It sounds like Meghan Markle and Prince Harry might be in the market for a new home. Meghan’s again focusing on her Hollywood career, with more of an emphasis on behind the scenes producing for now). Their current home in Montecito, CA is about 2 hours away without traffic, which in LA you just know there’s gonna be traffic on the 101. To be closer to work, and still have a good work-life-balance they’re looking for a new place in Los Angeles.

To save them some time, I checked out some listings on ZIllow and found the perfect house for their family (the Selling agent can just cut me a commission check when they close, that’ll be fine). This 6 bedroom, 9 bath home sits on just under 1 acre, and has city-to-ocean views.

If Meghan and Harry do end up buying a new estate in Los Angeles they should really consider paying cash. During the first week of December 2023 the current interest rate for real estate in Los Angeles national average 30-year fixed rate mortgage APR is 7.50%.

If they buy a $20 million dollar estate, and put down the typical 20% which would come out to $2 million dollars, then they’d be taking out a $18 million dollar loan which would come along with a hefty monthly payment of $145,691. Assuming they don’t pay off the mortgage early (which they probably would, especially if she lands another role in a hit TV show), they would end up paying $52.5 million dollars after taxes and interest on an $18 million dollar loan. That’s $34.5 million dollars more than the $18 million dollar loan you originally took out. Interest costs are a killer!

The average real estate agent commission in California is 5.5%. If Meghan Markle and Prince Harry are buying a new home typically the Sellers pay the commission when the same is completed, but the exiled royal couple might be looking at a realtor’s commission of around $770,000 when they sell their current $14 million dollar Montecito mansion. Ouch, even for royalty that bill is gonna hurt!

So my suggestions are they find a buyer for their current Montecito home and avoid paying the 5.5% realtor fees, then put in an all cash offer on the LA house, skip the high mortgage rates, and schedule a quick closing. Then this royal couple will be ready to conquer Hollywood.  

Prince Harry, Meghan Markle ‘plan to sell’ $14M Montecito mansion, eyeing LA move

Zillow