Mortgage on a $100K house in New Mexico
$641 a month with 20% down — $538 principal and interest plus $53 property tax and $50 insurance.
New Mexico's typical property tax is 0.63% of the home's value a year (U.S. average 0.9%), which adds $53 a month on a $100K home. The typical home in New Mexico is worth $315,812, so $100K is 68% below the typical price.
$100K home in New Mexico: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $20,000 | $80,000 | $538 | $0 | $103 | $641 | $27,500 |
| 10% down | $10,000 | $90,000 | $605 | $38 | $103 | $746 | $32,000 |
| 5% down | $5,000 | $95,000 | $639 | $40 | $103 | $781 | $33,500 |
| 3.5% down (FHA) | $3,500 | $98,189 | $661 | $44 | $103 | $807 | $34,600 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.63% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in New Mexico does $100K buy a typical home?
In these counties the typical home value is within 15% of $100K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| De Baca County | $101,406 | 0.6% | $638 |
| Quay County | $96,160 | 0.61% | $639 |
| Hidalgo County | $105,669 | 0.48% | $628 |
| Union County | $107,344 | 0.7% | $647 |
1 of 30 New Mexico counties tracked by Zillow have a typical home value at or below $100K. See all New Mexico home prices.
Other prices in New Mexico
Frequently asked questions
What is the mortgage on a $100K house in New Mexico?
About $641 a month with 20% down at 7.11%: $538 principal and interest, $53 property tax and $50 insurance.
How much do I need to make to buy a $100K house in New Mexico?
About $27,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $100K house in New Mexico?
At New Mexico's typical effective rate of 0.63%, about $633 a year. Rates vary by county and city — see the county pages.