Mortgage on a $400K house in New Jersey
$2,959 a month with 20% down — $2,153 principal and interest plus $606 property tax and $200 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $606 a month on a $400K home. The typical home in New Jersey is worth $575,123, so $400K is 30% below the typical price.
$400K 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 | $80,000 | $320,000 | $2,153 | $0 | $806 | $2,959 | $126,800 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $806 | $3,378 | $144,800 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $806 | $3,520 | $150,900 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $806 | $3,625 | $155,400 |
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 $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Atlantic County | $383,102 | 2.3% | $3,118 |
| Warren County | $417,688 | 2.34% | $3,134 |
| Gloucester County | $381,762 | 2.6% | $3,218 |
| Burlington County | $418,637 | 2.26% | $3,104 |
| Mercer County | $439,984 | 2.36% | $3,139 |
| Sussex County | $445,283 | 2.32% | $3,126 |
| Camden County | $353,585 | 2.83% | $3,297 |
5 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $400K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $400K house in New Jersey?
About $2,959 a month with 20% down at 7.11%: $2,153 principal and interest, $606 property tax and $200 insurance.
How much do I need to make to buy a $400K house in New Jersey?
About $126,800 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $7,271 a year. Rates vary by county and city — see the county pages.