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El Cajon's market sits at $937,500 for a typical single-family home. At 5.875%, a $750,000 conventional loan runs $4,437 monthly for principal and interest alone. That's the baseline before taxes, insurance, and HOA fees hit the payment.
Buyers here need 20% down to skip PMI entirely. San Diego County's median household income of $102,285 stretches across the East County market, where homes under $1 million are increasingly common.
5.875%
Interest Rate
$4,437
Monthly P&I
620
Min FICO
$750,000
Loan Amount
20% ($187,500)
Down Payment
Conventional Loans in El Cajon
Conventional loans in El Cajon start at 620 FICO, but 740+ gets you the best rates and terms. Down payment ranges from 3% to 20%. At 20% down, PMI disappears entirely. Below 20%, you'll carry PMI until you hit 78% LTV through appreciation or paydown.
San Diego County's median household income of $102,285 supports a $750,000 purchase comfortably. Most lenders want your total debt-to-income ratio under 43%.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in El Cajon.
El Cajon's market sits at $937,500 for a typical single-family home. At 5.875%, a $750,000 conventional loan runs $4,437 monthly for principal and interest alone. That's the baseline before taxes, insurance, and HOA fees hit the payment.
Buyers here need 20% down to skip PMI entirely. San Diego County's median household income of $102,285 stretches across the East County market, where homes under $1 million are increasingly common.
Conventional loans in El Cajon start at 620 FICO, but 740+ gets you the best rates and terms. Down payment ranges from 3% to 20%. At 20% down, PMI disappears entirely. Below 20%, you'll carry PMI until you hit 78% LTV through appreciation or paydown.
California's conventional market is split between retail banks, credit unions, and mortgage brokers. Retail banks move slower but offer relationship perks. Brokers access multiple lenders and close faster—often 21 to 30 days.
Agency loans (Fannie Mae and Freddie Mac) dominate the $750K range in El Cajon. Jumbo loans above the $1.104 million conforming limit carry higher rates and tighter underwriting. Most lenders require 6 months of reserves and 700+ FICO for jumbo deals.
Conventional pencils in El Cajon when you have 20% down and a 740+ credit score. At that profile, you skip PMI entirely and lock a competitive 5.875% rate. The math works: no insurance drag, no rate penalty, clean amortization.
Below 20% down, FHA becomes the real competitor. FHA's mortgage insurance never cancels if you put down less than 10%. Over a 30-year loan, that lifetime insurance cost exceeds what conventional PMI would charge. Conventional wins if you can reach 20% down.
FHA loans run lower rates but carry mortgage insurance for life if you put down less than 10%. At 10% down or more, FHA's MIP cancels after 11 years. Conventional at 20% down has zero insurance and zero rate penalty—no countdown clock.
If you're stuck below 20% down, FHA's lower rate might offset the insurance cost over 11 years. But conventional's simplicity—no insurance, no refinance trigger—wins for buyers who can reach 20% equity upfront.
El Cajon sits in San Diego's East County, where home prices have climbed steadily. The $937,500 purchase price reflects the market's shift upward over the past three years.
Schools and commute times matter here. Many El Cajon buyers work downtown or in Irvine, making the I-8 corridor critical. A fixed-rate conventional mortgage gives you payment certainty while you navigate the commute and school district decisions.
At 5.875% APR on a $750,000 loan, principal and interest run $4,437 monthly. Add property taxes, homeowners insurance, and HOA fees—typically $1,200 to $1,600 combined in El Cajon. Total housing payment lands around $5,700 to $6,000.
Yes. At 20% down (80% LTV), PMI disappears entirely. Below 20%, you'll pay PMI until you hit 78% LTV through paydown or home appreciation. PMI typically runs 0.5% to 1% of the loan annually, depending on your credit and down payment.
Yes. Conventional loans accept 3% down with 620+ FICO. You'll carry PMI, but it cancels automatically at 78% LTV. At 10% down, you reach 78% LTV faster than at 5% down, so the insurance cost is lower overall.
A 740 FICO gets you 5.875% in El Cajon. Drop to 700 and you'll pay 0.25% to 0.5% more. Below 680, rates climb steeply and some lenders won't approve you. Spend three months raising your score if you're below 700.
Conventional at 20% down has zero insurance. FHA's mortgage insurance never cancels if you put down less than 10%. At 10% down, FHA's MIP cancels after 11 years. Conventional's simplicity wins if you can reach 20% equity.