New Jersey mortgage calculator
Your full monthly payment in New Jersey, with the state's average property tax (1.89%) and insurance already filled in. A $495,000 home with 20% down costs about $3,595 a month at today's 7.24% average 30-year rate.
By John Crane, MBA & the Editorial Team · Updated for the 2026 tax year. How we check our numbers
Monthly payment, month 1
$3,595.03
Principal and interest $2,698.73 plus escrow and fees
| Principal & interest | $2,698.73 | 75.1% |
|---|---|---|
| Property tax | $779.63 | 21.7% |
| Home insurance | $116.67 | 3.2% |
- Loan amount
- $396,000
- Total interest
- $575,546
- Total of P&I + PMI
- $971,546
- Payoff
- Oct 2056
- PMI drops off
- Not required
- PMI paid in total
- $0
Over the life of the loan
Amortization schedule
30 years · 360 payments| Year | Principal | Interest | PMI | Interest to date | Ending balance |
|---|---|---|---|---|---|
| 01 to Oct 2027 | $3,840.14 | $28,544.62 | - | $28,544.62 | $392,159.86 |
| 02 to Oct 2028 | $4,127.60 | $28,257.16 | - | $56,801.78 | $388,032.26 |
| 03 to Oct 2029 | $4,436.51 | $27,948.25 | - | $84,750.03 | $383,595.75 |
| 04 to Oct 2030 | $4,768.60 | $27,616.16 | - | $112,366.19 | $378,827.15 |
| 05 to Oct 2031 | $5,125.53 | $27,259.23 | - | $139,625.42 | $373,701.62 |
| 06 to Oct 2032 | $5,509.19 | $26,875.57 | - | $166,500.99 | $368,192.43 |
| 07 to Oct 2033 | $5,921.55 | $26,463.21 | - | $192,964.20 | $362,270.88 |
| 08 to Oct 2034 | $6,364.79 | $26,019.97 | - | $218,984.17 | $355,906.09 |
| 09 to Oct 2035 | $6,841.22 | $25,543.54 | - | $244,527.71 | $349,064.87 |
| 10 to Oct 2036 | $7,353.29 | $25,031.47 | - | $269,559.18 | $341,711.58 |
Home costs in New Jersey
- Property tax in New Jersey runs about 1.89% of home value a year (the median tax bill divided by the median home value), the 2nd highest of the 50 states and DC (U.S. 0.89%), or about $9,374 a year on the median home.
- The median owner-occupied home in New Jersey is worth $496,000, the 9th highest of the 50 states and DC, compared with $360,600 nationally.
- Homeowners insurance runs about $2.86 per $1,000 of home value a year (U.S. $4.29), roughly $1,419 a year on the median home.
- In 2026 the conforming loan limit for a one-unit home is $832,750 in most counties and the FHA limit starts at $541,287, with both reaching $1,249,125 in high-cost counties.
Monthly payment on a 30-year fixed loan at 7.24%
| Home price | Down payment | Principal and interest | Property tax | Insurance | PMI | Total a month |
|---|---|---|---|---|---|---|
| $370,000 | $74,000 (20%) | $2,017 | $583 | $88 | $0 | $2,687 |
| $495,000 | $99,000 (20%) | $2,699 | $780 | $117 | $0 | $3,595 |
| $745,000 | $149,000 (20%) | $4,062 | $1,173 | $179 | $0 | $5,414 |
| $495,000 | $49,500 (10%) | $3,036 | $780 | $117 | $141 | $4,073 |
Uses New Jersey's average property tax and insurance rates and, with 10% down, PMI of 0.38% a year, typical for a 740 to 759 credit score. Find the price that fits your income in the New Jersey home affordability calculator.
More for New Jersey: New Jersey paycheck calculator · New Jersey income tax calculator · New Jersey home affordability calculator
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How this is calculated
Payment
M = P × r / (1 − (1 + r)^−n)
P is the loan amount, r the annual rate divided by 12, and n the number of monthly payments. Property tax, insurance, PMI and HOA dues are added to show the full payment.
New Jersey defaults
Property tax is the state's median real estate tax divided by its median home value, and insurance is the median premium per $1,000 of value, both from the Census Bureau's American Community Survey (2024). Change them to match your county and quote.
Rate
7.24% is Freddie Mac's Primary Mortgage Market Survey average for a 30-year fixed loan, week of October 29, 2026. Your rate depends on your credit, down payment and lender.
Sources
Related guides
- How much house can I afford? The 28/36 rule, explainedHow the 28/36 rule turns your income and debts into a home price, what lenders allow, and how rates, taxes and your down payment change the answer.
- When does PMI go away?The 80% and 78% rules for ending PMI, how long it takes, how extra payments and appraisals speed it up, and how FHA mortgage insurance differs.
- Is refinancing worth it? How to find your break-evenHow to weigh closing costs against monthly savings, when a lower rate does not pay off, and how term, cash-out and time in the home change the answer.
- How mortgage amortization worksWhy early mortgage payments are mostly interest, the year principal overtakes interest, and how much extra payments save on a typical loan.
- FHA vs conventional loans: which costs less?FHA and conventional mortgages compared on down payment, credit score, mortgage insurance and total cost, and where each one comes out ahead.
Questions
What is the monthly payment on a $495,000 house in New Jersey?
About $3,595 a month with 20% down on a 30-year fixed loan at 7.24%: $2,699 principal and interest, $780 property tax and $117 insurance. With 10% down it is about $4,073, including $141 of mortgage insurance.
What is the property tax rate in New Jersey?
About 1.89% of home value a year on average, or $9,374 on the median $496,000 home, based on Census figures. Your bill depends on your county, city and school district rates and any homestead exemption.
What is the 2026 conforming loan limit in New Jersey?
$832,750 for a one-unit home in most counties, and up to $1,249,125 in high-cost counties. Larger loans are jumbo loans, which often have different rates and down payment rules.