Mortgage Calculator – New Jersey
New Jersey is known for high property taxes and elevated home prices, especially in commuter regions near New York City and Philadelphia.
This New Jersey mortgage calculator helps you estimate realistic monthly mortgage payments by factoring in loan terms, interest rates, property taxes, and insurance.
Mortgage Calculator – New Jersey
Why Mortgage Costs in New Jersey Are Higher
New Jersey consistently ranks among the states with the highest property tax rates in the country, which significantly increases monthly housing costs.
Home prices are also elevated due to proximity to major job markets and limited housing supply in many counties.
Buyers must evaluate both purchase price and long-term tax impact when planning a mortgage in New Jersey.
New Jersey Mortgage Examples
Example 1: A $520,000 home with 20% down at 6.75% over 30 years may result in a principal-and-interest payment around $2,700 per month.
Example 2: Property taxes can add several hundred to over a thousand dollars per month, depending on location.
Example 3: Buyers moving from nearby states often underestimate New Jersey’s long-term tax burden.
15-Year vs 30-Year Mortgage in New Jersey
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest | Much lower | Much higher |
| Time in Debt | Shorter | Longer |
Frequently Asked Questions – New Jersey Mortgage
Are property taxes high in New Jersey?
Yes. New Jersey has some of the highest property tax rates in the U.S., which can significantly increase monthly housing costs.
Does this New Jersey mortgage calculator include property taxes?
Yes. You can enter an estimated property tax percentage to include tax impact in your monthly estimate.
Is New Jersey affordable for first-time homebuyers?
Affordability is challenging in many areas, but some regions offer lower prices compared to major metro zones.
Do New Jersey buyers need private mortgage insurance (PMI)?
PMI may be required if your down payment is less than 20%, depending on loan type and lender.
Is refinancing common in New Jersey?
Yes. Many homeowners refinance to reduce interest costs or change loan terms.
Does this calculator include homeowners insurance?
You can include an estimated annual insurance amount, but actual premiums vary by property.
Do property taxes vary by county?
Yes. County and municipal tax rates can differ significantly across New Jersey.
Does this calculator include HOA fees?
No. HOA fees vary by property and should be budgeted separately.
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Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.