New Jersey variant. This is a New Jersey-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
With a median home value of $510,000 and an effective property tax rate of 2.49%, a typical New Jersey mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a New Jersey mortgage payment
On the $510,000 median home with 20% down ($102,000), you'd finance about $408,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $2,579/month.
New Jersey's 2.49% effective property tax adds about $1,058/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in New Jersey
New Jersey uses a graduated income tax with a top marginal rate above 10% on the highest earners.
New Jersey has the highest effective property tax rate in the United States, near 2.5%, with median home values exceeding $500,000.
New Jersey's economy is shaped by its dense corridor between New York City and Philadelphia, with pharmaceuticals, finance, and logistics as key sectors.
Worked example: $510,000 home in New Jersey
Price $510,000, 20% down ($102,000), loan $408,000 at 6.5% for 30 years → P&I ≈ $2,579/mo. Add property tax ≈ $1,058/mo (2.49% of value ÷ 12). Total before insurance ≈ $3,637/mo.
Quick reference
- State income tax: 1.4-10.75% across 7 brackets
- State sales tax: 6.625% (plus -0.02% avg local)
- Median home value: $510,000
- Median household income: $97,126
- Effective property tax rate: 2.49%
- Avg auto insurance: $2,076/yr
Frequently Asked Questions
How much is a mortgage on a $510,000 New Jersey home?
With 20% down at 6.5% over 30 years, principal and interest run about $2,579/month, before New Jersey's 2.49% property tax and insurance.
What is the property tax rate in New Jersey?
New Jersey's effective property tax rate is about 2.49% of home value per year.