Calculate Your New Jersey Mortgage Payment
Our calculator is pre-filled with New Jersey's median home price and property tax rate. Adjust the numbers to match your situation.
Open Calculator with NJ DefaultsMonthly Payment Breakdown for New Jersey
Here's what your monthly payment looks like on the median New Jersey home ($521,000) with 20% down at 6.5%:
Note: This estimate assumes 20% down payment ($104,200), no PMI. With less than 20% down, add $174-$347/month for PMI.
New Jersey Property Taxes
New Jersey's effective property tax rate is 1.85%, which is above the national average of 0.89%.
Annual Property Tax on $521,000 Home
$9,639
($803/month escrowed)
Buying a Home in New Jersey: Key Facts
- Property tax rate of 1.85% is more than double the national average of 0.89%
- NJHMFA has helped over 7,400 lower-income individuals achieve homeownership
- DPA recipients save an average of $142/month, totaling $51,000+ over 30 years
- First-generation homebuyers save an average of $188/month
Mortgage Calculators for Nearby States
Comparing homes across state lines? Check property taxes and home prices in neighboring states:
New Jersey First-Time Homebuyer Programs
New Jersey has 42 homebuyer assistance programs that can help with down payment and closing costs.
NJHMFA Down Payment Assistance
Up to $15,000 as forgivable loan, forgiven after 5 years
Forgivable LoanNJHMFA First Generation DPA
$7,000 additional assistance for first-generation buyers (total up to $22,000)
Forgivable LoanNJHMFA First-Time Homebuyer Mortgage
Competitive 30-year fixed-rate government-insured loan
Low-Interest MortgageEligibility requirements typically include income limits, credit score minimums (usually 620+), and homebuyer education courses. Visit DownPaymentResource.com to search for programs you may qualify for.
Major Cities in New Jersey
Home prices and property taxes can vary significantly by city. The median home price of $521,000 is a statewide average.
New Jersey Mortgage FAQ
What is the property tax rate in New Jersey?
The average effective property tax rate in New Jersey is 1.85%. On a $521,000 home, that's approximately $9,639 per year or $803 per month added to your mortgage payment.
What is the median home price in New Jersey?
The median home price in New Jersey is $521,000 as of January 2026. Prices vary by location - Newark and Jersey City typically have higher prices than rural areas.
Are there first-time homebuyer programs in New Jersey?
Yes, New Jersey has 42 homebuyer assistance programs. Popular options include NJHMFA Down Payment Assistance, which offers up to $15,000 as forgivable loan, forgiven after 5 years.
How much do I need to buy a house in New Jersey?
For the median New Jersey home ($521,000), you'd need $104,200 for a 20% down payment, plus $15,630-$26,050 for closing costs. With down payment assistance, you could potentially buy with as little as $18,235 (3.5% FHA down payment).
Ready to Calculate?
Use our free mortgage calculator with New Jersey property taxes pre-filled.
Calculate Your NJ Mortgage Payment