30-yr FHA	6.15%	3.5%	Required (life of loan)	Bankrate, June 7, 2026
30-yr CalHFA FHA	5.875%	3.5% (covered by MyHome)	Required	CalHFA, June 2026
30-yr VA Loan	5.750%	$0 required	None	Veterans United, June 6, 2026
30-yr CalHFA Conventional	6.00%	As low as 3%	If <20% down	CalHFA, June 2026
30-yr USDA	5.95%	$0 required	Annual fee 0.35%	Fortune, March 2026

Frequently Asked Questions

How accurate is this calculator?

This calculator provides close estimates based on current published rates and program rules as of June 2026. Actual savings will vary based on your credit score, lender, property taxes, homeowner's insurance, HOA fees, and exact program availability. Always verify with a licensed lender and the program administrator before making decisions.

Why does my monthly payment show as lower with a hero loan?

Hero loans reduce your monthly payment in two ways: (1) a lower interest rate means less interest paid each month, and (2) down payment assistance means you borrow less principal. Both factors reduce your monthly payment significantly.

Does the calculator include property taxes and insurance?

No — the monthly payments shown are principal and interest only. In California, add approximately 1.1%–1.25% of the home value per year for property taxes, plus homeowner's insurance (typically $1,200–$2,400/year for a median California home).

I'm a veteran AND a firefighter — which programs apply to me?

Both. Veterans who are also first responders have access to the most favorable combination available: VA loan (zero down, 5.75% rate, no PMI) + Homes for Heroes (cash back at closing) + CalHERO (additional savings). The VA loan is almost always the best first mortgage option for eligible veterans regardless of their civilian profession.

What does "MCC saves $2,000/year" mean in real money?

The Mortgage Credit Certificate gives you a dollar-for-dollar federal tax credit of up to $2,000 per year. This directly reduces your tax bill — not just your taxable income. On a 30-year loan, that is up to $60,000 in total federal tax savings over the life of the loan.

California Hero Loan Series

Post 1 of 5

Statewide Programs Overview

CalHERO, VA loan, CalHFA, GNND, Homes for Heroes

Post 2 of 5

Hero Loans by City

LA, SF, San Diego, Sacramento — local programs

Post 3 of 5

Document Checklist by Profession

Exactly what to bring — by profession

Post 4 of 5 — You are here

Hero Loan Savings Calculator

Enter your home price and profession — see real numbers

Post 5 of 5

5 Costly Mistakes CA Heroes Make

The most expensive errors and how to avoid them

Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, legal, or mortgage advice. All calculations are estimates based on published rates and program rules as of June 2026. Rates change daily. Program eligibility, income limits, and funding availability change frequently. CalHERO is a private lender network, not a government program. Homes for Heroes is a commission-rebate network, not a loan. Always verify current details with a licensed lender and official program administrators before making any financial decisions. StatewiseFinance.com is not affiliated with any lender, program, or network listed in this post.