New Mexico Mortgage Calculator

Calculate your monthly mortgage payment in New Mexico. Pre-filled with New Mexico's average property tax rate of 0.73%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$213
Homeowner's Insurance
$100
Total Monthly Payment
$2,083

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,083/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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New Mexico Housing Overview

New Mexico has an average property tax rate of 0.73%. New Mexico's cost of living is about 7% below the national average, with affordable housing throughout the state.

Property Tax: 0.73%Progressive rates up to 5.9%Low cost of livingGrowing tech/research sector

Buying a Home in New Mexico

If you're considering buying a home in New Mexico, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills New Mexico's average property tax rate of 0.73% to give you a more accurate estimate.

New Mexico Property Taxes

New Mexico has an average effective property tax rate of 0.73%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.73% rate means approximately $2555 per year, or $213 per month in property taxes alone.

Cost of Living in New Mexico

New Mexico's cost of living is about 7% below the national average, with affordable housing throughout the state. When evaluating whether to buy a home in New Mexico, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for New Mexico Homebuyers

  • New Mexico's top rate of 5.9% is moderate compared to neighboring Colorado and Arizona
  • New Mexico has a very low cost of living, especially housing
  • The state has a growing tech and research sector around Albuquerque and Santa Fe
  • New Mexico does not tax Social Security benefits for most residents

Key New Mexico Features

  • Progressive rates up to 5.9%
  • Low cost of living
  • Growing tech/research sector
  • Most Social Security exempt

See How Your New Mexico Mortgage Fits Your Financial Plan

This calculator shows your New Mexico mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare New Mexico Mortgage Costs with Other States

Colorado0.51% property taxArizona0.62% property taxUtah0.57% property taxCalifornia0.71% property taxNew York1.46% property taxMassachusetts1.12% property tax

Frequently Asked Questions

What is the average property tax rate in New Mexico?
The average effective property tax rate in New Mexico is approximately 0.73%. This rate is applied to the assessed value of your property, which may differ from the market value depending on New Mexico's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in New Mexico?
Your mortgage payment in New Mexico depends on the home price, your down payment, interest rate, and loan term. With New Mexico's average property tax rate of 0.73%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is New Mexico an affordable state to buy a home?
New Mexico's cost of living is about 7% below the national average, with affordable housing throughout the state. When evaluating affordability in New Mexico, consider not just the home price but also property taxes (0.73% average), homeowner's insurance costs, and any HOA fees common in your area.
How do New Mexico property taxes compare to other states?
New Mexico's average property tax rate of 0.73% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in New Mexico?
Most states, including New Mexico, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with New Mexico's housing authority and the FHA, VA, and USDA loan programs for additional options.

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