Mortgage Calculator New Jersey
Monthly payment, amortization, and New Jersey-specific closing costs
Loan Details
20.0% down payment
Pre-filled with the New Jersey average effective rate.
Payment Summary
Monthly Payment
$1,596.73
Principal
$240,000
Total Interest
$334,821
Total Payment
$744,021
Amortization Schedule
| Month | Payment | Principal | Interest | PMI | Remaining |
|---|---|---|---|---|---|
| 1 | $2,066.73 | $196.73 | $1,400.00 | $0.00 | $239,803.27 |
| 2 | $2,066.73 | $197.87 | $1,398.85 | $0.00 | $239,605.40 |
| 3 | $2,066.73 | $199.03 | $1,397.70 | $0.00 | $239,406.37 |
| 4 | $2,066.73 | $200.19 | $1,396.54 | $0.00 | $239,206.18 |
| 5 | $2,066.73 | $201.36 | $1,395.37 | $0.00 | $239,004.83 |
| 6 | $2,066.73 | $202.53 | $1,394.19 | $0.00 | $238,802.30 |
| 7 | $2,066.73 | $203.71 | $1,393.01 | $0.00 | $238,598.58 |
| 8 | $2,066.73 | $204.90 | $1,391.83 | $0.00 | $238,393.68 |
| 9 | $2,066.73 | $206.10 | $1,390.63 | $0.00 | $238,187.59 |
| 10 | $2,066.73 | $207.30 | $1,389.43 | $0.00 | $237,980.29 |
| 11 | $2,066.73 | $208.51 | $1,388.22 | $0.00 | $237,771.78 |
| 12 | $2,066.73 | $209.72 | $1,387.00 | $0.00 | $237,562.06 |
Buying a Home in New Jersey
State-specific rules shape what a mortgage costs and how long it takes to close in New Jersey. The factors below are the ones that move the needle for homebuyers there.
New Jersey at a Glance
| Factor | In New Jersey |
|---|---|
| Typical closing costs | 2% – 5% |
| Recording / transfer tax | Realty transfer fee tiered $2.00–$6.05 per $500; ≥$1M buyer pays additional 1% (negotiable) |
| Foreclosure process | Judicial (court-supervised) |
| Community property state | No |
| State assistance programs | New Jersey Housing and Mortgage Finance Agency — state HFA offering mortgage programs, homebuyer assistance, and Mortgage Credit Certificates (MCC) |
Why State Rules Matter When You Buy
Closing costs, recording fees, and property-tax rates differ by state, which changes the cash you need at signing and your all-in monthly payment. Use the calculator above with your price and rate, then compare the result against the New Jersey figures in the table.
Last updated: August 14, 2026 · Data sources: Bankrate (LodeStar 2025 state closing-cost study), Nolo — Judicial vs. Nonjudicial Foreclosure, IRS — Community Property States (Form 8857 instructions), HomeLight — Real Estate Transfer Taxes by State, NCSHA — State Housing Finance Agency directory. Figures reflect 2025-2026 published state studies and are for education only.
Official Standards & Authoritative Sources
Bankrate (LodeStar 2025 state closing-cost study)
https://www.bankrate.com/mortgages/average-closing-costs-by-state
www.bankrate.com/mortgages/average-closing-costs-by-stateNolo — Judicial vs. Nonjudicial Foreclosure
https://www.nolo.com/legal-encyclopedia/judicial-foreclosure-guide.html
www.nolo.com/legal-encyclopedia/judicial-foreclosure-guide.htmlIRS — Community Property States (Form 8857 instructions)
https://www.irs.gov/instructions/i8857
www.irs.gov/instructions/i8857HomeLight — Real Estate Transfer Taxes by State
https://www.homelight.com/blog/real-estate-transfer-tax
www.homelight.com/blog/real-estate-transfer-taxNCSHA — State Housing Finance Agency directory
https://www.ncsha.org/hfa-community-feedback/
www.ncsha.org/hfa-community-feedback/Buying in New Jersey — Budget the Full Picture
The monthly payment is only half the story. In New Jersey, recording fees and state assistance programs change how much cash you need at closing. Review the New Jersey refinance calculator if you already own and are weighing a refi, or the New Jersey affordability calculator to test the payment against your income.
Frequently Asked Questions
What are typical closing costs when buying in New Jersey?
Does New Jersey use judicial or non-judicial foreclosure?
How do I estimate my all-in payment in New Jersey?
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