Mortgage for New Jersey (2026)
New Jersey (NJ) Key Facts
Median Home Price
$470,000
Average Property Tax Rate
2.49%
Average Home Insurance Rate
0.55%
Estimated Monthly Payment
$3,934
First Time Buyer Programs
2
How This Calculator Works in New Jersey
This mortgage calculator lets you estimate your monthly payment on a New Jersey home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with New Jersey's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
New Jersey Overview
New Jersey has a median home price of approximately $480K, with an average property tax rate of 2.49% and homeowners insurance averaging 0.55% annually. Highest average property tax rate in the US at ~2.23%. NJHMFA First-Time Homebuyer Program and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates, and an attorney is required at closing for legal oversight.
How New Jersey Compares
Compared to neighboring states, New Jersey's median home price of $470,000 is above the national median of about $420,000. Nearby New York has a median price of $420,000 with a 1.72% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| New York | $420,000 | Median home price is $420,000 with a 1.72% property tax rate. Estimated monthly mortgage payment is about $3,246. |
| Pennsylvania | $275,000 | Median home price is $275,000 with a 1.58% property tax rate. Estimated monthly mortgage payment is about $2,093. |
| Delaware | $340,000 | Median home price is $340,000 with a 0.57% property tax rate. Estimated monthly mortgage payment is about $2,288. |
The median home price in New Jersey is $470,000, compared to the national median of approximately $420,000. With a 2.49% average property tax rate and 0.55% insurance rate, New Jersey homeowners can expect an estimated monthly payment of about $3,934 on a median-priced home with 10% down at 6.75% interest.
Tips for New Jersey Residents
- 1New Jersey has a median home price around $480K. Highest average property tax rate in the US at ~2.23%. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in New Jersey average 2.49%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore NJHMFA First-Time Homebuyer Program for potential down payment assistance and favorable rates. New Jersey also offers NJHMFA Down Payment Assistance Program. Check income limits and eligibility early in your home search.
- 4Attorney required at closing; high property taxes significantly impact monthly payments. New Jersey requires an attorney at closing, which adds cost but provides legal protection during the transaction.
- 5Realty transfer fee applies to sellers. A 0.25% rate difference on a $470K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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