New Jersey First-Time Homebuyer Calculator
First-time homebuyer costs in New Jersey: $16,450 FHA down payment, $16,450 closing costs, 2.49% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for New Jersey. Includes down payment, closing costs (3.5%), PMI (required below 20% down), property tax (2.49%), and homeowners insurance ($1,360/yr). Note: New Jersey requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
New Jersey homebuyer facts: Median price $470,000 | 20% down = $94,000 | FHA 3.5% down = $16,450 | Closing costs ~$16,450 | Property tax 2.49% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in New Jersey?
For New Jersey's median home ($470,000): FHA minimum down payment is $16,450 (3.5%), plus $16,450 in closing costs. Total minimum: ~$32,900. With 20% down to avoid PMI: ~$110,450.
What are closing costs in New Jersey?
New Jersey closing costs average 3.5% of the home price, or about $16,450 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.4%.
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