New Jersey Home Equity & HELOC Calculator
Calculate home equity and HELOC payments in New Jersey. Median home value $470,000, property tax 2.49%. See available equity and monthly payments.
How This Calculator Works
Calculation methodology and assumptions
Home equity calculation for New Jersey. Equity = home value − mortgage balance. Maximum borrowable = (home value × max LTV%) − mortgage balance. HELOC payment uses standard amortization. Property tax of 2.49% and home insurance of $1,360/yr are ongoing costs to consider. Most lenders require combined LTV ≤ 80-85%.
Key State Information
New Jersey home equity facts: Median home value $470,000 | Property tax 2.49% | Home insurance $1,360/yr | Closing costs ~3.5%. New Jersey income tax up to 10.75% may allow HELOC interest deduction for home improvements.
Frequently Asked Questions
How much home equity can I borrow in New Jersey?
Most lenders allow up to 80-85% combined loan-to-value (CLTV). With New Jersey's median home value of $470,000, a homeowner with 40% equity could borrow up to $94,000-$117,500 via a HELOC.
Is HELOC interest tax deductible in New Jersey?
HELOC interest is deductible on federal taxes if the funds are used for home improvements (up to $750,000 of acquisition debt). New Jersey's state income tax deduction rules may differ — consult a local tax advisor.
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