Mortgage on a $300K house in New Jersey
$2,219 a month with 20% down — $1,614 principal and interest plus $454 property tax and $150 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $454 a month on a $300K home. The typical home in New Jersey is worth $575,123, so $300K is 48% below the typical price.
$300K 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 | $60,000 | $240,000 | $1,614 | $0 | $604 | $2,219 | $95,100 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $604 | $2,533 | $108,600 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $604 | $2,640 | $113,200 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $604 | $2,719 | $116,500 |
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 $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Salem County | $297,450 | 2.93% | $2,497 |
| Cumberland County | $273,036 | 2.28% | $2,335 |
2 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $300K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $300K house in New Jersey?
About $2,219 a month with 20% down at 7.11%: $1,614 principal and interest, $454 property tax and $150 insurance.
How much do I need to make to buy a $300K house in New Jersey?
About $95,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $5,453 a year. Rates vary by county and city — see the county pages.