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New Mexico Mortgage Calculator

Calculate your monthly mortgage payment in New Mexico with local property tax rates by county. See your complete PITI breakdown including principal, interest, taxes, and insurance.

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New Mexico Averages

Median Home: $375,000 • Property Tax: 0.61% (state avg) • Insurance: $1,730/year

🧮 Calculate Your Monthly Payment

🏡 Home Price & Down Payment

Down payment: $70,000 • Loan: $280,000

💰 Loan Details

📍 New Mexico County

Property tax rate: 0.99% • Annual tax: $3,465

🛡️ Insurance & HOA

NM average: $1,730/year

Include HOA Fees?

Estimated Monthly Payment

$2,202.71

$280,000 loan • 30 years • 6.5%

📊 Monthly Payment Breakdown (PITI)

Principal & Interest$1,769.79
Property Tax$288.75
Home Insurance$144.17

📈 Loan Summary

Home Price$350,000
Down Payment (20%)$70,000
Loan Amount$280,000
Total Interest (30 yrs)$357,125
Total of All Payments$637,125

📋 Quick Mortgage Payment Reference

Monthly principal & interest only (30-year fixed at 6.5%, 20% down)

Home PriceDown Payment (20%)Loan AmountMonthly P&I
$100,000$20,000$80,000$632/mo
$200,000$40,000$160,000$1,264/mo
$300,000$60,000$240,000$1,896/mo
$400,000$80,000$320,000$2,528/mo
$500,000$100,000$400,000$3,160/mo

📍 New Mexico Property Tax Rates by County

Property tax rates vary significantly across New Mexico's 33 counties. The state average is 0.61%-0.76%, well below the national average of 0.99%.

CountyTax RateAnnual Tax on $350K Home
Los Alamos1.05%$3,675
Bernalillo (Albuquerque)0.99%$3,465
Valencia0.82%$2,870
Sandoval0.79%$2,765
Doña Ana (Las Cruces)0.78%$2,730
Curry0.75%$2,625
Chaves0.72%$2,520
Luna0.72%$2,520
Roosevelt0.71%$2,485
Grant0.69%$2,415
San Juan0.69%$2,415
Cibola0.68%$2,380
Otero0.68%$2,380
Torrance0.65%$2,275
Quay0.62%$2,170
Socorro0.62%$2,170
Hidalgo0.58%$2,030
Sierra0.58%$2,030
McKinley0.56%$1,960
Eddy0.55%$1,925
San Miguel0.55%$1,925
Colfax0.54%$1,890
De Baca0.52%$1,820
Lea0.52%$1,820
Santa Fe0.51%$1,785
Guadalupe0.48%$1,680
Rio Arriba0.48%$1,680
Union0.48%$1,680
Lincoln0.47%$1,645
Catron0.45%$1,575
Taos0.45%$1,575
Mora0.42%$1,470
Harding0.36%$1,260

What's Included in Your Mortgage Payment?

P

Principal

The portion that pays down your loan balance each month.

I

Interest

The cost of borrowing money, paid to your lender.

T

Taxes

Property taxes collected monthly, paid to your county annually.

I

Insurance

Homeowners insurance + PMI if your down payment is under 20%.

🌵 New Mexico Facts

  • Property tax rate: 0.61% (vs 0.99% national)
  • Median home price: $375,000
  • No state-level transfer tax
  • $2,000 head-of-family exemption
  • Veterans may qualify for $4,000 exemption

💡 Affordability Rules

28% Rule

Housing costs ≤ 28% of gross monthly income

36% Rule

Total debt payments ≤ 36% of gross monthly income

Frequently Asked Questions

For a $400,000 mortgage at 6.5% interest, you'd need approximately $95,000-$115,000 annual income. This is based on the 28/36 rule where your housing costs shouldn't exceed 28% of gross income. With a 20% down payment ($80,000), your monthly payment would be around $2,528 for principal and interest alone, plus taxes and insurance.

With a $70,000 annual salary, you can typically afford a home priced between $230,000-$280,000. Using the 28% rule, your maximum monthly housing payment should be about $1,633. This assumes a 20% down payment, good credit, and minimal other debts. In New Mexico, with lower property taxes, you may qualify for slightly more.

To afford a $500,000 mortgage, you generally need an annual income of $120,000-$140,000. The monthly principal and interest payment at 6.5% would be about $3,160, plus property taxes (~$250/month in NM) and insurance (~$145/month). Total housing costs of $3,500+ require substantial income.

A $100,000 mortgage at 6% interest for 30 years has a monthly principal and interest payment of $600. Over the life of the loan, you'll pay $115,838 in interest, for a total repayment of $215,838. In New Mexico, add approximately $50-85/month for property taxes depending on your county.

New Mexico's average effective property tax rate is 0.61%-0.76%, one of the lowest in the nation. Rates vary by county: Los Alamos County has the highest at 1.05%, while Harding County has the lowest at 0.36%. Bernalillo County (Albuquerque) is 0.99%, and Santa Fe County is just 0.51%.

PITI stands for Principal, Interest, Taxes, and Insurance. Principal reduces your loan balance. Interest is the cost of borrowing. Taxes are property taxes (collected monthly, paid annually). Insurance includes homeowners insurance and PMI (if down payment is less than 20%). All four components make up your total monthly payment.

🏠 Disclaimer: This calculator provides estimates for informational purposes only. Actual mortgage payments may vary based on lender requirements, credit score, and other factors. Property tax rates are approximate and may change. Consult with a licensed mortgage professional for accurate quotes. Data reflects latest available New Mexico averages.