Mortgage Payment Calculator for New Jersey

Mortgage Payments in New Jersey

The median home value in New Jersey is $480,000. New Jersey benefited from NYC out-migration during COVID, pushing suburban prices sharply higher. Bergen, Morris, Monmouth, and Somerset counties carry the highest values and highest tax bills in the state.

Conforming Loan Limits in New Jersey

The conforming loan limit is $1,089,300. All New Jersey counties qualify for high-cost conforming limits, ranging from $952,750 to $1,089,300 depending on the county. Loans up to this amount qualify for standard Fannie Mae/Freddie Mac rates. Above this is jumbo territory with stricter requirements.

Sample Monthly Payments in New Jersey

At the median home value of $480,000 with a 20% down payment ($96,000), you'd borrow $384,000. At 7% for 30 years, principal and interest runs approximately $2,555/month. Add property taxes (~$852/mo) and insurance (~$150/mo) for a total PITI estimate.

Property Taxes in New Jersey

Budget for New Jersey's effective property tax rate of 2.13% (avg. bill: $9,476/year). Lenders include taxes in your PITI calculation and collect them monthly in escrow.

Closing Costs

First-time buyers in New Jersey should budget for closing costs of approximately $7,200. New Jersey has a Realty Transfer Fee (RTF) of up to 1.21% of sale price on the seller side. Buyers also pay a Mansion Tax of 1% on residential purchases above $1M. Combined, closing costs are among the highest in the nation.

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