Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for New Jersey homebuyers.
Pre-filled with New Jersey medians. Adjust for your property.
Estimated closing costs based on New Jersey tax rates and fees.
The median home price in New Jersey is $505,000, with property taxes averaging 2.47% annually. New Jersey's property tax rate is well above the national average of ~1.1%, adding significant cost to monthly payments — budget carefully.
Closing costs in New Jersey average $10K (2.0%% of purchase price). The state charges a 1% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $1,500 per year. This is within the normal range nationally.
New Jersey offers the NJHMFA DPA Program for first-time buyers: Up to $15,000 forgivable. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
New Jersey is a higher-cost market. At $505K median, buyers need significant savings or strong income. Down payment assistance and competitive rate-shopping become especially important.