US mortgage calculator (all states)
New Jersey combines strong incomes near New York and Philadelphia with very high housing costs. The statewide median home price is about $525,000 in 2026. Property taxes are the painful tradeoff: an effective rate near 2.23% is the highest in the United States, so escrow adds roughly $11,700/year on a typical $525,000 home. High-cost metro counties can use elevated conforming loan limits. NJHMFA runs popular first-time buyer assistance programs statewide.
Current Rates (Freddie Mac PMMS)
30-Year Fixed: 15-Year Fixed: Rates verified Oct 21, 2026
Adjust values — results update instantly.
State: New Jersey (median-style home price, tax, and insurance pre-filled — edit as needed)
Illustrative property tax and insurance — actual bills vary by municipality and exemptions. Not a loan offer.
Dollar amount. PMI applies when under 20% of home price.
PMI is estimated at 0.5% of the loan amount per year when your down payment is below 20% of the purchase price.
Total monthly payment
$3,825
| Location | Median price | Notes |
|---|---|---|
| New Jersey (state) | ~$525,000 | Illustrative median |
| North Jersey (NYC metro) | $600,000+ | Bergen, Hudson, Essex |
| Central Jersey | ~$500,000–$550,000 | Middlesex, Union |
| Jersey Shore | Wide range | Seasonal demand |
| South Jersey | ~$300,000–$400,000 | Philadelphia spillover |
| Cost | Rate/amount | Notes |
|---|---|---|
| Property tax rate | ~2.23% effective | Highest in the US |
| Annual tax ($525k home) | ~$11,700 | ~$975/month escrow |
| Conforming limit (high-cost) | Up to ~$1,089,300 | NYC metro counties |
| Standard conforming limit | $832,750 | Most other NJ counties |
| Home insurance | ~$1,200–$2,000/year | Varies by carrier and coastal risk |
NJHMFA offers first-mortgage products and down payment assistance for qualified buyers, often as a second lien with deferred or forgivable terms depending on the program. Lenders also originate FHA (3.5% down) and VA (0% down) loans. Because property taxes are so high, lenders scrutinize debt-to-income ratios carefully — budget escrow realistically before you shop.
New Jersey’s typical median home value is approximately $525,000 in 2026. Northern counties near New York City run higher — Bergen and Hudson often exceed $600,000–$700,000 for single-family homes — while South Jersey markets like Camden and Atlantic counties can be closer to $300,000–$400,000.
New Jersey relies heavily on local property taxes to fund schools and municipalities. The effective property tax rate is about 2.23% of home value — the highest in the nation. On a $525,000 home, that is roughly $11,700 per year (~$975/month) before exemptions, which materially increases your total housing payment compared with low-tax states.
Most New Jersey counties use the standard federal conforming limit ($832,750 in 2026). High-cost counties in the New York City metro area qualify for elevated limits — often around $1,089,300 — so many suburban buyers can still use conventional financing below the jumbo threshold.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers first-time homebuyer programs including down payment and closing cost assistance, often paired with competitive 30-year fixed rates through participating lenders. Income and purchase-price limits apply; police, fire, and educator programs may offer additional benefits.
Educational estimates only. Not a mortgage offer or tax advice.