Refinance Calculator for New Jersey

Refinancing in New Jersey

Whether refinancing makes sense depends on how much equity you've built, the rate differential, and how long you plan to stay. In New Jersey, where the median home value is $480,000, many homeowners have accumulated significant equity since 2020. New Jersey benefited from NYC out-migration during COVID, pushing suburban prices sharply higher. Bergen, Morris, Monmouth, and Somerset counties carry the highest values and highest tax bills in the state.

Conforming Loan Limits in New Jersey

For a rate-and-term refinance to qualify as a conventional loan in New Jersey, the balance must stay under $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. Refinancing above this requires a jumbo product.

Closing Costs on a New Jersey Refinance

Expect to pay $7,200 in closing costs on a refinance 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. Your break-even point is when your monthly interest savings equal these upfront costs.

Property Tax Considerations

Refinancing doesn't affect your property tax assessment in New Jersey — the effective rate stays at 2.13% regardless. New Jersey's property taxes are the highest in the nation in both rate and average dollar amount. A median-priced NJ home generates over $9,000/year in property taxes — roughly equivalent to the entire mortgage payment on a modest home in many other states.

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