Mortgage Calculator

Know how much you qualify for.

New Jersey Mortgage Calculator

Tam Lending New Jersey Mortgage Calculator has the answers to all your mortgage loan questions. From monthly payments and interest rates to down payment amounts needed – we have it covered! 

Our calculator allows you to customize different scenarios based on your budgeting needs so that you can make an informed decision when considering a home loan in New Jersey. Put our expertise and knowledge of mortgages at work for you today with our New Jersey mortgage calculator!

How To Calculate Your Loan Using The New Jersey Mortgage Calculator

The math behind mortgage payments is complicated, but TAM’s New Jersey Mortgage Calculator makes it simple.

Enter the price of your home in the “Home price” space. Put the purchase price if you are buying or the amount you want to borrow if you are refinancing.

In the “Down payment” section, type in how much money you will pay for the house upfront. This is called a down payment. Home equity is the value of the house subjtracted by how much you owe. You can fill in the percentage of the puchase price or a dollar amount that you are putting down.

The next thing you will see is “Length of loan.” This means how long you have to pay back the money you borrowed. Choose the length of the loan term. This is often 30 years, but maybe 20, 15 or 10.

In the “Interest rate” box, enter the rate you expect to pay. The calculator has the current average rate, but you can adjust the percentage. Your rate will depend on if you’re buying or refinancing.

As you enter numbers into the calculator, it will show you how much the principal and interest will be. The New Jersey mortgage calculator also estimates property taxes, homeowners insurance, and homeowners association fees. You can change these amounts or ignore them while you are shopping for a loan. These costs might be rolled into your escrow payment, but they do not affect the principal and interest.

What Goes Into A Mortgage Payment?

Your mortgage payment includes many things. Your principle, interest, insurance, taxes, and some times other things. We designed our New Jersey mortgage calculator to be simple.

Principal: The amount that you financed from the lender or bank.

Interest: The charge by the lender for lending the money to you. This is also known as an annual percentage.

Property taxes: Once your property is assessed, the annual tax is figured out for your property. Taxes are withheld in an escrow account that you pay with each mortgage payment.

Homeowners Insurance: This is an insurance policy that covers damage from storms, theft, fires, fallen trees, and other hazards. If you live in a specific area that requires additional insurance, you will have a separate policy for that as well. An example would be if you live in a flood zone, Hurricane Alley, or an area prone to earthquakes.

Mortgage insurance policy: Mortgage insurance is an insurance policy that protects the lender in the event that you default on your mortgage. This insurance cost can typically be avoided if you put at least 20% down on the purchase price.

Online Mortgage Calculator in New Jersey

Our customers love our online mortgage calculator. New Jersey can be a tough place to navigate in the world of real estate. With such a dense population, many areas to choose from, and constantly changing real estate trends, it is nice to know that you can rely on your mortgage company for great information.

Our online mortgage calculator is trusted by thousands of New Jersey homeowners, future homeowners, realtors, and loan officers. Are you looking for the best online mortgage calculator? New Jersey has it right here!

Try using it above to figure out anything you need. And if you need help, you can always reach out to us at 856-213-5793.


How Much How Can You Afford?

If you want to buy a house in New Jersey, you need to know how much money you can borrow and how much your monthly mortgage payments will be. 

The best way to find this out is by using our New Jersey mortgage calculator. This calculator will give you an accurate estimate of what size loan and the payment plan will work for your budget.

For those wondering how much house they can afford, you can take our quick quiz here. Then we will speak with you about helping to find exactly what you are looking for. 

Person typing on our New Jersey mortgage calculator to figure out their payment with a graph

1. Identify Your Needs and Wants – Before you start looking for a house, it’s important to figure out what is important to you in terms of size, location, amenities, etc. But what is equally important is to determine how much house you can afford.

2. Calculate Your Budget – Once you have an idea of the type of home you are looking for, take some time to calculate your budget. Consider factors such as monthly mortgage payments and other costs associated with owning a home.

3. New Jersey Mortgage Calculator – Use New Jersey’s mortgage calculator tool to help determine how much you can afford in terms of monthly mortgage payments and down payment amount based on your income and credit score.

4. Get Pre-Approved For A Loan – Once you’ve determined how much money you can spend on a house, get pre-approved for a loan so that when it comes time to make an offer on the house of your dreams, lenders will be more likely to approve it quickly!

5. Don’t Forget About Closing Costs – When figuring out how much money is needed upfront for purchasing a home don’t forget about closing costs which typically range from 2-7% depending on where in New Jersey the property is located!