Mortgage on a $950K house in New Jersey
$7,027 a month with 20% down — $5,113 principal and interest plus $1,439 property tax and $475 insurance.
New Jersey's typical property tax is 1.82% of the home's value a year (U.S. average 0.9%), which adds $1,439 a month on a $950K home. The typical home in New Jersey is worth $575,123, so $950K is 65% above the typical price.
$950K 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 | $190,000 | $760,000 | $5,113 | $0 | $1,914 | $7,027 | $301,100 |
| 10% down | $95,000 | $855,000 | $5,752 | $356 | $1,914 | $8,022 | $343,800 |
| 5% down | $47,500 | $902,500 | $6,071 | $376 | $1,914 | $8,361 | $358,300 |
| 3.5% down (FHA) | $33,250 | $932,793 | $6,275 | $420 | $1,914 | $8,609 | $369,000 |
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 $950K buy a typical home?
In these counties the typical home value is within 15% of $950K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Cape May County | $813,005 | 1.22% | $6,554 |
21 of 21 New Jersey counties tracked by Zillow have a typical home value at or below $950K. See all New Jersey home prices.
Other prices in New Jersey
Frequently asked questions
What is the mortgage on a $950K house in New Jersey?
About $7,027 a month with 20% down at 7.11%: $5,113 principal and interest, $1,439 property tax and $475 insurance.
How much do I need to make to buy a $950K house in New Jersey?
About $301,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $950K house in New Jersey?
At New Jersey's typical effective rate of 1.82%, about $17,268 a year. Rates vary by county and city — see the county pages.