Mortgage on a $250K house in New Jersey
$1,849 a month with 20% down — $1,345 principal and interest plus $379 property tax and $125 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $379 a month on a $250K home. The typical home in New Jersey is worth $575,123, so $250K is 57% below the typical price.
$250K home in New Jersey: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $50,000 | $200,000 | $1,345 | $0 | $504 | $1,849 | $79,200 |
| 10% down | $25,000 | $225,000 | $1,514 | $94 | $504 | $2,111 | $90,500 |
| 5% down | $12,500 | $237,500 | $1,598 | $99 | $504 | $2,200 | $94,300 |
| 3.5% down (FHA) | $8,750 | $245,472 | $1,651 | $111 | $504 | $2,266 | $97,100 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.82% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in New Jersey does $250K buy a typical home?
In these counties the typical home value is within 15% of $250K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Cumberland County | $273,036 | 2.28% | $1,946 |
0 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $250K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $250K house in New Jersey?
About $1,849 a month with 20% down at 7.11%: $1,345 principal and interest, $379 property tax and $125 insurance.
How much do I need to make to buy a $250K house in New Jersey?
About $79,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $250K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $4,544 a year. Rates vary by county and city — see the county pages.