Quick answer
The median home in Jersey City costs $685K. With 20% down ($137K) at 7% for 30 years, the monthly payment is $3,646/month. Total interest paid over 30 years: $764,509.
Calculator · NJ · 2026
Mortgage Calculator for Jersey City, NJ (2026)
Pre-filled with Jersey City's median home price of $685K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Jersey City Mortgage Payment Scenarios
Median home price: $685K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $34,250 | $650,750 | $4,329 | $5,849 | $907,854 |
| 10% | $68,500 | $616,500 | $4,102 | $5,541 | $860,072 |
| 20% | $137,000 | $548,000 | $3,646 | $4,926 | $764,509 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Jersey City
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $685K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$685K home · 20% down ($548K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Jersey City?
The median home price in Jersey City is $685K. With 20% down and a 30-year loan at 7%, the monthly payment is $3,646. Adding estimated property taxes and insurance brings total monthly costs to approximately $4,331.
Is it cheaper to rent or buy in Jersey City?
A 2-bedroom rental in Jersey City averages $2,750/month. Buying the median $685K home with 20% down costs approximately $4,331/month (mortgage + taxes + insurance) — $1,581 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Jersey City?
Using the 28% housing rule, you need at least $156K–186K in annual gross income to comfortably afford the median $685K home in Jersey City with 20% down. You also need $137K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Jersey City?
NJ has a state income tax rate of 6.37%. Property taxes vary by county but on a $685K home, expect $571–$1,142/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.