New Jersey Mortgage Calculator

Calculate your monthly mortgage payment in New Jersey. Pre-filled with New Jersey's average property tax rate of 2.23%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$650
Homeowner's Insurance
$100
Total Monthly Payment
$2,520

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,520/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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New Jersey Housing Overview

New Jersey has an average property tax rate of 2.23%. New Jersey's cost of living is about 20% above the national average, with property taxes and housing being the largest contributors.

Property Tax: 2.23%Progressive rates up to 10.75%SDI and FLI payroll taxesHighest property taxes in the nation

Buying a Home in New Jersey

If you're considering buying a home in New Jersey, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills New Jersey's average property tax rate of 2.23% to give you a more accurate estimate.

New Jersey Property Taxes

New Jersey has an average effective property tax rate of 2.23%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 2.23% rate means approximately $7805 per year, or $650 per month in property taxes alone.

Cost of Living in New Jersey

New Jersey's cost of living is about 20% above the national average, with property taxes and housing being the largest contributors. When evaluating whether to buy a home in New Jersey, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for New Jersey Homebuyers

  • New Jersey's 10.75% top rate combined with high property taxes makes pre-tax deductions crucial
  • New Jersey SDI and FLI payroll taxes add additional deductions from your paycheck
  • New Jersey does not tax Social Security benefits
  • Despite high taxes, proximity to NYC offers access to the highest-paying job market in the country

Key New Jersey Features

  • Progressive rates up to 10.75%
  • SDI and FLI payroll taxes
  • Highest property taxes in the nation
  • No tax on Social Security
  • Proximity to NYC job market

See How Your New Jersey Mortgage Fits Your Financial Plan

This calculator shows your New Jersey mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare New Jersey Mortgage Costs with Other States

New York1.46% property taxPennsylvania1.53% property taxDelaware0.56% property taxTexas1.80% property taxFlorida0.89% property taxTennessee0.66% property tax

Frequently Asked Questions

What is the average property tax rate in New Jersey?
The average effective property tax rate in New Jersey is approximately 2.23%. This rate is applied to the assessed value of your property, which may differ from the market value depending on New Jersey's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in New Jersey?
Your mortgage payment in New Jersey depends on the home price, your down payment, interest rate, and loan term. With New Jersey's average property tax rate of 2.23%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is New Jersey an affordable state to buy a home?
New Jersey's cost of living is about 20% above the national average, with property taxes and housing being the largest contributors. When evaluating affordability in New Jersey, consider not just the home price but also property taxes (2.23% average), homeowner's insurance costs, and any HOA fees common in your area.
How do New Jersey property taxes compare to other states?
New Jersey's average property tax rate of 2.23% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in New Jersey?
Most states, including New Jersey, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with New Jersey's housing authority and the FHA, VA, and USDA loan programs for additional options.

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