Juwon Farri rushed for 156 yards and a touchdown for the Hawks (1-1), who got a crucial two points in the third quarter when Justin Terry intercepted a pass on an attempted two-point conversion to push the lead to 23-16.
Nick Null's first field goal for Monmouth with 13:26 to go made it 26-16.
The Hawks were about to put the game away when Muskett, on a first-and-1 from the 1 was intercepted by James Conway, who returned the ball to the 35. Tim DeMorat cashed in with a 39-yard scoring connection with Dequece Carter with five minutes left.
Monmouth got two key first downs before punting the ball out of bounds on the Fordham 8 with 26 seconds left.
The Hawks finished with 469 yards, one more than Fordham (0-2).
DeMorat finished with 352 yards on 27-of-49 passing, with three touchdowns, two to Carter.
Lonnie Moore IV became the Monmouth career kickoff return record-holder after picking up 57 yards on four returns.
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