Mortgage on a $850K house in New Jersey
$6,287 a month with 20% down — $4,574 principal and interest plus $1,287 property tax and $425 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $1,287 a month on a $850K home. The typical home in New Jersey is worth $575,123, so $850K is 48% above the typical price.
$850K 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 | $170,000 | $680,000 | $4,574 | $0 | $1,712 | $6,287 | $269,400 |
| 10% down | $85,000 | $765,000 | $5,146 | $319 | $1,712 | $7,177 | $307,600 |
| 5% down | $42,500 | $807,500 | $5,432 | $336 | $1,712 | $7,481 | $320,600 |
| 3.5% down (FHA) | $29,750 | $834,604 | $5,614 | $376 | $1,712 | $7,703 | $330,100 |
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 $850K buy a typical home?
In these counties the typical home value is within 15% of $850K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Cape May County | $813,005 | 1.22% | $5,864 |
| Monmouth County | $786,951 | 1.65% | $6,168 |
| Bergen County | $780,357 | 1.61% | $6,136 |
21 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $850K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $850K house in New Jersey?
About $6,287 a month with 20% down at 7.11%: $4,574 principal and interest, $1,287 property tax and $425 insurance.
How much do I need to make to buy a $850K house in New Jersey?
About $269,400 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $850K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $15,450 a year. Rates vary by county and city — see the county pages.