Mortgage Calculator — New Jersey
Pre-filled with New Jersey's average home price of $460000, property tax rate of 2.08%, and average insurance of $1700/year. Adjust any value below.
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New Jersey Housing Market
New Jersey has the highest effective property tax rate in the US at over 2%, making total monthly costs substantial even on mid-range homes. Proximity to New York City drives strong demand in northern NJ commuter markets.
Affordability in New Jersey
A $460,000 NJ home carries nearly $800/month in property taxes alone. Bergen and Monmouth counties command premium prices for NYC commuters, while South Jersey markets near Philadelphia offer more accessible entry points.
Key Markets
First-Time Buyer Programs in New Jersey
NJHMFA First-Time Homebuyer Mortgage
Fixed-rate mortgage for first-time buyers, with income and price limits.
NJHMFA Down Payment Assistance
Forgivable down payment and closing cost assistance, paired with an NJHMFA first mortgage.
First-Generation Homebuyer DPA
Additional forgivable assistance for buyers whose parents did not own a home.
Programs are run by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in New Jersey
New Jersey has the highest average property tax bills in the US. The ANCHOR program and the Senior Freeze (Stay NJ) provide partial relief to homeowners. At New Jersey's average effective rate of 2.08%, a $460,000 home pays roughly $9,570/year (about $798/month).
New Jersey Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in New Jersey
New Jersey's graduated Realty Transfer Fee is paid by the seller and is roughly 1% or more of the price. Sales above $1 million also carry the 'mansion tax', which 2025 reforms made graduated. Buyers pay attorney, title and lender fees.
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