2026 data · 2.26% property tax · Median home $401,400
New Jersey Mortgage Calculator
A median-priced home in New Jersey ($401,400) costs roughly $3,056 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. New Jersey's effective property tax rate is 2.26% — well above the US average of about 1.0%.
New Jersey median-home monthly payment
$3,056/mo
P&I $2,136 · Tax $756 · Insurance $164
@ $401,400 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in New Jersey
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $200,000 | $40,000 | $1,064 | $377 | $82 | $1,523 |
| $300,000 | $60,000 | $1,597 | $565 | $123 | $2,284 |
| $400,000 | $80,000 | $2,129 | $753 | $163 | $3,046 |
| $401,400 (state median) | $80,280 | $2,136 | $756 | $164 | $3,056 |
| $500,000 | $100,000 | $2,661 | $942 | $204 | $3,807 |
| $750,000 | $150,000 | $3,992 | $1,413 | $306 | $5,711 |
Calculations use New Jersey's 2.26% effective property tax rate, estimated homeowners insurance at 0.49%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
New Jersey property tax
Effective rate
2.26%
Median home value
$401,400
Median property tax
$9,076/yr
New Jersey has the HIGHEST effective property tax rate in the US (2.26%) and the highest median property tax bills ($9,076). ANCHOR program provides partial property tax relief. Mortgage budgeting must account for $750+/month average in property tax alone.
See our property tax calculator for a state-by-state property tax breakdown, and our New Jersey paycheck calculator to estimate take-home pay against this monthly housing cost.
New Jersey vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| New Jersey (this page) | 2.26% | $401,400 | $9,076 | |
| New York | 1.46% | $384,100 | $6,280 | New York mortgage → |
| Pennsylvania | 1.43% | $239,800 | $3,440 | Pennsylvania mortgage → |
| Delaware | 0.55% | $305,900 | $1,756 | Delaware mortgage → |
FAQs about New Jersey mortgages
What is the property tax rate in New Jersey?
New Jersey's effective property tax rate is 2.26%, meaning the average homeowner pays roughly 2.26% of their home's value in property tax annually. On a $401,400 home (the state median), that's about $9,076 per year, or $756 per month added to your mortgage payment.
What is the average monthly mortgage payment in New Jersey?
For a home at New Jersey's median value of $401,400, assuming 20% down, a 30-year fixed mortgage at 7.0%, and New Jersey's 2.26% property tax + estimated insurance, the typical monthly PITI payment is approximately $3,056. This includes $2,136 principal & interest, $756 property tax, and $164 homeowners insurance.
How much income do I need to buy a house in New Jersey?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $130,971 to comfortably afford New Jersey's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $85,284 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is New Jersey a good state to buy a house?
New Jersey's combination of 2.26% property tax (well above the national average of ~1.0%) and median home value of $401,400 place it in the mid-range of state housing markets nationally. New Jersey has the HIGHEST effective property tax rate in the US (2.26%) and the highest median property tax bills ($9,076).
How does New Jersey property tax compare to neighboring states?
New Jersey's 2.26% rate compares to: New York at 1.46%, Pennsylvania at 1.43%, Delaware at 0.55%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does New Jersey have a homestead exemption?
New Jersey offers various property tax relief programs. New Jersey has the HIGHEST effective property tax rate in the US (2.26%) and the highest median property tax bills ($9,076). ANCHOR program provides partial property tax relief. Mortgage budgeting must account for $750+/month average in property tax alone. Check with your county assessor for primary-residence exemptions and senior/disabled programs that may reduce your annual property tax bill.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your New Jersey mortgage, the breakdown on a median-priced home would be: Principal & Interest $2,136, Property Tax $756, Homeowners Insurance $164. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.