Mortgage calculator for a New Jersey home
The real monthly number, not just the loan
Enter the price, your down payment, the rate and the term, and this calculator shows the monthly payment the way a lender sees it: principal and interest, property tax, homeowners insurance, the condo or HOA fee, and mortgage insurance when the down payment is under 20%. It also shows what the loan costs in interest over its whole life.
I am Bogdan Nicolae Rus, a REALTOR® with eXp Realty (New Jersey license #2186044) in Hoboken. Before any showing, every buyer I work with knows the full monthly cost of the homes on the list, taxes and fees included. I work in English, Romanian and Spanish. Vorbim românește. Se habla español.
Estimate the monthly payment
Estimated monthly payment
- Loan amount
- Principal and interest
- Property tax
- Homeowners insurance
- Condo or HOA fee
- Mortgage insurance
- Total interest over the life of the loan
- Loan plus interest, paid in full
Turn on JavaScript to use the calculator, or read the worked example below; it uses the same arithmetic.
Estimate for planning only, from the numbers you enter. It is not a rate quote, a loan offer or a pre-approval; I am a real estate agent, not a lender. The rate and the insurance defaults are assumptions to replace with a lender's quote and an insurer's quote; property tax depends on the home's actual assessment.
One Jersey City condo, two loan terms
A $750,000 condo with $150,000 down (20%, so no mortgage insurance), $12,000 a year of property tax, $120 a month of insurance and a $400 condo fee, at 6.5%.
- Loan $600,000
- Principal and interest $3,792
- Property tax $1,000
- Insurance $120
- Condo fee $400
- Total interest over the loan $765,267
- Monthly payment $5,312
- Loan $600,000
- Principal and interest $5,227
- Property tax $1,000
- Insurance $120
- Condo fee $400
- Total interest over the loan $340,796
- Monthly payment $6,747
Same home, same loan. The 15-year term costs about $1,430 more a month and saves about $424,000 in interest over the life of the loan.
From a payment to a pre-approval
Use the affordability calculator to turn your income into a price range, then let a lender confirm the rate; my first call is on the partners page. When you are ready to look, start with the buyer form or a private consultation.
Call (201) 584-6156 · Text mebogdan@bogdannicolaerus.com
eXp Realty, 50 Harrison St, Suite 205, Hoboken, NJ 07030
Mortgage payments: frequently asked questions
What is included in a monthly mortgage payment?
Four things, often called PITI: principal, interest, property tax and homeowners insurance. In Hudson County most buyers add a fifth, the condo or HOA fee, and buyers with less than 20% down usually add mortgage insurance. The calculator shows all six lines, because the lender qualifies you on the total, not on the loan alone.
How much does the interest rate change the payment?
On a $500,000 loan over 30 years, each half point of rate moves the payment by roughly $160 a month. Enter two rates and compare; a lender's quote replaces the number you guess here. Rates change daily, so the default on this page is only a starting point.
Why is property tax a separate line?
Because in New Jersey it is often the second-largest line after the loan. The amount depends on the town and on how the specific home is assessed, so the calculator takes the yearly tax you enter; for a home you are looking at, I pull the real bill from the town records.
Is a 15-year loan worth it?
The payment is higher and the total interest is much lower; the calculator shows both. Switch the term from 30 to 15 years and compare the monthly line with the total-interest line. Which is right depends on your cash flow and what else the money could do, and that is a conversation with your lender and your accountant.
Does this calculator give me a rate or approve me?
No. It is arithmetic on the numbers you enter. A pre-approval comes from a lender who checks credit, income and assets; I am a real estate agent, not a lender. When you are ready, I introduce you to one; my first call is on my partners page. For how much home your income supports, use the affordability calculator.