Calculate your monthly mortgage payment in New Jersey. Pre-filled with New Jersey's median home price of $480,000 and an average property tax rate of 2.47%.
Est. Monthly Payment
$3,845
Principal & Interest
$2,657
Property Tax / mo
$988
Total Interest Paid
$548,570
| Home Price | $480,000 | Median home price in New Jersey (2025) |
| Down Payment | 15% ($72,000) | Typical down payment percentage |
| Loan Amount | $408,000 | Home price minus down payment |
| Interest Rate | 6.79% | Approximate 30-year fixed rate (2025 avg) |
| Loan Term | 30 years | Most common mortgage term |
| Property Tax | 2.47% / year | New Jersey average effective rate |
| Home Insurance | 0.5% / year | Approximate annual premium |
NJHMFA First-Time Homebuyer Mortgage, Down Payment Assistance
Cost of living: Very High · Population: 9,288,994
New Jersey has a median home price of approximately $480,000, placing it above the national median. With a 15% down payment of $72,000, a typical buyer would finance $408,000 over 30 years. At a 6.79% fixed rate, the monthly principal and interest payment comes to $2,657.
Property taxes in New Jersey average 2.47% of the assessed home value annually — one of the higher rates in the country. Combined with an estimated $200 for homeowners insurance, your all-in monthly housing cost is approximately $3,845.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $164,792 to qualify comfortably. The median household income in New Jersey is $89,703.
