Mortgage on a $550K house in New Jersey
$4,068 a month with 20% down — $2,960 principal and interest plus $833 property tax and $275 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $833 a month on a $550K home. The typical home in New Jersey is worth $575,123, so $550K is 4% below the typical price.
$550K 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 | $110,000 | $440,000 | $2,960 | $0 | $1,108 | $4,068 | $174,300 |
| 10% down | $55,000 | $495,000 | $3,330 | $206 | $1,108 | $4,644 | $199,000 |
| 5% down | $27,500 | $522,500 | $3,515 | $218 | $1,108 | $4,841 | $207,500 |
| 3.5% down (FHA) | $19,250 | $540,038 | $3,633 | $243 | $1,108 | $4,984 | $213,600 |
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 $550K buy a typical home?
In these counties the typical home value is within 15% of $550K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Ocean County | $551,299 | 1.65% | $3,990 |
| Middlesex County | $579,852 | 2.1% | $4,197 |
| Passaic County | $597,668 | 2.18% | $4,232 |
| Hunterdon County | $627,345 | 1.93% | $4,121 |
| Union County | $627,890 | 1.89% | $4,101 |
9 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $550K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $550K house in New Jersey?
About $4,068 a month with 20% down at 7.11%: $2,960 principal and interest, $833 property tax and $275 insurance.
How much do I need to make to buy a $550K house in New Jersey?
About $174,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $550K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $9,997 a year. Rates vary by county and city — see the county pages.