Mortgage Calculator for Bergen & Essex County, NJ
Calculate your monthly mortgage payment with exact property tax rates for 70+ Northern New Jersey cities
Free calculator • No registration • Instant results • Local expertise
Loan Details
Choose a Northern NJ city to auto-fill median price and exact property tax rate
Your Estimate
Estimated Monthly Payment
$2,623
Principal & Interest: $2,023
Payment Breakdown
Loan Summary
Ready to take the next step? Contact Jimmy Joseph MBA at (908) 698-0150
Bergen & Essex County Real Estate Market
Northern New Jersey's housing market is among the most competitive and expensive in the nation, with Bergen and Essex counties leading in both home values and property tax rates. Understanding local market dynamics is essential for accurate mortgage calculations and budget planning.
Median Home Prices by Market Tier
Premium Markets
$850K+
Ultra-luxury communities with exceptional schools and low crime
- • Alpine: $2.1M median
- • Saddle River: $1.45M
- • Short Hills: $1.32M
- • Franklin Lakes: $1.15M
Mid-Market
$500-750K
Solid school districts, NYC commutable, family-friendly
- • Montclair: $650K
- • Ridgewood: $925K
- • Glen Rock: $750K
- • Livingston: $725K
Entry-Level
$350-500K
First-time buyer markets, diverse communities, good value
- • Clifton: $475K
- • Bloomfield: $425K
- • Nutley: $500K
- • Belleville: $400K
Property Tax Reality in Northern NJ
New Jersey has the highest property taxes in the United States, and Bergen/Essex counties are among the state's most expensive. Property taxes can add $1,000-$2,500+ to your monthly mortgage payment, making accurate calculations critical for affordability.
Tax Rate Comparison:
- • Alpine (Bergen): 1.12% - Lowest in NJ ($6,720/year on $600K)
- • Ridgewood (Bergen): 2.38% ($14,280/year on $600K)
- • Montclair (Essex): 2.54% ($15,240/year on $600K)
- • Newark (Essex): 4.50% - Highest ($27,000/year on $600K)
Key Takeaway: A $600,000 home in Alpine costs $20,280 LESS per year in taxes than the same home in Newark - that's $1,690/month difference!
How to Use This Mortgage Calculator
Our calculator is specifically designed for Northern New Jersey homebuyers, with exact property tax rates for 70+ municipalities and real median home prices. Here's how to get the most accurate estimate for your situation.
Select Your City (Optional but Recommended)
Choose from 70+ Bergen, Essex, Morris, and Union County municipalities to auto-fill the median home price and exact property tax rate. This eliminates guesswork and provides the most accurate local estimate. If your city isn't listed, use the closest comparable town.
Enter Home Price
Input the purchase price or use the slider to adjust. If you selected a city, the median price is pre-filled, but you can adjust based on the specific property you're considering. Remember: median means half of homes sell above this price, half below.
Tip: Add 3-5% above list price in competitive markets like Ridgewood, Montclair, or Short Hills to account for bidding wars.
Set Down Payment Amount
Enter your down payment in dollars or use the slider. The calculator automatically shows your down payment percentage and alerts you if you're below 20% (which triggers PMI). Standard down payments:
- • 3-5%: Conventional (requires PMI) or FHA minimum
- • 10%: Common for first-time buyers
- • 20%: Avoids PMI, best rates
- • 25%+: Jumbo loan sweet spot
Enter Interest Rate
The calculator defaults to 6.5%, which is a reasonable estimate for 2025. Your actual rate depends on your credit score, down payment, loan type, and current market conditions. Contact us at (908) 698-0150 for today's exact rates based on your profile.
Rate Guide (2025): Excellent credit (760+): 6.25% | Good credit (700-759): 6.5% | Average credit (640-699): 6.75-7.0%
Choose Loan Term
Select 15, 20, or 30 years. 30-year terms offer lower monthly payments but higher total interest. 15-year loans build equity faster and save significantly on interest, but require higher monthly payments. Most NJ buyers choose 30-year terms due to high property taxes.
Review Property Tax (Auto-Calculated)
If you selected a city, this field auto-populates with the annual property tax based on that municipality's exact tax rate. You can manually adjust if you know the property's specific tax bill. Property taxes are THE biggest monthly expense factor in NJ mortgages.
Where to find exact taxes: Check the property listing, ask the seller's agent, or look up the address on your county tax assessor website.
Add Home Insurance & HOA
Home insurance averages $1,200-$2,500/year in Northern NJ. If buying a condo or townhome, add monthly HOA fees ($200-$800/month is typical). These costs are often overlooked but impact your total monthly payment and lender qualification.
Frequently Asked Questions
Get answers to the most common mortgage calculator questions for Bergen & Essex County homebuyers
What is the average mortgage payment in Ridgewood, NJ?▼
The average mortgage payment in Ridgewood, NJ is approximately $5,500-$6,500 per month for a median-priced home at $925,000 with 20% down. This includes principal, interest (at 6.5%), property taxes (2.38% rate), and homeowners insurance. With less than 20% down, PMI adds $250-400/month. Use our calculator above with Ridgewood's exact property tax rate to get your personalized estimate.
How much are property taxes in Bergen County?▼
Property tax rates in Bergen County range from 1.12% (Alpine) to 3.35% (Teterboro), with most towns averaging 1.8-2.5%. For a $650,000 home at 2.0%, you'd pay approximately $13,000 annually ($1,083/month). Use our city selector above to calculate with exact rates for 71 Bergen County municipalities.
What is the median home price in Montclair, NJ?▼
The median home price in Montclair, NJ is $650,000 as of 2025. Montclair offers diverse housing from $400K condos to $2M+ estate properties. Property taxes average 2.54%, meaning a $650K home pays approximately $16,510 annually. Monthly mortgage payment (20% down, 6.5% rate) would be approximately $4,250 including PITI.
Do I need PMI on a $500,000 home in Bergen County?▼
You need PMI (Private Mortgage Insurance) if you put down less than 20% on a conventional loan. For a $500,000 home in Bergen County, 20% down is $100,000. With 10% down ($50,000), PMI costs approximately $210-250/month (0.5-0.6% annually). PMI is removed once you reach 20% equity. FHA loans require mortgage insurance regardless of down payment.
Can I afford a $650,000 home in Bergen County?▼
To afford a $650,000 home in Bergen County, you typically need:
- Annual income: $145,000-$165,000+
- Down payment: $130,000 (20%) or $32,500 (5% minimum)
- Credit score: 620+ (conventional)
- Monthly payment: $4,200-$4,800 (PITI)
- Debt-to-income ratio: Below 43%
Bergen County property taxes average 2.0% ($13,000/year). Use our calculator to see exact payments, then contact us for pre-approval.
How accurate is this mortgage calculator for NJ homes?▼
Our calculator is highly accurate for Northern NJ estimates, using exact property tax rates for 70+ municipalities, current NJ homeowners insurance averages, standard PMI calculations (0.5% annually), and real median home prices updated monthly. Estimates are within 2-5% of actual payments. For exact quotes including closing costs, lender fees, and current rates, contact Jimmy Joseph MBA at (908) 698-0150 for personalized analysis.
Have more questions? We're here to help.
Call (908) 698-0150Ready to Move Forward?
📞 Get Pre-Approved
Turn your calculator estimate into reality with a mortgage pre-approval. I'll review your finances, pull credit, and provide an exact loan amount and rate. Pre-approval makes you a serious buyer in competitive Northern NJ markets.
Start Pre-Approval🏘️ Explore City Pages
Learn about specific Bergen and Essex County communities, including local market insights, school ratings, commute times, and recommended loan programs for each city.
Browse 70+ Cities💰 Compare Loan Programs
Not sure which loan type is right for you? Explore our 14 loan programs including Conventional, FHA, VA, Jumbo, and specialized renovation loans tailored to your situation and budget.
View All Loan Programs📚 First-Time Buyer Guide
New to homebuying? Read our comprehensive guide covering down payment assistance, credit requirements, closing costs, and everything first-time buyers need to know about NJ real estate.
Read Buyer GuideLet's Talk About Your Home Goals
As a Bergen County mortgage specialist with 15+ years of experience, I can provide personalized guidance on rates, programs, and strategies to maximize your buying power in Northern NJ's competitive market.
NMLS #1577754 | Licensed in NJ, NY, PA | Jimmy Joseph MBA - Senior Loan Officer, CMG Home Loans
Important Disclaimers:
- Estimates Only: This calculator provides estimates for informational purposes only. Actual rates, payments, and costs may vary significantly based on your credit profile, property details, loan type, and current market conditions.
- Not a Commitment to Lend: The estimates shown are not a loan approval, pre-qualification, pre-approval, or commitment to lend. All loan applications are subject to credit approval and verification of information.
- Rate Variation: Interest rates change frequently and the rate shown here may not reflect current market rates. Contact us directly for current rate information.
- Additional Costs: Actual homeownership costs may include additional expenses such as HOA fees, utilities, maintenance, closing costs, and lender fees that are not included in this estimate.
- PMI Estimate: Private Mortgage Insurance (PMI) is estimated at 0.5% annually and applies to conventional loans with less than 20% down payment. Actual PMI rates may vary by lender and borrower qualifications.
- Property Tax Accuracy: Property tax rates are based on current municipal rates and may change annually. Actual property taxes depend on assessed value and local millage rates.
- Local Variations: Property taxes and insurance costs vary significantly by location, property value, and coverage type. Always verify exact costs with local authorities and insurance providers.
For an Accurate Quote: Contact Jimmy Joseph MBA at (908) 698-0150 to discuss your specific situation and receive a personalized loan estimate with current rates and terms. Pre-approval available in 24-48 hours for qualified borrowers.