New Jersey Mortgage Calculator 2026

Calculate your monthly mortgage payment for a home in New Jersey (NJ). The median home price in New Jersey is $521,000, with an effective property tax rate of 2.23% (ranked #1 nationally). Use our free calculator to compare FHA, VA, USDA, and conventional loan options with real New Jersey data.

New Jersey Property Tax Information

New Jersey has an effective property tax rate of 2.23%, ranking #1 among all 50 states. The median annual property tax is $9,541 ($795/month). Source: Tax Foundation 2025.

New Jersey Loan Limits 2026

FHA loan limit in New Jersey: $524,225 (floor) to $1,209,750 (ceiling for high-cost areas). Conforming loan limit: $806,500 (baseline) to $1,209,750 (ceiling). New Jersey has designated high-cost areas with higher limits.

Estimated Monthly Payment in New Jersey

For a median-priced home of $521,000 with 20% down ($104,200), at 6.5% interest over 30 years: estimated monthly principal and interest is $2,634, plus $795 in property taxes and approximately $125 in homeowner's insurance, for a total estimated payment of approximately $3,554/month.

New Jersey Closing Costs

Average closing costs in New Jersey are $5,410 (0.92% of purchase price), ranked #13 nationally. New Jersey charges a transfer tax on real estate transactions. Source: Bankrate/LodeStar 2025.

New Jersey Housing Market 2026

Home prices in New Jersey have increased 6.2% year-over-year. Average days on market: 22. Inventory level: low. Currently considered a seller's market.

Down Payment Assistance Programs in New Jersey

New Jersey offers 3 down payment assistance programs through New Jersey Housing and Mortgage Finance Agency (NJHMFA):

  • First-Time Homebuyer Program (forgivable loan): Forgivable after 5 years. Below-market rates. - Up to Up to $15,000
  • Police and Firemen's Retirement Program (forgivable loan): For first responders. Additional rate discount. - Up to Up to $15,000 + rate reduction
  • Down Payment Assistance Program (second mortgage): 0% interest, deferred payment second mortgage. - Up to Up to 4% of loan amount

Contact NJHMFA: https://www.nj.gov/dca/hmfa | Phone: 609-278-7400

Did You Know About New Jersey?

  • New Jersey has the highest property tax rate in the nation at 2.23%
  • Most counties have high-cost loan limits
  • Realty transfer fee is 1% on properties over $150,000
  • Strong schools partly explain high property taxes

Frequently Asked Questions About Buying a Home in New Jersey

What is the average property tax rate in New Jersey?

The effective property tax rate in New Jersey is 2.23%, with a median annual tax of $9,541. This ranks #1 among all states.

What are the FHA loan limits in New Jersey for 2026?

The FHA loan floor in New Jersey is $524,225 and the ceiling is $1,209,750 for high-cost areas. The conforming loan limit baseline is $806,500.

How much are closing costs in New Jersey?

Average closing costs in New Jersey are $5,410, which is approximately 0.92% of the purchase price.

Are there first-time homebuyer programs in New Jersey?

Yes, New Jersey offers 3 down payment assistance programs through New Jersey Housing and Mortgage Finance Agency, including grants, forgivable loans, and second mortgages.

Is New Jersey a good place to buy a home in 2026?

With a median home price of $521,000 and low inventory, New Jersey is currently a seller's market. Home prices have increased 6.2% over the past year.

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Data last updated: 2025-11. This information is for educational purposes only and should not be considered financial advice.