Mortgage Calculator in New Jersey

Calculate your monthly mortgage payment in New Jersey using the 2026 median home price of $460K and current local rates. Adjust the inputs below to match your situation.

New Jersey Housing Market at a Glance (2026)

$460K

Median Home Price

6.79%

Avg Mortgage Rate

2.47%

Property Tax Rate

12%

Typical Down Payment

Buying a Home in New Jersey: Costs to Know

Average closing costs2.2% of purchase price

On a $460K home, closing costs ≈$10,120

Median household income$89,000/yr

State income tax (top rate)10.75%

First-Time Buyer Programs in New Jersey

New Jersey offers state-sponsored programs that can reduce your down payment or closing costs:

✓NJHMFA First-Time Homebuyer
✓Smart Start Down Payment

How Mortgage Payments Work in New Jersey

A standard mortgage payment in New Jersey is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $460K home in New Jersey with a 12% down payment at 6.79% over 30 years, your principal and interest payment comes to approximately $2,636/month— not including property taxes or homeowner's insurance.

New Jersey's property tax rate of 2.47% adds roughly $947/month to your total housing cost on a $460K home. This rate is above the national average of ~1.1%, so factor it carefully into your budget.

New Jersey vs. National Average

Metric	New Jersey	National Avg
Median Home Price	$460,000	$420,000
Property Tax Rate	2.47%	1.07%
Avg Mortgage Rate	6.79%	6.85%
Cost of Living Index	128	100

Frequently Asked Questions — Mortgage Calculator in New Jersey

What is the average mortgage payment in New Jersey?+

Based on the median home price of $460K in New Jersey with a 12% down payment and 6.79% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $2,636. Adding property taxes (~$947/mo) and homeowner's insurance, total PITI is typically $3,733–$3,833/month.

What is the property tax rate in New Jersey?+

New Jersey has an average effective property tax rate of 2.47%. On the median home price of $460K, that equals roughly $11,362 per year — or $947 added to your monthly mortgage payment. This is above the national average of ~1.1%, so budget carefully.

How much down payment do I need to buy a home in New Jersey?+

The typical down payment in New Jersey is 12% — about $55,200 on the median $460K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like NJHMFA First-Time Homebuyer.

What are closing costs in New Jersey?+

Average closing costs in New Jersey are approximately 2.2% of the purchase price — about $10,120 on the median $460K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in New Jersey?+

To afford the $460K median home in New Jersey under the 28% housing-cost rule, you need a gross monthly income of at least $13,332 — roughly $160K/year. The median household income in New Jersey is $89,000.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.