New Mexico Mortgage Calculator (2026)
Rates as of Oct 22 2026 · county tax data: ACS 2020–2024, released 2026-01-29
Estimated PITI at the New Mexico median home price of $293,000, 20% down, 30-year fixed at 7.32%: $1,980/mo. The tax line uses Bernalillo County (Albuquerque)'s effective rate of 0.9% and insurance of $1,800/yr — the calculator's default county. Buyer's transfer tax: no state transfer tax.
Payment calculator
Advanced — HOA & extra payments
Amortization
All three lines are running totals since the loan started — not a breakdown of the monthly payment.
What local costs matter in New Mexico?
All 33 New Mexico counties — property tax rates
| County | Effective tax rate | Property tax /mo | Insurance (est.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bernalillo County (Albuquerque) | 0.9% | $$220 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Santa Fe County | 0.48% | $$117 | $1,700/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Doña Ana County (Las Cruces) | 0.67% | $$164 | $1,650/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sandoval County | 0.73% | $$178 | $1,600/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Catron County | 0.36% | $$88 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chaves County | 0.6% | $$147 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cibola County | 0.8% | $$195 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Colfax County | 0.52% | $$127 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Curry County | 0.59% | $$144 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| De Baca County | 0.6% | $$147 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eddy County | 0.52% | $$127 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grant County | 0.46% | $$112 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Show all 33 counties
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| New Mexico state average | 0.7% | $$171 | $1,800/yr | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
† Rates marked with ≥ are conservative estimates. ACS suppresses median tax values above $10,001 for privacy, which makes the calculated rate a lower bound — the true rate is higher in Manhattan, parts of Long Island, northern New Jersey and other high-cost areas.
How New Mexico compares
New Mexico's statewide average effective rate is 0.7% — the 34th highest of the 51 covered here (the 50 states and DC), against a median of 0.8%. On the $293,000 home the calculator starts with, that is about $171 a month in property tax before any other cost. Property taxes by state ranks all 51 with median bills attached.
A state average hides the part that changes the bill. The county rows above run from 0.29% in Taos County to 2% in McKinley County — roughly $418 a month apart on the same $293,000 home. That is why the county picker moves the payment more than the state picker does.
Insurance is the other line that follows the address: this page prices $1,800 a year as a state-level estimate, and home insurance by state covers how premiums are set and where they run highest. Below 20% down, PMI adds a third variable until the balance is back to 80% of the value.
The states nearest New Mexico in the ranking are Montana (0.72%) and North Carolina (0.66%).
New Mexico mortgage FAQ
How much down payment do I need to buy a house in New Mexico?
Conventional loans start at 3% down, but anything under 20% requires PMI until you reach 20% equity — PMI auto-cancels at 78% of the original home value under the Homeowners Protection Act. FHA loans start at 3.5% down, and VA / USDA loans offer 0% down for eligible borrowers. Those are the national minimums: a lender can set a higher floor for this state or for a given loan size.
Why do property taxes vary so much within New Mexico?
Property taxes are layered by county, city and school district, so the effective rate differs block by block. The New Mexico state average is about 0.7%, but counties in our table above range widely — always confirm the exact bill with the local County Assessor.
When does PMI go away?
Under the Homeowners Protection Act (1998) you can request PMI removal at 80% LTV, and lenders must automatically cancel it when the balance reaches 78% of the original home value. This calculator estimates that month for you and shows the lower payment after PMI drops.
Does this calculator include home insurance for New Mexico?
Yes. The calculator pre-fills a typical New Mexico premium of about $1,800 per year and updates it when you switch counties. Wildfire and monsoon-season flash floods are the main perils, and overall premiums remain among the lowest in the country. Get real quotes before budgeting.
More free mortgage tools
Freddie MacU.S. Census BureauFannie MaeU.S. Department of Housing and Urban Development (HUD)U.S. Department of Veterans AffairsPrivate mortgage insurersNAICState statutes and departments of revenue