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Essex County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Essex County, New Jersey based on real HMDA transaction records.

Loan Details

Essex County, NJ Benchmarks

FHA averages
Typical Property Value$618,687
Average Down Payment11.5%
Average Interest Rate6.228%
Effective Tax Rate2.10%
Median Tax Paid$10,001/yr
Tax Growth (Historical)%
Based on 2,012 regional loans totaling $1,067,770,000 (HMDA database).
$
%

$71,149 down · $547,538 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$1,083 / month

$

Annual premium

$

Per month

%

$232 / month

Estimated Monthly Payment

$4,888/mo

  • Principal & Interest$3,423
  • Property Tax$1,083
  • Home Insurance$150
  • FHA MIP$232
Amortization · Remaining Balance

Financed Loan Amount

$557,120

Total Interest

$675,174

Total of Payments

$1,232,294

*Includes financed FHA Upfront MIP of $9,582

Local Market Insights

Essex County FHA Mortgage Overview

For Essex County homebuyers utilizing an FHA loan, the 11.46% average down payment offers accessible entry, though it triggers mandatory Mortgage Insurance Premiums (MIP) for the life of the loan—a key factor when evaluating an FHA loan with PMI and taxes. The 88.54% Loan-to-Value ratio confirms most buyers are putting less than 20% down, making this ideal for those with sub-620 credit scores. With a 2.10% effective property tax rate and property values averaging $618,686, the monthly tax burden is significant. This data, reflecting 100% primary residences, highlights that true affordability hinges on accounting for both MIP and Essex County property taxes in your financial planning.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.