Legend

The graphic shows a random selection of homes listed within $10,000 of the median price for that community.

Mortgage calculations are based on the following assumptions:

* Property tax yearly rate at 1.25%.

* Hazard insurance yearly rate at 0.35%.

* PMI yearly rate at 0.65% for ARMs.

* Thirty-year fixed-rate borrowers qualify at an average mortgage rate of 7.64% for conforming and 7.99% for jumbo--each with two points--in Southern California on Aug. 3.

* Thirty-year ARM borrowers qualify at fully indexed rate (margin plus index); currently at 8.81%; based on 2.75 (assumed margin) plus 6.06 index (weekly average one-year T-bill Constant Maturity). Estimated ARM monthly payment is based on average start rate for mortgages pegged to weekly one-year T-bill in Southern California on Aug. 3.

* Both fixed rates and ARMs qualify at 33% debt ratio--assuming additional indebtedness does not exceed 5%.

* Some numbers were rounded. Figures shown are estimates.

* Other factors such as credit score play an important role in obtaining a mortgage.

Sources: Earl Peattie, Mortgage News Co.; mortgage estimates by Detrick Mortgage Group, Los Alamitos.

Inside:

Irvine

North Hollywood

Riverside

San Fernando

Westlake Village

*

Brentwood

Listing price: $895,000

* 20% down (fixed)

Loan amount: $716,000 (note rate: 7.99% with 2 points)

Estimated monthly payment (PITI): $6,389

Qualifying annual income (gross): $232,341

* 10% down ARM

Loan amount: $805,500 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)

Estimated monthly payment (PITI): $7,098

Qualifying annual income (gross): $289,992

About this home: This 1940s-era home has a generous lot size, at 9,278 square feet, for the flats of Brentwood. The 1,464-square-foot home has three bedrooms and two bathrooms, a dining room area and a living room with beamed ceilings. (Source: Edie Kirshner, Fred Sands Estates, Brentwood)

*

Torrance

Listing price: $256,000

* 20% down (fixed)

Loan amount: $204,800 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $1,778

Qualifying annual income (gross): $64,657

* 10% down ARM

Loan amount: $230,400 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)

Estimated monthly payment (PITI): $2,032

Qualifying annual income (gross): $82,949

About this home: Built in 1953, this 1,293-square-foot home has three bedrooms and one bathroom and sits on a 5,820-square-foot lot. It includes large dining and living areas and a spacious yard. (Source: Steve Goodard, Re/Max Beach Cities Realty)

*

Pasadena

Listing price: $310,000

* 20% down (fixed)

Loan amount: $248,000 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $2,153

Qualifying annual income (gross): $78,296

* 10% down ARM

Loan amount: $279,000 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)

Estimated monthly payment (PITI): $2,459

Qualifying annual income (gross): $100,446

About this home: This 72-year-old English cottage has three bedrooms and one bathroom. The 1,248-square-foot home sits on a 5,197-square-foot lot. (Source: Boyd Smith, Coldwell Banker)

*

Huntington Park

Listing price: $160,000

* 20% down (fixed)

Loan amount: $128,000 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $1,111

Qualifying annual income (gross): $40,410

* 10% down ARM

Loan amount: $144,000 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)

Estimated monthly payment (PITI): $1,270

Qualifying annual income (gross): $51,840

About this home: This 1,200-square-foot house features three bedrooms and 1 3/4 baths and sits on a 4,240-square-foot lot. The 20-year-old bungalow is newer than many homes in the area. (Source: Bob Brabant, Brabant Realty & Management Inc.)

*

Long Beach

Listing price: $235,000

* 20% down (fixed)

Loan amount: $188,000 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $1,632

Qualifying annual income (gross): $59,353

* 10% down ARM

Loan amount: $211,500 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)

Estimated monthly payment (PITI): $1,865

Qualifying annual income (gross): $76,144

About this home: This 1,218-square-foot home has three bedrooms and one bath. It features a remodeled kitchen and bath and a covered patio and swimming pool. (Source: Joe DiTore, Re/Max Real Estate Specialists, Long Beach)

*

Irvine

Listing price: $299,900, plus $39 a month in association dues

* 20% down (fixed)

Loan amount: $239,900 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $2,122

Qualifying annual income (gross): $77,157

* 10% down ARM

Loan amount: $269,900 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)

Estimated monthly payment (PITI): $2,418

Qualifying annual income (gross): $98,589

About this home: This 15-year-old house has three bedrooms and 2 1/2 baths. The two-story house has upgraded tile and carpet and a good-sized patio, but no yard. (Source: Walt Tamulinas ERA North Orange County Real Estate)

*

North Hollywood

Listing price: $184,900

* 20% down (fixed)

Loan amount: $147,900 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $1,284

Qualifying annual income (gross): $46,694

* 10% down ARM

Loan amount: $166,400 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)

Estimated monthly payment (PITI): $1,468

Qualifying annual income (gross): $59,908

About this home: Built in 1956, this three-bedroom, 1 3/4-bath home has 1,269 square feet of living space and is on a cul-de-sac. (Source: Grace Frey, Dilbeck-James R. Gary & Co.)

*

Riverside

Listing price: $159,900

* 20% down (fixed)

Loan amount: $127,900 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $1,110

Qualifying annual income (gross): $40,380

* 10% down ARM

Loan amount: $143,900 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)

Estimated monthly payment (PITI): $1,273

Qualifying annual income (gross): $51,836

About this home: This four-bedroom, 2 1/2-bath house was built in 1948 and has 1,861 square feet. It features hardwood floors, a new roof and a spa. (Source: Mike Teer, Teer One Properties)

*

San Fernando

Listing price: $152,000

* 20% down (fixed)

Loan amount: $121,600 (note rate: 7.64% with 2 points)

Estimated monthly payment (PITI): $1,056

Qualifying annual income (gross): $38,390

* 10% down ARM

Loan amount: $136,800 (qualifying rate: 8.81%; payment rate: 7.26% with 1.6 points)

Estimated monthly payment (PITI): $1,206

Qualifying annual income (gross): $49,250

About this home: This 1,325-square-foot home has four bedrooms and two baths and was built in 1948. It features a large workshop and is located in the heart of the city. (Source: Ana Marie Colon, ERA Rocking Horse Realty)

*

Westlake Village

Listing price: $509,000

* 20% down (fixed)

Loan amount: $407,200 (note rate: 7.99% with 2 points)

Estimated monthly payment (PITI): $3,634

Qualifying annual income (gross): $132,146

* 10% down ARM

Loan amount: $458,100 (qualifying rate: 8.81%; payment rate: 7.25% with 1.7 points)

Estimated monthly payment (PITI): $4,037

Qualifying annual income (gross): $164,926

About this home: This three-bedroom, 2 1/2-bath home has a spa in the backyard. The 2,509-square-foot house also features crown moldings, an oak banister and a wet bar. (Source: Pam Moran, Prudential California Realty)