Down Payment Calculator for New Jersey

Down Payment Planning in New Jersey

With a median home value of $480,000 in New Jersey, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $14,400
• 3.5% (FHA minimum): $16,800
• 10% (Avoid PMI with some lenders): $48,000
• 20% (Eliminate PMI entirely): $96,000

Conforming Loan Limits in New Jersey

The conforming loan limit in New Jersey is $1,089,300. All New Jersey counties qualify for high-cost conforming limits, ranging from $952,750 to $1,089,300 depending on the county. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $7,200 in New Jersey. New Jersey has a Realty Transfer Fee (RTF) of up to 1.21% of sale price on the seller side. Buyers also pay a Mansion Tax of 1% on residential purchases above $1M. Combined, closing costs are among the highest in the nation.

Property Tax Impact

New Jersey's effective property tax rate is 2.13% (average annual bill: $9,476). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

Down Payment Calculator for Other States