Mortgage on a $650K house in New Jersey
$4,808 a month with 20% down — $3,498 principal and interest plus $985 property tax and $325 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $985 a month on a $650K home. The typical home in New Jersey is worth $575,123, so $650K is 13% above the typical price.
$650K 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 | $130,000 | $520,000 | $3,498 | $0 | $1,310 | $4,808 | $206,000 |
| 10% down | $65,000 | $585,000 | $3,935 | $244 | $1,310 | $5,489 | $235,200 |
| 5% down | $32,500 | $617,500 | $4,154 | $257 | $1,310 | $5,721 | $245,200 |
| 3.5% down (FHA) | $22,750 | $638,227 | $4,293 | $287 | $1,310 | $5,890 | $252,400 |
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 $650K buy a typical home?
In these counties the typical home value is within 15% of $650K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Somerset County | $656,346 | 1.81% | $4,804 |
| Essex County | $658,593 | 1.91% | $4,857 |
| Hudson County | $636,059 | 1.77% | $4,782 |
| Union County | $627,890 | 1.89% | $4,847 |
| Hunterdon County | $627,345 | 1.93% | $4,870 |
| Morris County | $701,797 | 1.72% | $4,753 |
| Passaic County | $597,668 | 2.18% | $5,002 |
| Middlesex County | $579,852 | 2.1% | $4,960 |
15 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $650K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $650K house in New Jersey?
About $4,808 a month with 20% down at 7.11%: $3,498 principal and interest, $985 property tax and $325 insurance.
How much do I need to make to buy a $650K house in New Jersey?
About $206,000 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $650K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $11,815 a year. Rates vary by county and city — see the county pages.