Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /New Jersey

New Jersey Mortgage Calculator

Set to New Jersey’s own property tax rate of 1.89% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($99,200)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$3,455
Monthly payment
$2,529
Principal & interest
$781
Taxes
$145
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $396,800 Interest paid $513,625
20262056
Total of 360 payments$1,243,725
Principal$396,800
Interest$513,625
Taxes$281,220
Insurance$52,080
HOA fees$0
P&I 73.2% Taxes 22.6% Insurance 4.2%
15- vs 30-year term at 6.58%
15-year
$3,474/mo P&I
$228,525 total interest
30-year · current
$2,529/mo P&I
$513,625 total interest
The 15-year term saves $285,100 in interest. Which term is right for you?

What these numbers come from

Median home value
$496,000
Median tax bill
$9,358
Effective tax rate
1.89%
Rank of 51
2nd highest

New Jersey taxes property at about 1.89% of value against 0.89% nationally. On a $496,000 home that is $413 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across New Jersey home prices

20% down, 30-year fixed at 6.58%, with New Jersey property tax of 1.89% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$298,000 $238,400 $1,519 $469 $2,076
$397,000 $317,600 $2,024 $625 $2,765
$496,000 median $396,800 $2,529 $781 $3,455
$620,000 $496,000 $3,161 $977 $4,319
$744,000 $595,200 $3,793 $1,172 $5,182

The gap between the P&I column and the last one is what a mortgage quote leaves out. In New Jersey taxes alone add $781 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $353 $2,176 $926 $396,447
Sep $355 $2,174 $926 $396,092
Oct $357 $2,172 $926 $395,735
Nov $359 $2,170 $926 $395,376
Dec $361 $2,168 $926 $395,015
2026 $1,785 $10,859 $4,629 $395,015
Jan $363 $2,166 $926 $394,652
Feb $365 $2,164 $926 $394,287
Mar $367 $2,162 $926 $393,920
Apr $369 $2,160 $926 $393,551
May $371 $2,158 $926 $393,180
Jun $373 $2,156 $926 $392,807

Refinancing in New Jersey

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

New Jersey home loans in detail

New Jersey Mortgage Overview

New Jersey is known as the Garden State and borders the two amazing states of Pennsylvania and New York. It's a popular state with 8.8 million people living there! If you want to be one of them, expect an average home price of $545,000, which is higher than the national average.

If you're thinking of living in New Jersey, here are your loan options, but NJ lenders often have stricter requirements than other states.

New Jersey conventional loans

You need great credit and a max 36 percent debt ratio for the conventional loan. First-time homebuyers can get by with a 3 percent down payment and subsequent homebuyers need 5 percent down. If you put down less than 20 percent, you'll pay Private Mortgage Insurance until you owe less than 20 percent of the home's value.

New Jersey FHA loans

FHA loans have more flexible guidelines with a minimum 580 credit score and a 3.5 percent down payment. Borrowers may have a 45 - 50 percent debt ratio, but some lenders are stricter than others. FHA loans require mortgage insurance for the loan's term in exchange for the more flexible guidelines.

New Jersey VA loans

If you serve or are serving in the military you may secure 100 percent financing from a VA lender. You'll need at least a 620 credit score and enough income to cover the mortgage, consumer debts, and daily living costs. You don't need a down payment. VA loans don't require mortgage insurance, but there is an upfront funding fee most veterans pay.

New Jersey USDA loans

If you don't qualify for the above loans, the USDA loan may be a good option if your household income is less than 115% of the area's median income. You'll need at least a 640+ credit score to qualify. USDA loans provide 100 percent financing and have low interest rates and low mortgage insurance for the life of the loan.

First-Time Homebuyer

Programs in New Jersey

First-Time Homebuyer Program

This program offers a competitive 30-year fixed interest rate if you make less than 140 percent of the area's median income. You may also include down payment assistance to make the loan even more affordable.

Down Payment Assistance Program

Borrowers may receive up to $10,000 in down payment assistance. This is a second loan with no interest and is forgivable after 5 years. You are only eligible if you use the First-Time Homebuyer Program. Not all NJ lenders are offering this program during the pandemic, so shop around.

Police and Fireman's Retirement System Mortgage

Program

Active police and fireman (one-year o service) may qualify for this low-interest 30-year fixed loan program for loans up to $548,250.

New Jersey mortgage FAQ

How much is property tax on a home in New Jersey?
New Jersey homeowners pay an effective property tax rate of about 1.89 percent of home value — the 2nd highest of the 50 states and DC. On the state's median home value of $496,000 that works out to roughly $9,374 a year, or $781 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced New Jersey home?
At $496,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $2,529 a month. Adding New Jersey property tax of roughly $781 a month and an estimated $145 of homeowner insurance brings the full payment to around $3,455.
What mortgage loan options do New Jersey buyers have?
New Jersey buyers can use conventional loans, which call for strong credit, a maximum 36 percent debt ratio, and 3 percent down for first-time buyers or 5 percent for repeat buyers. FHA loans accept a 580 credit score with 3.5 percent down. VA loans provide veterans 100 percent financing with a 620 score, and USDA loans offer zero-down rural financing. Keep in mind NJ lenders are often stricter than in other states.
Which first-time buyer programs are offered in New Jersey?
The First-Time Homebuyer Program offers a competitive 30-year fixed rate for buyers earning less than 140 percent of area median income, and it can be paired with the Down Payment Assistance Program, an interest-free second loan forgiven after 5 years. Active police and firemen may also qualify for the Police and Fireman's Retirement System Mortgage Program, a low-interest 30-year fixed loan.
What credit score do you need for a mortgage in New Jersey?
FHA loans set the lowest bar at a 580 credit score with 3.5 percent down. VA loans require at least 620 for eligible military borrowers, and USDA loans look for 640 or higher. Conventional loans demand great credit and a debt ratio of 36 percent or less, and New Jersey lenders often apply stricter requirements than lenders in other states.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.