Typical New Jersey mortgage payment
The median home price in New Jersey is roughly $500,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,954 | $2,684 |
| 5.50% | $4,085 | $2,839 |
| 6.00% | $4,219 | $2,998 |
| 6.50% | $4,356 | $3,160 |
| 7.00% | $4,494 | $3,327 |
| 7.50% | $4,635 | $3,496 |
| 8.00% | $4,778 | $3,669 |
| 8.50% | $4,924 | $3,845 |
| 9.00% | $5,071 | $4,023 |
| 9.50% | $5,221 | $4,204 |
| 10.00% | $5,373 | $4,388 |
What a New Jersey mortgage really costs (PITI)
Principal & interest alone would run about $3,160/month at 6.50% over 30 years. But New Jersey's property tax - roughly 2.49% of home value per year here - adds about $1,038/month, and estimated homeowners insurance adds around $146/month. Your real total monthly payment (PITI) on a $500,000 New Jersey home is closer to $4,344/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $186,157/year. A 20% down payment here is $100,000.
New Jersey vs. its neighbors
Of New Jersey and its neighbors, Pennsylvania has the lowest estimated total monthly payment - about $2,203 less per month than New Jersey.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Pennsylvania | $270,000 | 1.58% | $2,141/mo |
| Delaware | $360,000 | 0.58% | $2,554/mo |
| New York | $460,000 | 1.72% | $3,701/mo |
| New Jersey (this page) | $500,000 | 2.49% | $4,344/mo |
What affects your New Jersey payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.