Mortgage Rates in Parsippany-Troy Hills, New Jersey — April 2026
Updated April 2026 | Based on Parsippany-Troy Hills market data and regional lending conditions
With a population of 56,000, Parsippany-Troy Hills, New Jersey offers a higher cost of living that reflects strong local demand. The current 30-year fixed rate here is 6.86% (0.77% above the national average). The median home price of $414,000 translates to roughly $2,890/month with 20% down — requiring an income of about $123,857, which exceeds the local median of $77,500.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In Parsippany-Troy Hills, NJ, the current 30-year rate is 6.86%. Shorter terms (15-year fixed at 6.08% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options include FHA loans (6.55%) and VA loans (6.3%), often available at lower rates with reduced down payment requirements.
Current Mortgage Rates in Parsippany-Troy Hills, NJ
Below are the current average mortgage rates available in the Parsippany-Troy Hills area as of April 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.86% | 6.09% | +0.77% |
| 15-Year Fixed | 6.08% | 5.58% | +0.5% |
| 5/1 ARM | 6.31% | 5.95% | +0.36% |
| FHA | 6.55% | 5.85% | +0.7% |
| VA | 6.3% | 5.65% | +0.65% |
| Jumbo | 7.11% | 6.25% | +0.86% |
Parsippany-Troy Hills Housing Market Overview
Housing in Parsippany-Troy Hills sits near the national average at $414,000. With a median household income of $77,500 and a cost of living index of 115.5, some buyers may need to look at lower price points or consider larger down payments.
Monthly Payment Breakdown for Parsippany-Troy Hills
Based on the median home price of $414,000 with 20% down ($82,800), here is what you can expect to pay monthly in Parsippany-Troy Hills:
15-Year vs. 30-Year Mortgage in Parsippany-Troy Hills
Choosing a 15-year mortgage in Parsippany-Troy Hills at 6.08% instead of a 30-year at 6.86% would save you $276,300 in total interest over the life of the loan. However, your monthly payment would be $2,809 instead of $2,172 — an increase of $637 per month.
Calculate Your Parsippany-Troy Hills Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Parsippany-Troy Hills
What are the current mortgage rates in Parsippany-Troy Hills, NJ?
As of April 2026, the average 30-year fixed mortgage rate in Parsippany-Troy Hills, New Jersey is 6.86%, while the 15-year fixed rate is 6.08%. FHA loans average 6.55% and VA loans 6.3%. These rates are 0.77% above the national average of 6.09%.
How much is a monthly mortgage payment in Parsippany-Troy Hills?
Based on the median home price of $414,000 with 20% down, the estimated monthly mortgage payment in Parsippany-Troy Hills is $2,172 for principal and interest. Including property taxes of $718/month, the total monthly housing cost is approximately $2,890.
What income do I need to buy a home in Parsippany-Troy Hills?
Using the 28% rule, you would need an annual income of approximately $123,857 to afford the median-priced home in Parsippany-Troy Hills at $414,000. The median household income in Parsippany-Troy Hills is $77,500. This means most households would need to either earn above the median or consider homes below $414,000.
Is Parsippany-Troy Hills a good place to buy a home in 2026?
Parsippany-Troy Hills has a moderate cost of living with a cost of living index of 115.5 (national average = 100). The property tax rate in New Jersey is 2.08%, which is above the national average. Parsippany-Troy Hills has a population of 56,000 and offers a balanced lifestyle.
Mortgage Rates in Other New Jersey Cities
Related Tools & Guides
📊 Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national average adjusted for New Jersey regional spread.
- Median home price: $414,000 sourced from Redfin / Zillow real estate listings (2026 data).
- Property tax rate: 2.08% effective rate per Tax Foundation 2026 state property tax data.
- Median household income: $77,500 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: April 2026. Rates are approximate averages based on regional lending data for the Parsippany-Troy Hills, New Jersey area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.