New Jersey mortgage calculator
Estimate your monthly payment for a home in New Jersey, with property tax at the state average of 2.11% and home insurance included. Rates use the 7.4% national 30-year average from Freddie Mac (week of October 8, 2026).
Estimated monthly payment
- Loan amount
- $363,520
- Down payment
- $90,880
- Interest over 30 years
- $542,578
- Income needed (28% guideline)
- $148,604 a year
Estimate only. Mortgage insurance (PMI) is added when the down payment is under 20%. Real taxes, insurance and lender fees vary by property.
How this is calculated. Principal and interest use the standard fixed-rate loan formula. Property tax uses the New Jersey average effective rate: the median real estate tax paid divided by the median home value. Home insurance is a general estimate that you can change.
Sources: Freddie Mac mortgage rate survey, week of October 8, 2026; U.S. Census Bureau American Community Survey, 2020–2024. Updated October 2026. Full methodology.
What a typical home costs per month in New Jersey
A home valued at the New Jersey median of $454,400 (the Census Bureau's figure for owner-occupied homes), bought with 20% down at 7.4% over 30 years, comes to about $3,467 a month. That is $2,517 in principal and interest, $799 in property tax and $152 in insurance.
Over a year that is 40.2% of the state's median household income of $103,556. Keeping housing costs near 28% of gross income would take a household income of about $148,604.
Property tax in New Jersey
New Jersey has the highest effective property tax rate of the 50 states at 2.11%, above the typical state rate of 0.80%. The median New Jersey homeowner pays $9,590 a year.
| Home price | Tax per year | Tax per month |
|---|---|---|
| $200,000 | $4,221 | $352 |
| $300,000 | $6,331 | $528 |
| $400,000 | $8,442 | $703 |
| $500,000 | $10,552 | $879 |
| $750,000 | $15,829 | $1,319 |
These figures apply the statewide average rate. Rates differ between counties and taxing districts, and some homes qualify for exemptions.
States with similar property tax rates
- Illinois2.01% (2nd highest)
- Connecticut1.81% (3rd highest)
- New Hampshire1.66% (4th highest)
- Vermont1.59% (5th highest)
- New York1.55% (6th highest)
- Texas1.49% (7th highest)
Questions about New Jersey mortgage payments
What is the property tax rate in New Jersey?
The average effective property tax rate in New Jersey is 2.11%. Census Bureau data shows homeowners paid a median of $9,590 a year on homes with a median value of $454,400. Your own rate depends on your county, city and school district.
How much is the monthly mortgage payment on a median-value home in New Jersey?
About $3,467 a month including property tax and insurance, assuming 20% down at 7.4% on a 30-year loan. Principal and interest alone come to $2,517.
How much income do I need to buy a home in New Jersey?
A common guideline keeps housing costs under 28% of gross income. For the median-value home above, that works out to about $148,604 a year. Lenders also look at debts, credit score and savings, so your own number may differ.
Does this calculator include property tax and insurance?
Yes. It adds property tax at 2.11% of the home price and home insurance at 0.4% of the home price as a starting estimate. Change either number to match a real quote. Mortgage insurance is added automatically when the down payment is under 20%.
Last updated October 2026. See the methodology for sources and limits.