Mortgage on a $700K house in New Jersey
$5,177 a month with 20% down — $3,767 principal and interest plus $1,060 property tax and $350 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $1,060 a month on a $700K home. The typical home in New Jersey is worth $575,123, so $700K is 22% above the typical price.
$700K 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 | $140,000 | $560,000 | $3,767 | $0 | $1,410 | $5,177 | $221,900 |
| 10% down | $70,000 | $630,000 | $4,238 | $263 | $1,410 | $5,911 | $253,300 |
| 5% down | $35,000 | $665,000 | $4,473 | $277 | $1,410 | $6,161 | $264,000 |
| 3.5% down (FHA) | $24,500 | $687,321 | $4,624 | $310 | $1,410 | $6,344 | $271,900 |
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 $700K buy a typical home?
In these counties the typical home value is within 15% of $700K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Morris County | $701,797 | 1.72% | $5,119 |
| Essex County | $658,593 | 1.91% | $5,230 |
| Somerset County | $656,346 | 1.81% | $5,174 |
| Hudson County | $636,059 | 1.77% | $5,150 |
| Union County | $627,890 | 1.89% | $5,220 |
| Hunterdon County | $627,345 | 1.93% | $5,245 |
| Bergen County | $780,357 | 1.61% | $5,054 |
| Monmouth County | $786,951 | 1.65% | $5,080 |
| Passaic County | $597,668 | 2.18% | $5,387 |
17 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $700K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $700K house in New Jersey?
About $5,177 a month with 20% down at 7.11%: $3,767 principal and interest, $1,060 property tax and $350 insurance.
How much do I need to make to buy a $700K house in New Jersey?
About $221,900 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $700K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $12,723 a year. Rates vary by county and city — see the county pages.